Candour Techtex Ltd Management Discussions

Technical textiles refers to textile products that primarily focus on technical performance and functionality instead of aesthetic purposes, as in the case of conventional textiles. The end-usage of these products cater to wide array of industries including automobile, industries, agriculture, home care, construction, defense, aeronautics, healthcare, etc.,

With the rise in dominance of technical textiles, the market has been classified into the following 12 segments based on their application:

1: Sub-segments of technical textiles

InduTech	MobilTech	SportTech	BuildTech	HomeTech	MediTech
Industrial	Seat cover,	Sports nets,	Floor & wall	Pillows,	Contact lenses,
brushes, com-	upholstery,	parachutes,	coverings,	mattresses,	baby diapers,
puter printer	tyre cord	artificial grass	scaffolding	blinds,	sanitary
ribbon,	fabrics, tufted	and turfs, sport	nets, awnings	mosquito nets,	napkins,
compos- ites,	carpet,	composites,	& canopies,	carpet backing	surgical
ropes and cordages, coated abrasives, drive belts, conveyor belts, etc.,	insulation felts, seat belts, cabin filters, helmets, etc.,	hot-air balloons sleeping bags, etc.,	etc.,	cloth, filters, vacuum cleaner consumables, etc.,	sutures, surgical dispos- ables, etc.,
ClothTech	AgroTech	ProTech	PackTech	OekoTech	GeoTech
Interlinings,	Fishing nets,	Bullet-proof	Soft luggage,	Waste manage-	Geo-
labels, elastic	bird protection	protective	woven jute	ment, environ-	composites,
narrow fabrics,	nets, mulch	clothing, high	sacks,	mental protec-	geo-bags,
shoe laces, etc	mats, crop covers, shade nets, etc.,	visibility clothing, fire retardant products, etc.,	wrapping fabric, tea bag filter paper, etc	tion, recycling	geogrids, geonets

Global scenario

The global technical textiles market is estimated at USD193 Bn in 2020 and is expected to reach USD274 Bn by 2027, growing at CAGR of 5.1% during 2020-27 backed by increasing global demand for technical textiles across industry and expanding base of new products based on application research

2. Global technical textiles market, by region (USD Bn)

North America: The U.S., Canada, and Mexico; Europe: UK, Germany, France, Spain, Italy, and rest of Europe; Asia-Pacific: China, Japan, India, Australia, South Korea, and rest of Asia-Pacific; LAMEA: Brazil, Saudi Arabia, South Africa, and rest of LAMEA

The Asia-Pacific region is poised to grow fastest and is valued at USD68.8 Bn in 2020 and is projected to grow at impressive rate with CAGR of 5.9% to reach USD102.6 Bn by 2027. This growth is attributed to sectors including healthcare, automotive, construction and industrial development in the region.

The technical textile market is segmented based on the following parameters:

Material

The market is categorized into natural fiber, synthetic polymer, mineral, regenerated fiber, and others based on raw material used. Currently the market is dominated by Synthetics fibre, followed by natural fibres, minerals and others.

The natural fiber segment is expected to grow the most with CAGR of 5.5% in terms of volume during the period 2020-2027. This is attributed to rise in demand for eco-friendly and sustainable products across industries such as packaging, automotive, healthcare, and others.

Process

In terms of processes followed during intermediary stage, technical textiles is divided into woven, knitted, non- woven and others. Woven segment accounted for the highest share of 67%, followed by Non-Woven (16%), Knitted (11%) and others (6%) in 2020.

Application

On the basis of application, the technical textiles market is categorized into Mobiltech, Sporttech, Indutech, Hometech, Buildtech, Meditech, Clothtech, Agrotech, Packtech, Protech, Geotech and Oekotech.

The technical textile market for Mobiltech application was valued at USD42.4 billion in 2020 and is projected to reach USD57.9 billion by 2027. This industry is expected to grow due to automobile units catering to huge established automobile consumer base in Europe, North America and Asia.

