India’s Technical Textiles Market Expected To Grow At 12% CAGR, Says FICCI

Tech Textiles & Nonwovens

India’s Technical Textiles Market Expected To Grow At 12% CAGR, Says FICCI

India’s technical textiles market, which is currently estimated at Rs 1 lakh crore, is expected to grow at 12% per annum, according to a recent Federation of Indian Chambers of Commerce & Industry (FICCI) report.

India is expected to play a key role in shaping the future of the sector by diversifying towards non-woven technical textiles and forging global partnerships with counterparts, the FICCI report stated.

At a recent international conference on technical textiles, which was organised by FICCI and the Union Ministry Of Textiles, Karnataka Textile Minister Rudrappa Lamani said, “Technical textile offers immense potential and has been termed as a sunrise industry in India. With sufficient investments into the technology, the industry would grow exponentially. Karnataka and Maharashtra governments have put in ample efforts to utilise their resources and unleash the potential in the textiles sector”.

This year, Technotex-2017, the conference-cum-exhibition drew more than 165 exhibitors, who are showcasing a varied collection of technical textiles. The meet, which was attended by 22 countries, hosted pavilions from China and Taiwan.

Exploring bigger business opportunities with India, eight Taiwanese companies producing high-end innovative technical, functional, performance and industrial textiles and accessories showcased their products at the exhibition.

"Taiwan’s textile sector is the leader in technology innovations and manufacturing in the world. It can fulfil India’s requirements. We are confident that collaborations between Taiwan and Indian companies will lead to better trade relations," Taiwan Textile Federation Vice-President Judy Yang said at the meet.