Detailed new study predicts big things for India’s manmade textile sector
25/09/2014
Introducing the study, which has as its title ‘India: the Next Big Influence in Global Textiles’, PCI Xylenes & Polyesters said India’s “very powerful and impressive” cotton yarn and fabric business sector now wants to see what it can achieve in non-cotton, cotton-manmade blends and 100% manmade textiles.
It said that if India’s manmade fabric industry is to compete globally, it requires “significant strengthening” in terms of scale and integration, with “fresh investment and a more sophisticated and focused approach” at the textile level. For this reason, the study suggests India now deserves “serious attention” from other apparel- and textile-producing nations in Asia, as well as in the advanced performance textile arenas of Japan, Europe and North America.
“With other parts of the world struggling to achieve sustained growth, the study concludes that now is the time to set up textile operations in India,” PCI Xylenes & Polyesters said. “Any company coming in early will take advantage of a wide range of incentives and will be in a strong position.”
Across all types of fibre and fabric, the value of the Indian textile and apparel industry was estimated at $108 billion in 2013. It has grown at 13% each year between 2008 and 2013 and is projected to continue to grow at 12% per year to reach a value of $440 billion by 2025.
Manmade textiles are in a good position to capitalise on this growth, the new study has said, because manmade textiles, which make up around 70% of total textile output, are growing at over 5% per annum across the world. This is faster than the growth of textiles overall, which is growing at an average rate of just below 4% globally.
It said polyester’s prospects are particularly strong, describing it as by far the dominant textile constituent in most end-use sectors that require manmade textiles, including apparel. Polyester had a share of more than 75% of the estimated 60 million tonnes of fibres consumed in manmade textiles in 2013 and this share is set to increase over time, according to the study.
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