• Linkdin

Demand for tech textiles likely to grow to $220 bn by 2025

01 Sep '20
2 min read
Pic: Shutterstock
Pic: Shutterstock

Global demand for technical textiles is expected to grow to $220 billion by 2025 from $165 billion in 2018 at a compounded annual growth rate (CAGR) of 4 per cent, according to a report titled ‘Technical Textiles: the Future of Textiles’ released recently by Invest India. The Asia-Pacific has captured 40 per cent of the global market, with North America accounting for a quarter and Europe 22 per cent.

The Asia-pacific region has seen such growth because of rapid urbanisation and technological advancements in medical, automobile, and construction industries, aided by easy production, low-cost labour and conducive government policy support, the report said.

In India, the market is estimated at $19 billion, growing at a CAGR of 12 per cent over the past five years. “It contributes to about 0.7 per cent to India’s GDP [gross domestic product] and accounts for approximately 13 per cent of India’s total textile and apparel market,” it said.

“Availability of raw materials such as cotton, wood, jute and silk along with a strong value chain, low cost labour, power and changing consumer trends are some of the contributing factors to India’s growth in this sector,” it said.

As a result, India’s technical textiles market shows a growth of 20 per cent from $16.6 billion in 2017-18 to $28.7 billion by 2020-21, according to the baseline survey of the technical textile industry by the ministry of textiles. Invest India is a government initiative.

In 2018-19, India exported an estimated $1.9 billion of technical textiles, with exports growing at a CAGR of 4 per cent over the past four years, the report added.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search