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Technical textile market to grow at 12 pc CAGR

Press Trust of India  |  Mumbai 

The country's technical textile market has huge growth potential and it is expected to grow at 12 per cent per annum to reach USD 23 billion (Rs 1,50,000 crore) in 2020, a senior official said here. "Technical textile offers immense potential and has been termed as a sunrise industry in With sufficient into the technology, the industry would grow exponentially. "The industry is expected to to grow at 12 per cent per annum to reach USD 23 billion (Rs 1,50,000 crore) from the present USD 18.16 billion (Rs 1,16,000 crore). comprises 4 per cent of the global technical textiles exports," Textile Commissioner Kavita Gupta told reporters on the sidelines of 7th edition of 3-day Techtextil 2017 here. India's textiles sector is also one of the largest contributing sectors of India's contributing 14 per cent to the country's basket. The country's textiles market stands at USD 150 billion and it is expected to touch USD 250 billion by 2020, the commissioner said. The textile industry employs about 51 million people directly and 68 million people indirectly as has overtaken Italy and Germany to emerge as the world's second largest textile exporter, Gupta said. Technical textile is a future as it exists in every aspect of our life but this needs better productivity, better technology and better durability. In technical textiles is expected to attract lot of investment opportunities.

The is also offering 15 per cent subsidy for domestic players, who want to set up machinery. In the last five years period the growth has been 12.4 per cent CAGR, Gupta said. Demand for technical textiles is expected to stay steady during the period 2017-2020, due to a broadening application in end-use industries, such as automotive, construction, healthcare, and sports equipment and so on. To foster research & development in the sector the has also set up eight Center for Excellence units, she said. Telangana has put in ample efforts to utilise their resources and unleash the potential in the textiles sector. On announcing a close cooperation with Messe Frankfurt, Mihir Parekh, Department of Handlooms & Textiles, of Telangana said, "The Telangana state is developing Kakatiya Integrated Mega Textile Park in Warangal over an area of 1,200 acres with full complement of high quality trunk infrastructure. "Through this partnership with Techtextil and Messe Frankfurt India, we want to reach out to this niche sector and invite them to explore the immense growth opportunities that Telangana has to offer. We look forward to interacting with leading brands and partnering with them to create a roadmap for technical textiles in Telangana." The Techtextil symposium, the premier forum for the technical textiles industry hosted over 175 companies from India, Austria, Belarus, China, France, Germany, Italy, Korea, Spain, Belgium and Switzerland have exhibited their brands, garment machinery, latest innovations and product launches.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 18:42 IST