Numerous factors such as developing end-user sectors, rising awareness, government initiatives, regulations, standardizations, technology up-gradation among others are expected to drive considerable growth of domestic technical textiles in coming years, says a report by KPMG-FICCI.
The domestic technical textile market for synthetic polymer was valued at $7.1 billion in 2020 and is projected to reach $11.6 billion by 2027, growing at a CAGR of 7.2 percent, while the technical textile market for wovens is expected to grow at a CAGR of 7.4 percent to $15.7 billion by 2027, up from $9.5 billion in 2020.
The technical textile market for MobilTech (automotive textiles) is expected to grow to $3.7 billion by 2027 from $2.4 billion in 2020. Similarly, the market for InduTech (industrial textiles) would grow at a CAGR of 8 percent from $2 billion in 2020 to reach $3.3 billion by 2027.
Some of the key strengths of the Indian technical textile industry include a strong value chain, a large domestic market, and availability of skilled people, government support, and the ability to scale up in quick time (this was proved in the medical textile segment during Covid-19 period when demand for PPEs boomed).
Several government initiatives are supporting the growth of the segment. National Technical Textiles Mission (NTTM), from 2020-21 and 2023-24 at an outlay of ₹1,480 crores is expected to help Indian players compete with international players.
Production Linked Incentive (PLI) scheme in the textiles sector with the focus on MMF segment and technical textiles, will augment scale/capacities in the technical textiles sector.
Also, the proposal to set up seven mega-investment textiles parks over the next three years to give domestic manufacturers a level-playing field in the international textiles market.
During 2014-15 to 2019-20, India’s exports grew at a 0.9 percent CAGR, whereas imports increased at 4.3 percent. Import substitution through favorable policies would help the growth of these high-growth segments and ensure value retention within the economy and new skilled employment opportunities for Indian youth, it said.
The report highlights that the technical textiles industry infrastructure in India predominantly focuses on low-value commodity products such as bags and sacks under basic non-wovens. Other industrial countries such as China, Korea and Taiwan focus on high-value products (bulletproof, fire retardant products) and segments.Source: https://www.thehindubusinessline.com/economy/23-b-market-for-technical-textiles-by-2027-report/article34125298.ece