Technical textile sector is one of the most emerging and inventive industries of the world. It secures fifth place in the world for being one of the sectors which has high potential of growth in the textile industry. The technical textile industry is successful because of the fact that it continuously develops innovative textiles, fabrics that can be used for various purpose, and create yarns that have multi-utility and useful in almost all types of industries.
In the domestic market of India, this industry is gaining popularity due its versatility, durability and cost-effectiveness. New innovations take place everyday therefore; in future the industry is expected only to strengthen. The number of different technical textiles produced in India has been growing gradually.
The annual growth rate of technical textiles is around 4% globally as compared to home and apparel textile which is around 1% per year. In India, technical textile is a valuable part of textile industry which is rapidly growing. According to the reports, in the eleventh Five Year Plan this sector has recorded a growth rate of 11% annually.
However, the 12th Five Year Plan predicts an annual growth rate of 20% for this industry. It is estimated to do a business of $36 billion by 2016-17, whereas its market was of $13 billion. The industry is growing mainly because of the business skill of the Indian industrialist plus the government aid for increasing the investment in this area.
In future, with growth in the income there will be an increase in the disposable income spent on technical textiles by the consumers. Market development support for export sales is necessary for the domestic technical textile firm to grow. Some technical textiles need support from the government or user industries while some are required to follow defined instructions.
This article comes from fibre2fashion edit released