Key trends & growth drivers:

• With the issue of land degradation being faced globally, Geotextiles are increasingly being used to control soil erosion on hillsides and embankments. Additionally, rise in infrastructure projects in the developing economies is playing a key factors driving the market growth.

• Use of latest technologies such as Mulching, Vertical Farming,

Aeroponic and Hydroponic farming technologies in agriculture has significantly increased the demand for agricultural sheets and covers.

• The demand for non-woven fabrics in the healthcare end- use industry has significantly increased owing to rise in health concerns among consumers. Additionally, non-woven now- a-days plays a significant role in renovation of existing buildings as well as construction of new homes.

• The ability of nonwoven wipers to absorb more liquid in comparison to alternatives like towels and napkins has resulted in a shift in demand to nonwoven wipers.

• The demand for natural or bio-based materials for technical textile products has been increasing owing to awareness among consumers and industries on sustainability and ecological impact of synthetic materials.

• The growth of sectors such as construction, automotive, healthcare, packaging, etc., in emerging nations is driving the growth of these sub-segments in technical textiles.

• Large scale migration of automotive industry towards electric vehicles, autonomous driving, lighter components, environmental regulations, safety and health monitoring would result in new applications, end-uses and innovation in technical textiles for this sector.

India outlook² 1. Domestic scenario

Indian technical textile market was valued at USD14 billion in 2020 and is expected to reach USD23.3 billion by 2027, growing at a CAGR of 7.6% which is among the fastest growth rate in the Asia-Pacific region, as shown in the figure below

Asia-pacific technical textile market - CAGR (2020-2027) (in terms of value)

The projected growth of Indian technical textiles market is as follows: India technical textile market size (USD Bn)

The technical textile market is expected to witness considerable growth in coming years in India, owing to numerous factors such as developing end-user sectors, rising awareness, government initiatives, regulations, standardizations, technology upgradation among others.

The segment-wise projections are given below:

India technical textile market, by material (USD Bn)

Source: Global technical textiles market (2020-27) - Allied Market Research; KPMG Analysis

The India technical textile market for synthetic polymer was valued at USD7.1 billion in 2020 and is

projected to reach USD11.6 billion by 2027, growing at a CAGR of 7.2%.

Source: Global technical textiles market (2020-27) - Allied Market Research; KPMG Analysis

The India technical textile market for woven was valued at USD9.5 billion in 2020 and is projected to reach USD15.7 billion by 2027, growing at CAGR of 7.4%.

India technical textile market, by application (USD Bn)

The India technical textile market for MobilTech was valued at USD2.4 billion in 2020 and is projected to reach USD3.7 billion by 2027. Similarly, the market for InduTech was valued at USD2.0 billion in 2020, and is projected to reach USD3.3 billion by 2027, growing at a CAGR of 8%.

• National Technical Textiles Mission announced to provide a boost to Indian players and enable them to compete with international players in the technical textiles sectors and man-made fiber. This is a four-year execution period from 2020-21 and 2023-24 at an estimated outlay of INR1,480 Crores.

• Government of India approved the Production Linked Incentive (PLI) scheme in textiles sector with focus on MMF segment and technical textiles, which will help in attracting large scale investment and augment scale/capacities in the technical textiles sector to further boost domestic manufacturing.

• The Government has proposed setting up of 7 Mega Investment Textiles Parks (MITRA) over the next 3 years to give domestic manufacturers a level-playing field in the international textiles market and pave the way for India to become a global champion of textiles exports across all segments, including technical textiles

2. Indian technical textiles - A SWOT analysis:

Strengths	Weaknesses	Opportunities	Threats
Strong end-to-end	Import dependence for	Growing economy	Misplaced	priorities
textile value chain	machinery	fueling demand for	with focus on low value
		technical textiles	segments
Large domestic market	Low awareness about
with high growth	technical textile	Global opportunities in	Import of	high-value
potential	products in end users	key segments such as	technical textiles
		Indutech, Mobiltech,
Availability of young	Lack of standardisation	etc.,	Limited	technology
and skilled workforce	and related regulation	Largely untapped	upgradation
Focus Areas for the	Little or no domestic	institutional buying for	Lack of	focus on
Central and State	manufacturing of	domestic technical	Innovation and R&D
Governments	specialty fibres	textiles products
Ability to scale up in		Regulatory mechanism
short time		to increase consumption

