Demand for tech textiles likely to grow to $220 bn by 2025
September 01, 2020 - India
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.
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.