Technical Textiles market shows new trend

The Indian technical textiles market has shown new trends due to the expansion of Indian market as the consumer spending is going through a fundamental shift. The increase in per capita income, strong demand for better lifestyle and high disposable income, have increased the per capita consumption in textiles and apparel market, benefiting the manufacturers, said Industry Affairs Committee of the PHD Chamber chairman Anil Khaitan.

According to the report, revealed by PHD Chamber of Commerce and Industry and Technopak , technical textiles market in India is expected to grow at a compounded annual growth rate (CAGR) of 9 percent from its currently estimated value of $ 14 billion to reach a level of $32 billion by 2023.

The estimated growth is based on India’s domestic textile industry diversifying and moving toward non-woven technical textiles with technological innovations and strengthened global partnerships with its counterparts.

The study estimates Indian textiles and apparel industry to be currently worth $99 billion, which includes both domestic consumption and exports. It projects the industry to grow at a CAGR of 8.6% to reach $226 billion by 2023. India’s exports are expected to increase from $40 billion at present to $85 billion in 2023.

India’s textile and clothing industry, which contributes 5.2% to the country’s GDP, is the existence of a vertically integrated supply chain and a diverse range of products.