A. Strengths:

a. Strong textiles value chain: India is the only country in the region, other than China, with entire textile value chain in both natural and synthetics fibres. India is the largest producer of Cotton and second largest producer synthetics in the world. Owing to availability of raw materials for many technical textiles subsegments, India is well positioned to capitalize on opportunities presented by both domestic and international markets.

b. Large domestic market with high growth potential: The domestic market is India is expected to grow at rapid pace owing to industrial growth in the country and significant increase in income of Indian consumers. India is expected to become manufacturing hub with focus on export promotion and import substitution, resulting in high growth opportunities in the domestic market. In addition, awareness among citizens on consumer based technical textiles products is expected to rise over the next decade.

c. Availability of young and skilled manpower: India has one of the largest working-age population (62 per cent of Indian population being between 15 and 59 years of age) in the world. India has a significant share of skilled workers at comparatively low wage rates compared with peers in Asia and developed economies in North America and Europe. Abundant workforce with relatively lower average manpower costs provides India a distinct edge as key global manufacturing destination.

d. Focus areas for central and state government: Ministry of Textiles, Government of India and various States across the country are actively working towards development of technical textiles by developing industrial ecosystem, infrastructure and promoting investments in Technical Textiles. Government of India has launched several programs such as National Technical Textiles Mission (NTTM), Production Linked Incentive (PLI) and Mega Textiles Parks with Plug and Play Facility. In addition, various States have provided special incentives/subsidies to promote investments in Technical Textiles.

e. Ability to scale up in short time: During COVID-19 India was able to scale up rapidly in medical textiles

and within a short span become second largest medical textiles producer in the world. Owing to Indias strengths in textile value chain, the country has the potential to replicate such capacity growth in short span of time for certain other technical textiles products.

B. Weaknesses:

a. Import dependence for machinery: Currently, majority of machinery used to manufacture high-end technical textiles products are not available in India and the industry is heavily dependent on imports. In order to attract investments in technical textiles, Government needs to promote manufacturing of high-tech machinery to boost technical textiles sector. In addition, considering importance of applied research in this sector, industry needs to closely work with machine manufacturers to build core competencies in the long term.

b. Low awareness about technical textile products in end users: In India, majority of entrepreneurs as well as intended end users of technical textile products are still unaware of the benefits of usage of such products, thereby leading to lack of adoption. In comparison, businesses in other manufacturing hubs follow stringent safety and regulatory norms, resulting in higher adoption of technical textiles products.

c. Lack of standardization and related regulations: Currently, several technical textile products do not have standard benchmarks and clearly defined quality standards, resulting in availability of sub- standard cheaper products. Implementation of regularized standards for technical textiles needs to be established for product standardization and migration towards high value/high tech production in line with global requirement. All the relevant stakeholders of this sector need to come forward and implement Indian and International Standards and adopt the standard quality certifications such as BIS to promote consistent quality of their products.

d. Little or no domestic manufacturing of specialty fibres: Currently, majority of specialty fibres are imported in India, thus making India globally uncompetitive in high-value technical textiles products. Government needs to promote innovation and infrastructure for high value specialty fibres.

