Feedback Here

fbook  tweeter  linkin  google
Global contents also translated in Chinese

India, a potent market for technical textiles

"Global technical textile imports are dominated by the US with 17 per cent share; followed by China, Germany and UK with 10 per cent, 8 per cent and 4 per cent, share respectively. The rest of the world accounts for 40 per cent in technical textiles imports. Emerging regions such as the Asia-Pacific and Latin America are presumed to witness rapid growth in multiple segments of technical textiles. China is the largest exporter of technical textile with a share of 24 per cent, followed by the US, Germany, and Republic of Korea with a share of 10 per cent, 9 per cent and 4 per cent respectively."

 

India a potent market for technical textiles 002Touted as the sunrise segment for textile industry, technical textile has the potential to bring fortunes for Indian textile industry. Despite achieving high growth rate, the per capita consumption of technical textiles in India is 1.7 per kg vis-a-vis 10-12 kg in developed countries. As per estimates, global market for technical textiles is estimated at $145 billion in 2015 and is expected to grow at a CAGR of 4 per cent and reach $170 billion by 2020. Demand for technical textiles will be driven by rapid industrialisation, robust growth in construction and infrastructure projects, increasing automobile production, and rising demand from the health care sector.

Global technical textile imports are dominated by the US with 17 per cent share; followed by China, Germany and UK with 10 per cent, 8 per cent and 4 per cent, share respectively. The rest of the world accounts for 40 per cent in technical textiles imports. Emerging regions such as the Asia-Pacific and Latin America are presumed to witness rapid growth in multiple segments of technical textiles. China is the largest exporter of technical textile with a share of 24 per cent, followed by the US, Germany, and Republic of Korea with a share of 10 per cent, 9 per cent and 4 per cent respectively.

India story

Indian technical textile market is slated to grow till 2024 and the market is expected to reach Rs 1,16,217 crore (approx $US 17 bn) till 2017-18, from RsIndia a potent market for technical textiles 001 65,920 crores (approx $US 9.63 bn) in 2012-13 at a CAGR of 12 per cent. Packtech is the largest segment with 43 per cent share of the market, followed by Mobiltech, Indutech, and hometech with a share of 11 per cent, 10 per cent and 10 per cent, respectively. Indutech, Packtech, and Hometech are the largest exported segments having a combined share of around 85 per cent in the total exports of technical textiles. Higher focus on these commodity products is due to the fact that these products require low investments and there is an absence of the required technology and specialty fibers which are required in the manufacturing of advanced technical textile products.

India has a greater scope of becoming a global hotspot for technical textiles. The reasons are many: Abundant availability of textile raw materials; technical textiles being labour-intensive industry, the presence of the large pool of labour at a comparatively low cost in India vis-à-vis other technical textile producing countries like China, US, EU etc. provides India a competitive standing; power costs in India are lower than countries like China & Germany and comparable to low-cost destinations like Bangladesh, Vietnam, Myanmar, Kenya, etc.; developing infrastructural for technical textiles in India, etc.

The segment needs work on issues such as absence of regulatory measures for technical textile usage in infrastructure, construction, etc.; dependence on import for technology and machinery; limited production of high-end products and specialized yarns and intricate duty structures. Suggestive measures include: establishing regulatory norms for mandatory usage of technical textile items in specific industries to increase their consumption, developing exclusive HSN codes for identifying high growth products for further development, establishing and implementing Indian standards for developing high quality products of global acceptance, improvement of operational standards, focus on training and education and creating end user awareness for increasing domestic demand for high end technical textile products. Additionally, partnerships with global players for acquiring technical know-how, the creation of mega parks to attract large-scale investments and focus on R&D initiatives will also bear fruit in the long run.

 
LATEST TOP NEWS
 
 
MOST POPULAR NEWS