It is anticipated that the Indian technical textiles market in the Asia-Pacific region will grow at fast 7.6 percent in 2027, to $23.3 billion, according to a KPMG-FICCI report. This growth is supported by an increased awareness of the products, more availability revenues and changing consumer trends in addition to certain sector-specific growth drivers, as per the Hindu Business Line.
In the years to come, considerable growth in domestic technical textiles is forecast to be driven by numerous factors, including developing end-user sectors, increasing awareness, government initiatives, rules, standards and updating technology. The domestic synthetic polymer technology market was estimated at USD 7.1 billion by 2020, reaching USD11.6 billion by 2027, with an increase of 7.2 percent for the CAGR, whereas the technical wovens textiles market is forecast to increase to $15.7 billion in 2027 at the CAGR, up from USD 9.5 billion by 2020.
The MobilTech (automotive textiles) technical textile industry is projected to rise from $2.4 billion in 2020 to $3.7 billion by 2027. In the same vein, InduTech (industrial textiles)’ market would rise from 2 billion dollars in 2020 to 3.3 billion dollars by 2027 at a CAGR of 8 per cent. Several government initiatives are assisting in the segment’s development. National TMM (NTTM) will be able to help Indigenous players compete with international players in the years 2020-21 and 2023-24 at an outlay of 1,480 crore.
Production Increase scale/capacity in the technical textile sector, the Production Linked Incentive (PLI) scheme in the textiles industry will increase the scale/capacity. Also, the plan to construct seven mega investment textiles parks over the next three years to level the playing field for domestic textile manufacturers in the international market.