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India’s Technical Textiles to Grow 9% to $32 Billion by 2023

India’s technical textiles market is expected to grow at a compounded annual growth rate (CAGR) of 9 percent from its currently estimated value of $ 14 billion to reach a level of $32 billion by 2023, PHD Chamber of Commerce and Industry and Technopak revealed in a report, Opportunities and Challenges on Non-Woven Technical Textiles.

The estimated growth is based on India’s domestic textile industry diversifying and moving toward non-woven technical textiles with technological innovations and strengthened global partnerships with its counterparts.

The study estimates Indian textiles and apparel industry to be currently worth $99 billion, which includes both domestic consumption and exports. It projects the industry to grow at a CAGR of 8.6% to reach $226 billion by 2023. India’s exports are expected to increase from $40 billion at present to $85 billion in 2023.

Contributing to the growth of India’s textile and clothing industry, which contributes 5.2% to the country’s GDP, is the existence of a vertically integrated supply chain and a diverse range of products, the report revealed.

Industry Affairs Committee of the PHD Chamber chairman Anil Khaitan, said India’s consumer spending is going through a fundamental shift. “The increase in per capita income, strong demand for better lifestyle and high disposable income, have increased the per capita consumption in textiles and apparel market, benefiting the manufacturers. The Indian technical textiles market has shown new trends due to the expansion of Indian market,” he stated.