The local textile industry is seeing a new growth area - technical textiles - that is expected to attract investments up to Rs 10,000 crore by 2010.
MUMBAI: The local textile industry is seeing a new growth area - technical textiles - that is expected to attract investments up to Rs 10,000 crore by 2010.
Technical textiles offer special functionalities for application in specific areas, such as industrial, aerospace, military, marine, medical, construction, transportation and high-technology applications.
The local players in this segment include Ginni Filaments, SRL and Garware-Wall Ropes.
Industry sources say the usage of technical textiles materials in the industries across the globe is growing substantially, offering a lucrative business opportunity. And with competition in the global textile market on the rise, Indian textile companies are increasingly looking at higher value added products and diversification into technical textiles for a profitable business. Among others, Garware Wardrobes, Madura Coats and Siyaram Silk Mills are looking to explore this new area.
Shankarsinh Vaghela, Union textiles minister, told DNA Money, “The technical textiles industry has already attracted Rs 1,000 crore in investments and will attract investments up to Rs 10,000 crore in the next four years or so.”
According to Vaghela, technical textiles have been identified as the most potential area for upgradation of the local textile industry. As conventional textiles have reached a level of saturation, innovation and value addition hold the key to success in the sector.
The expert committee on technical textiles set up by the Centre has drawn up a roadmap on various issues to suggest a regulatory framework to promote the use of technical textiles, Vaghela informed.
The global market for technical textile products, which include medical non-wovens and textile items used for industrial applications, stood at $107 billion in 2005 and is expected to touch $127 billion by 2010, growing at 3.3% annually. In the same period, the domestic market is expected to grow to $12.4 billion from $6.7 billion, growing at 11.25%.
According to analysts, the real engine of world growth in the end-use consumption of technical textiles lies in Asia and the fastest growth prospects appears to lie in new markets like India. Considering the growing competition in major world markets in the area of consumer textiles, it may be time for the country to exploit the market potential of technical textiles.
Shammi Nagpal, regional director, Asia Pacific, Messe Frankfurt, said, “The potential for technical textiles in India has been largely untapped and there is huge scope for growth.”
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