C. Opportunities:

a. Growing economy fueling demand for technical textiles: India is among the fastest growing economies in the world leading to higher disposable income and increased awareness among young Indian population on functional products. Further, Indias economic growth has led to growth of various end user industries such as Automobiles, Healthcare, etc., resulting in increasing demand for technical textile products. In addition, these industries are increasingly exporting, resulting in ample growth opportunities for technical textiles in India.

b. Relatively untapped domestic market: Functional products are still in nascent stage in India. However, with growing awareness among young population about the benefits of these products, market shall expand exponentially.

c. Global opportunities in key segments (Indutech, Mobiltech, etc.,) At a Global level the Technical Textiles market is driven broadly by developed countries such as Germany, US, France, etc., and emerging industrial hubs such as China, Vietnam, etc., In high growth segments such as Indutech, Mobiltech, etc., there are opportunities in both these markets. Indian technical textiles industries need to focus on high- value/high-tech product categories and expand into hitherto unexplored markets.

d. Largely untapped domestic institutional buyers for domestic technical textiles products: Institutional buyers such as railways, defence forces, hospitals, etc., are still heavily dependent on imports for high- value technologically intensive technical textile products. However, in the recent past, some Indian technical textile manufacturers have started working with such institutional buyers, but significant market share is yet to be tapped.

e. Regulatory mechanism to increase consumption: Setting up clearly defined standards will help in developing products of international standards and higher global outreach. Further, safety and other related regulations need to be enforced across industries to propel demand for technical textiles products such as protective wear for industrial workers including fire-retardant fabrics for public places where public usually gathers such as hospitals, malls, movie theatres, etc.

D. Threat:

a. Misplaced priorities with focus on low value segments: Traditionally, India has focused on low value segments such as Packtech, while limited penetration in high-value/high-tech segments such as Indutech and Mobiltech. Industry stakeholders need to align their focus with global high-tech/ high-value product/segments such as Meditech, Indutech and Mobiltech. This initiative could boost both Indias exports and make India Atma-Nirbhar by focusing on import substitution.

b. Import of high-value technical textiles: With limited capabilities/capacities, India is currently depending on imports for high-value/high- tech technical textiles products used in segments such as Mobiltech, Indutech, Geotech, etc.,

c. Limited technology upgradation: Considering the technical/functional nature of the end products, Technical Textiles industry needs to adapt to newer technologies at a faster pace. Indian Technical Textiles industry predominantly uses outdated machines and technologies. In order to stay globally competitive, the industry needs to upgrade technology.

d. Limited focus on innovation and R&D: This sector inherently hinges on research and innovation based on new applications and end usages on a regular basis. India has not focused on application based research and innovation, resulting in industry focus on commodity products with low value realization. The industry needs to closely work with Textile Research Associations (TRAs) on innovation and research, resulting in stronger global positioning, migration towards high- tech products and better value realization in the long term.

3. Indian technical textiles trade analysis

Government of India has notified 207 HSN Codes from technical textiles exports.

Below is a brief analysis of Indias technical textiles imports and exports:

During 2014-15 to 2019-20, Indias exports have grown at a 0.9 per cent CAGR, whereas Indias imports have grown at a 4.3 per cent CAGR during the same period. India is depending on imports for high-value technical textiles products.

In terms of imports, the below top 10 product categories (4.8% of the total categories) account for approx. 45 per cent of the total imports valued at approx. USD930 Mn.

4. Potential growth areas in technical textiles:

Technical Textiles industry infrastructure in India predominantly focuses on low value commodity products such as bags and sacks under basic nonwovens as indicated by the highest market share of 36% for Packtech segment. Other industrial countries such as China, Korea and Taiwan focus on high-value Meditech, Indutech and Protech segments of Technical Textiles. At Global level categories such as Mobitech, Indutech, Sportech and Buildtech are considered most lucrative segments.

In addition, based on analysis of import data, Mobiltech, Indutech and specialty fibres are some of the products which are currently being extensively imported into India. Import substitution through favorable policies would help growth of these high-growth segments and ensure value retention within the economy and new skilled employment opportunities for Indian youth.

With key projects in infrastructure development including highways, railways, irrigation, power, renewable energy, irrigation, healthcare, etc., national infrastructure pipeline of USD 1.89 Tn in December 2019 which will be implemented in the next five years provides significant opportunities for technical textiles to be used extensively. Institutionalization of technical textiles across ministries will help the introduction of technical textile products across these projects.

