Indian Technical Textiles Market to Grow Four Times by 2020

“Indian Technical Textiles market is set to grow by more than 4 times to $37bn in the next 12 years i.e. by 2020”, estimates FICCI – Technopak Report on ‘Indian Technical Textiles Industry: Stimulating Demand and Promoting Development’. The report pointed out that the growth of Indian market for technical textiles, currently at $ 8.3 billion and growing at a healthy pace of 11.25%, is hindered by lack of product standards; R&D facilities and innovative technologies; inadequate regulatory measures in various application areas for ensuring use of technical textiles at par with developed countries; lack of economies of scale; inadequate testing facilities and skilled work force. Although all the twelve identified sectors of Technical Textiles are very important and the combined growth of these sectors will bring about an overall growth of the technical textile industry of India, the 4 sectors namely – Buildtech, Geotech, Meditech and Protech are foreseen as the areas of utmost importance, by FICCI-Technopak Report.

Technical Textiles have a huge potential in India. This potential has to be realized by Indian and foreign investors by making suitable investments in this high profit, high potential and high demand sector. India has to take its due position in the Global Technical Textiles market by becoming a net exporter in the coming years.

Source: Federation of Indian Chambers of Commerce and Industry