Welcome To Technotex India
About Technical Textiles
Global Market Size
Technical Textiles have seen an upward trend globally in the recent years due to improving economic conditions. Technological advancements increase in end-use applications, cost-effectiveness, durability, user-friendliness, and eco-friendliness of Technical Textiles has led to the upsurge of its demand in the global market. Indutech, Mobiltech, Packtech, Buildtech and Hometech together represent 2/3rd of the global market in value.
The demand for Technical Textiles was pegged at USD 165 Bn in the year 2018 and is expected to grow up to USD 220 Bn by 2025, at a CAGR of 4% from 2018-25. The Asia-Pacific has been leading the Technical Textiles sector by capturing 40% of the global market, while North America and Western Europe stand at 25% & 22% respectively Asia-Pacific has seen a tremendous growth in this sector and captures the largest market share due to rapid urbanisation and technological advancements in medical, automobile and construction industries. This is further catalysed by easy production, low-cost labour and conducive government policy support.
India's Market Size
The current Indian technical textiles market is estimated at USD 19 Bn, growing at a CAGR of 12% since past five years. It contributes to about 0.7% to India’s GDP and accounts for approximately 13% of India’s total textile and apparel market. In 2017-18, Packtech segment had the highest share of 41%, followed by Indutech, Hometech, and Mobiltech with a share of 11%, 10% and 10%, respectively.
Although, Packtech accounts for 41% of the total market share, it is a lowvalue, low technology product.
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. India’s technical textiles market shows a promising growth of 20% from USD 16.6 Bn in 2017-18 to USD 28.7 Bn by 2020-21, as per the Baseline Survey of technical textile industry by Ministry of Textiles.