The regulatory and promotional mechanism and incentives delivery medium needs to be developed for introduction and promotion of specific technical textile products relevant to various ministries.

5. Key growth drivers for the Indian technical textile sector:

Technical textile products are finding increasing acceptance across end user industries due to their cost, durability, ease of use and sustainability in India. Increasing awareness about the products, higher disposable incomes, changing consumer trends, etc., are contributing to Indias growth in this sector. Besides these, there are certain sector specific growth drivers that have fuelled growth of these sectors.

A. Growth factors driving consumption of technical textiles:

Increasing adaptability and awareness of the products

Growing awareness about the superior functionality/technicality such as personal safety, high strength, light weight and application of technical textiles is driving higher consumption of technical textiles and related products.

Regulation and standardization across various sectors

With regulation and standardization across various sectors and industries, Technical Textiles Sector is poised to witness significant growth in the coming years. A case in point is increase in demand for Airbags and Composites in Automobiles Sector, Fire Retardant/ Resistant upholstery in Railway Coaches, Bullet Proof Vests for Defence/ Police personnel etc.

Increase in consumer awareness about environmental issues

Owing to globalisation and social media, Indian consumers are increasingly evaluating products providing higher functionality along with environmental benefits. A case in point is environmental concerns along with a shift in consumer trends towards eco-friendly green buildings and materials, which is expected to increase usage of Geotextiles.

COVID induced Meditech demand boost

Owing to outbreak of COVID-19, the demand for medical textile increased. The consumers who previously shifted to affordable products with better safety and hygiene benefits embraced hygiene medical supplies (Wipes, Masks etc.) manifolds during and post COVID-19. In the post COVID-19 world era too, market for certain habitual hygiene products such as wipes are expected to grow in the domestic market.

Increasing disposable income with young Indian population

Indias Gross National Disposable Income (GNDI) has grown 11.2 per cent during 2017-18 and is expected to grow at a higher pace due to improving economic scenario and younger population willing to adapt to high-tech products with higher spending capacity.

B. Growth factors driving manufacturing of technical textiles:

Availability of raw materials

Indias textile value chain economy has abundant availability of raw materials such as natural fibres, synthetic fibres, chemicals for processing, etc.

Growth of medical textiles due to COVID-19

The pandemic situation had resulted in severe stress for healthcare industry globally in terms of medical supplies such as masks, protective clothing and single-use disposable clothing.To bridge the supply-demand gap, some of the manufacturers in India strengthened their production capacity to serve the domestic as well as international demands.

Import substitution

India needs to focus on building/enhance competencies and capacities for heavily import dependent products, considering the ready domestic market for these products, which is expected to grow in the long term.

Availability of young and affordable manpower

India has significant share of young skilled workers at comparatively low wage rates compared to certain Asian countries, USA and Europe. This is expected to drive investments in technical textiles in India.

Production-Linked Incentive Scheme (PLI)

PLI scheme is expected to boost technical textiles, as this scheme focus on strengthening Man-Made end products with focus on 10 key technical textiles HS codes and making India globally competitive in high- growth products/segments.

C. Sector specific growth drivers:

Mobiltech:

• Growing automobile industry

• Growing usage of products like seat belts, airbags and automotive carpets

• Lighter automotive components required for Electric Vehicles

• Evolving motor safety regulations Buildtech:

• Demand is expected to grow on account of increased spending on infrastructure

• Increasing awareness and usage of products like architectural membrane, scaffolding nets

• Growing demand for protective clothing at construction sites Meditech:

• Increased demand of PPEs, masks etc. due to COVID-19

• Growth of healthcare industry

• Growing population

• Increasing awareness on hygiene and safety related parameters Sportech:

• Government schemes such as subsidies to university/colleges to improve sports infrastructure

• Increasing popularity of sports and sportswear due to Khelo India mission.

