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India's technical textiles market to grow to $32 billion

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Staff writer ▼ | July 7, 2014
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 $32 billion by 2023.
India technical textiles
India technical textilesIndia'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 $32 billion by 2023.


This is a conclusion of a paper by PHD Chamber of Commerce and Industry and Technopak on "Opportunities and Challenges on Non-Woven Technical Textiles".

The estimate on growth of Indian technical textiles market is made on the basis of the way the domestic textiles industry is diversifying towards non-woven technical textiles with technological innovations and building global partnership with its counterparts.

The study estimates Indian textiles and apparel industry to be currently worth $99 billion, which includes both domestic consumption and exports, and it projects it to grow at a CAGR of 8.6 percent to reach $226 billion by 2023.

The report projects India's textile and apparel exports to grow at a CAGR of 8.6 percent from the estimated value of $40 billion at present to $85 billion in 2023. At present, the share of textiles is about 60 percent in the country's overall textile and garment exports.


 

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