Interview with Philip Gibbs

Face2Face
Philip Gibbs
Philip Gibbs
Group MD
PCI Xylenes and Polyester
PCI Xylenes and Polyester

India set for spectacular polyester production in next 6 years

PCI Xylenes and Polyesters, a global consulting firm for polyester and raw material markets, in a recent study on the Indian textile industry from 2013-25 with Gurgaon based Wazir Advisors have found that by shifting its fibre mix from cotton to polyester fibre, India can increase its market size of polyester fibre by 1,500 thousand tonnes in the next five years. The Group MD for PCI Xylenes and Polyesters, Phillip Gibbs shares with Fibre2Fashion how India can catapult ahead in this market.

What is the size of the global polyester market?

The total global polyester market, including all fibres, PET resin, film and other resins, is close to reaching 65 million tonnes in 2014, growing at between 5.5 per cent to 6 per cent as polyester polymer. Total fibres production, including recyclate, was around 46 million tonnes this year, split approximately 65 per cent as filament and 35 per cent staple. The PET resin industry is close to 20 million tonnes and film around 3.5 million tonnes.

How do you see India evolve as a global manufacturer of polyester?

We know that India is increasing its export position in fibres and PET resin. But this may only be a short term phenomenon. Its thrust may invariably be to capture its fair share of global manmade textile and apparel trade over the next 10 years or so, but the real story will be about domestic demand growth. We see India's growth in polyester production as a direct function of its economic and demographic development. It possesses an amazing set of parameters which should align and create favourable conditions for growth in both conventional and performance apparel, home textiles and a wide range of technical textiles (including nonwovens). India is set for some spectacular growth in polyester production over the next 6 years, going up from just over 5 million tonnes to well over 10 million tonnes by 2020. This would largely be attributed to rising consumption rates domestically in fibres and in PET resin or film. Besides, India's manmade textile and apparel industry is set to capture a realistic portion of the global export markets. China, despite all its near term economic restrictions, will continue to enjoy the lion's share of growth in this period. Nonetheless, India's growth in all polyesters will be close to 30 per cent of China. This may eventually necessitate another wave of textile, polyester and raw material investment post 2018.
Published on: 06/12/2014

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.

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