The market for technical textiles in India is expected to grow at 12 per cent CAGR between 2015-16 and 2017-18. India is expected to play a key role in shaping the technical textiles market with consumers spending more on home textiles, sportswear products, and medical products.
Technical textiles provide new opportunities to Indian textile industry to have a long term sustainable future. Despite achieving a high growth rate, the per capita consumption of technical textiles in India is 1.7 per kg vis-a-vis 10 to 12 kg in developed countries.
Globally, technical textiles make up 29 per cent of the overall textile industry. In some western countries they have 50 per cent share. In India, the share is a meager 10 per cent. India can be positioned as a manufacturing hub for technical textiles. Demand for technical textiles is expected to stay steady from 2015 to 2020 due to a broadening application in end-use industries, such as automotive, construction, health care, and sports equipment.
Development and industrialisation are the main drivers for the demand for technical textile products in a country. In 2015, the global technical textile market was valued at around $153 billion. On the back of strong demand, the global technical textile market is estimated to reach $194 billion by 2020, with global consumption expected to surpass 40 million tons.