The global technical textiles market is set to register the fastest growth in Asia Pacific. The country’s rapid industrialization presents opportunities for growth in the industry. The Indian government is also increasing its investment in textiles with schemes such as the Scheme for Integrated Textile Parks and the Technology Upgradation Fund Scheme. According to the India Brand Equity Foundation, more than US$ 4 billion has been invested in the textile sector in India alone. This includes investments made under the Amended Technology Upgradation Fund Scheme.
The report includes both quantitative and qualitative insights on the global technical textiles industry, including market sizing in US$ Billion and million tons, key trends, competitive landscape, and company profiles. It also covers key regional markets such as China, India, and the U.S. It also covers market analysis by regions and countries, as well as the performance of key players. The report also includes an industry-specific section containing a comprehensive overview of the technical textiles industry.
Among the regions that contributed to the global technical textiles market, the U.S. is the second-largest consumer.
Its industrial sector is strong, and demand is expected to grow steadily throughout the forecast period. In the U.S., ready-made apparel contributed 11.7% of global technical textile exports, while airbags accounted for 10.9% of the sector’s total value. Despite the growth in the U.S., the region’s overall share of technical textiles exports declined by 2% in 2019.
Europe was the third-largest consumer in the global technical textiles market in 2018. Germany held the largest share in the region, with over 18% revenue generated from the technical textiles industry. It is expected to grow at the fastest CAGR in Europe during the forecast period, owing to its high demand for biocompatible, lightweight, and durable materials. There is also a strong demand for technical textiles in the medical industry.
India has been lagging behind many Asian competitors in terms of cost competitiveness. While low labor costs are a primary driver of the textile industry, the country lags behind its rivals in other factors, including manufacturing cost and power. Developing economies in Asia can capitalize on this advantage by launching a mass-scale war against waste. This could mean reducing redundancy and improving manufacturing productivity. A major challenge for Indian companies is their lack of a strong presence in Asia-Pacific textile market.
In the next five years, India must focus on building local capabilities and capturing market share in multiple product segments and subsegments.
MMF products are larger markets globally than natural products and can incrementally increase the export value of India by $2.5 billion. The report highlights the growth opportunities in the global technical textiles market and makes recommendations on how India can profit from it. With the global technical textiles market set to grow at a CAGR of over 10 percent, India is well positioned to capitalize on this growth and expand its competitive position in the global market.
Traceability is an increasingly important factor in the textile and fashion industry. With 1.2 billion tons of CO2 equivalent emitted each year, the industry is embracing sustainability as a value-add strategy. In addition, all trolleys and containers for internal movement must carry detailed labels identifying the buyer, lot number, variety, and quality. Digital technologies and software have made it possible to capture unique consignment and lot numbers with ease, ensuring concrete traceability of all products.