India: Technical textiles to reach $28.7 billion
7th August 2012, Lubbock
In an article for Commodity Online yesterday, Seshadri Ramkumar, Associate Professor of Nonvwovens at Texas Tech University, reports that the technical textiles market in India will skyrocket to US $ 28.7 billion by 2016-17. The prediction comes from information provided by India’s Textiles Ministry officials.
Attending an event organized by the Ministry of Textiles India and PSG College of Technology in Coimbatore, India on 3 August, Ministry of Textiles officials were said to have been upbeat about the growth prospects of the technical textiles industry in India.
The market size of technical textiles in India will reach US $28.7 billion from the current size of US$ 10.3 billion, the report said and that five years ago the market size of the industry was just US$ 7.6 billion.
“Industrial segment of the technical textiles is estimated to grow at an annual rate of 11% and contributes 8% of the total technical textiles market,” the report said.
In 2008, a Texas Tech University report ‘India Rising: Opportunities in Nonwovens & Technical Textiles’ predicted that India’s technical textiles sector will grow in double digits and the next two decades will witness steady growth.
Source: Commodity Online
Author: Billy Hunter