IndiaKnitting Oil Market: Introduction
The knitting oil market in the Indiawas valued at US$ 26.5 Mn in 2020 andis expected to reach US$ 43 Mn by 2031,expanding at a CAGR of ~5% during theforecast period of 2021 to 2031.Knitting oil is used in full fashion machines to avoid damage to components ofknit machines. Full fashion machine consists of various components such asneedles, carriage guide, impulse transmitters, sinkers, and racking units. Fullfashion machines experience continuous stress, high temperature, andvibrations. This damages the components, thus reducing the overall efficiencyof the machine. Various types of knitting oil such as needle oil, running-inoil, and cleaning oil are available in the market in India. Knitting oilspossess high thermal stability and remain water white when exposed to heat overa period of time. Knitting oils have good anti-wear properties and long life.Knitting oils also protect all lubricated parts against rust.
Knittingoil is used in various applications. Knitting oil is synthesized from highquality light colored mineral oil. This improves oxidation resistance.Furthermore, knitting oil is fortified with special additives in order toimpart the excellent property of scourability, which makes them performself-removal operations during the wet processing for oil stains from the finalfabric. Textile is one of the oldest industries in India. It is one of thelargest industries in India. Materials in the textile industry are generallymade from yarn, fabrics, and fibers.
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India Knitting Oil Market: KeyDevelopments
The processof forming fabrics through yarns, with a number of consecutive loops orstiches, is called knitting. Friction is developed in the pair of needle andsinker. Knitting oils are used to provide lubrication between a pair of needleand sinker during the knitting process. The Ministry of Textiles of India hasdeveloped Craft Villages in select handloom and handicraft pockets of thecountry for integrated sustainable development of handlooms, crafts and tourismwith the combined effort of both the State and the Central Governments. Underthe Weavers’ Mudra Scheme, in February 2021 alone,1338 number of MUDRA Loans were sanctioned. Two Craft Tourism Villages at Amer(Rajasthan) and Kovalam (Kerala) have been sanctioned for setting up of CraftsTourism Village, under the Infrastructure and Technology Development scheme.
The textileindustry has undergone a rapid change over the last 20 years in India. Originalmachines and their processes are still used; however, they have evolved due totechnological upgrade. Computerized and programmed machines have replacedskilled laborers, thus increasing the productivity of the industry in thecountry. However, this development has affected the employment rate for theindustry, as a few people are required to operate these machines.
The textile& apparel industry in India is strong across the entire value chain fromfiber, yarn, and fabric to apparel. It is highly diversified with a wide rangeof segments ranging from products of traditional handloom, handicrafts, wool,and silk to the organized textile industry. The organized textile industry ischaracterized by the use of capital-intensive technology for mass production oftextile products and includes spinning, weaving, processing, and apparelmanufacturing.
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High Cost of Knitting Oil toHamper India Knitting Oil Market
The highcost of manufacturing knitting oil is projected to hamper the knitting oilmarket in India. Knitting oil is manufactured using various raw materials suchas mineral oil, biodegradable oil, and synthetic oil. The cost of these rawmaterials is very high. This increases the overall production cost, therebyrestraining the knitting oil market in India. Knitting oil is costly comparedto other lubricants and is subject to price fluctuations depending on prices ofraw materials involved.
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India Knitting Oil Market Players
Majorplayers operating in the knitting oil market in India have patentedtechnologies for developing knitting oil. This acts as a barrier to the entryof new manufacturers in the knitting oil market in India. Knitting oil possessexcellent properties; however, high cost is likely to restrain the knitting oilmarket in India during the forecast period.
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