The analysts forecast the Indian Technical Textile market to grow at a CAGR of 21.36 percent over the period 2012-2016. One of the key factors contributing to this market growth is the existence of favorable government policies. The Indian Technical Textile market has also been witnessing an increase in the export of technical textile products. However, the high cost of raw materials could pose a challenge to the growth of this market.
The key vendors dominating this space include Century Enka Ltd., JBF Industries Ltd., SRF Ltd., and Supreme Nonwovens Pvt. Ltd.
The other vendors mentioned in the report are Bhilwara Melba De Witte Pvt. Ltd. (BDM), CTM Technical Textiles Ltd., Entremonde Polycoaters Ltd., Garware Wall Ropes Ltd., Kusumgar Corporate Pvt. Ltd., and Techfab India Industries Ltd.
Commenting on the report, an analyst from the team said: Currently, the Technical Textile market in India exports 7-8 percent of technical textile products being manufactured in the country. However, with the growing innovations in product line and changing technology, the exports are expected to increase to 20-25 percent of the total products manufactured. With the various government initiatives and subsidies being offered to manufacturers, the Technical Textile market in India is expected to increase its exports during the forecast period. This will place India among the top exporters of technical textile products in the world.
According to the report, one of the main drivers in this market is the favorable government policies being implemented in recent years. Moreover, the Government of India has come up with various schemes to offer financial assistance to manufacturers of technical textiles. To further boost the growth of this market, the government is making budgetary allocations for technical textiles.
Further, the report states that one of the main challenges in this market is the high cost of raw materials and power. Manufacturers have to import raw materials from foreign countries, which increases the overall production cost of technical textiles. Apart from the raw materials, the cost of procuring power for these industries is very high in India.
Source:- einnews.com
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