India’s technical textile market may grow at 12 per cent per annum. It is currently estimated at Rs 1 lakh crore. India will contribute towards shaping the future of technical textile sector by diversifying towards nonwovens and entering into global partnerships.
Technical textiles have immense potential and are considered a sunrise industry in India. The industry could grow with sufficient investments in technology. Development and industrialisation are the main drivers for the demand for technical textile products in a country.
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 the Indian textile industry to have a long term sustainable future. India can be positioned as a manufacturing hub for technical textiles. Demand for technical textiles is expected to stay steady during the period 2015 to 2020 due to a broadening application in end-use industries, such as automotive, construction, health care, and sports equipment. 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.