Press release
Knitting Oil Market to Witness Huge Growth by Key Players Paras Lubricants Ltd, Vickers Oils, etc
The knitting oil market in the India was valued at US$ 26.5 Mn in 2020 and is expected to reach US$ 43 Mn by 2031, expanding at a CAGR of ~5% during the forecast period of 2021 to 2031. Knitting oil is used in full fashion machines to avoid damage to components of knit machines. Full fashion machine consists of various components such as needles, carriage guide, impulse transmitters, sinkers, and racking units.
Full fashion machines experience continuous stress, high temperature, and vibrations. This damages the components, thus reducing the overall efficiency of the machine. Various types of knitting oil such as needle oil, running-in oil, and cleaning oil are available in the market in India. Knitting oils possess high thermal stability and remain water white when exposed to heat over a period of time. Knitting oils have good anti-wear properties and long life. Knitting oils also protect all lubricated parts against rust.
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Knitting oil is used in various applications. Knitting oil is synthesized from high quality light colored mineral oil. This improves oxidation resistance. Furthermore, knitting oil is fortified with special additives in order to impart the excellent property of scourability, which makes them perform self-removal operations during the wet processing for oil stains from the final fabric. Textile is one of the oldest industries in India. It is one of the largest industries in India. Materials in the textile industry are generally made from yarn, fabrics, and fibers.
India Knitting Oil Market: Key Developments
The process of forming fabrics through yarns, with a number of consecutive loops or stiches, is called knitting. Friction is developed in the pair of needle and sinker. Knitting oils are used to provide lubrication between a pair of needle and sinker during the knitting process.
The Ministry of Textiles of India has developed Craft Villages in select handloom and handicraft pockets of the country for integrated sustainable development of handlooms, crafts and tourism with the combined effort of both the State and the Central Governments. Under the 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 Crafts Tourism Village, under the Infrastructure and Technology Development scheme.
The textile industry has undergone a rapid change over the last 20 years in India. Original machines and their processes are still used; however, they have evolved due to technological upgrade. Computerized and programmed machines have replaced skilled laborers, thus increasing the productivity of the industry in the country. However, this development has affected the employment rate for the industry, as a few people are required to operate these machines.
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The textile & apparel industry in India is strong across the entire value chain from fiber, yarn, and fabric to apparel. It is highly diversified with a wide range of segments ranging from products of traditional handloom, handicrafts, wool, and silk to the organized textile industry. The organized textile industry is characterized by the use of capital-intensive technology for mass production of textile products and includes spinning, weaving, processing, and apparel manufacturing.
High Cost of Knitting Oil to Hamper India Knitting Oil Market
The high cost of manufacturing knitting oil is projected to hamper the knitting oil market in India. Knitting oil is manufactured using various raw materials such as mineral oil, biodegradable oil, and synthetic oil. The cost of these raw materials is very high. This increases the overall production cost, thereby restraining the knitting oil market in India. Knitting oil is costly compared to other lubricants and is subject to price fluctuations depending on prices of raw materials involved.
India Knitting Oil Market Players
Major players operating in the knitting oil market in India have patented technologies for developing knitting oil. This acts as a barrier to the entry of new manufacturers in the knitting oil market in India. Knitting oil possess excellent properties; however, high cost is likely to restrain the knitting oil market in India during the forecast period.
Major manufacturers of knitting oil in India are
Indian Oil Corporation Ltd
Paras Lubricants Ltd
Eastern Petroleum Pvt. Ltd.
Carl Bechem Lubricants India Private Limited
DANA Lubricants Factory LLC
Total Lubricants
Vickers Oils
Klueber Lubrication
Hindustan Petroleum
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High Cost Price of Knitting Oil to Hinder Market Growth
In India, knitting oil is produced using various base oils including mineral oil, biodegradable oil, and synthetic oil. Developing research and upgrades in knitting oil have spiked the price. This contributes to an increase in the overall production cost, thereby hampering the growth of the India knitting oil market.
Moreover, key players that operate in the market have patented technologies for developing knitting oil. This is limiting new entrants in the market. The excellent properties of knitting oil can be unaffordable to various players, especially with the economic decline in the pandemic.
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