Protech:

• Enhanced defence spending

• Growing awareness and use of fire-retardant clothing and chemical protective clothing

• Evolving regulations for protective clothing usage Indutech:

• Evolving manufacturing sector in India

• Global demand for indutech products with new end-use applications.

Geotech:

• Significant investment in infrastructure under USD 1.89 Tn National Investment Pipeline fund planned by the government

• Increasing awareness of the benefits of usage

• Inclusion in various government construction norms

Oekotech:

• Awareness about usage of products for environment protection - floor sealing, air cleaning, prevention of water pollution, waste water recycling treatment, erosion protection and domestic water sewerage plants

• Significant investment in infrastructure under USD 1.89 Tn National Investment Pipeline fund planned by the government.

Packtech:

• General consciousness for avoiding the usage of plastics in packaging

• Ease of manufacturing leading to lower prices per unit, leading to higher public adoption Agrotech:

• Active support from the government for promoting the usage of Agrotextiles

• Increasing awareness creation through krishi vigyan kendras Hometech:

• Increasing importance of usage of fire resistant and / or retardant textile material in public places.

• Regulations in usage of technical textiles in public places

• Evolving customer awareness Clothtech:

• Increasing awareness on usage of technical textiles

• Changing consumer preferences Way forward

With industrial development in the region and beyond, robust technical textiles industry ecosystem needs to be developed to transform India into a global technical textiles hub. The below steps would facilitate to growth of the sector with focus on sustainable growth of employment and economic value retention.

Promotion of international standards to enhance quality in domestic market and meet the demands of global market

Standardisation of a product being sold in global market is one of the key parameters to ensure the quality of the product. This helps in ensuring that the intended functionalities expected from technical textile products are retained and provided to the end user every time the product is used. To strengthen existing quality standards, a new task force dedicated for establishing standardisation in technical textiles must be formed. In addition, the Government needs to ensure appropriate implementation of these standards.

Promote end-use/application based awareness for Technical textiles

The superior functionality of the technical textiles gives these products edge over traditional textiles. However, it is necessary to develop market for these products and at the same time encourage adoption of technical textiles products among end users. Therefore, the government should encourage awareness among consumers on their implicit benefits through setting up demonstration centers and awareness drives across industrial centers in the country.

Resolving the inverted duty structure

For certain product categories, at present, lower duties are levied for finished products, while duties on raw materials are higher, thus resulting in higher imports and lack of indigenous capabilities. Government should

revisit the duty structure to ensure growth of indigenous manufacturing. However, the inversion of duty structure needs to be considered in phased manner, to ensure the overall industry for product/segments is not impacted significantly.

Regulatory reforms supporting the usage of standardised technical textile products

Regulatory reforms are essential for technical textile products deemed necessary for the usage in specific conditions such as car seat belts, air bags for cars, flame resistant/retardant fabrics for public places, etc., Such regulations shall ensure better quality of life of the citizens and shall also expand the technical textiles market.

Incentivising research, innovation and production of technical textiles

India pales in comparison to other countries in terms of R&D expenditure on technical textiles. With high capital requirement, setting up large capacities for technical textiles remains a challenge. The industry needs to explore Mega Textiles Parks being planned by the government with special focus on plug and play infrastructure for MSME units. In addition, the industry should closely work with Government on applicated based research initiatives undertaken in National Technical Textiles Mission (NTTM).

Promotion of exports of technology intensive technical textiles

In order to transform India into a global hub for technical textiles, it is essential that India develops the required infrastructure, expertise and skill sets for high-value technical textile products. India should focus on the exports of technology-intensive products such as in Protech, Geotech, Meditech and Mobiltech segments. The proposed Technical Textiles Export Promotion Council can sensitise the Government about the various opportunities and challenges that Indias technical textiles face in the international arena. Opportunities to collaborate with foreign players could also be sought by the local industries to facilitate technology know-how and transfer.

technicality/functionality at core for Technical Textiles products, it is imperative for India to have world class state-of-art lab infrastructure with focus on technical textiles products in collaboration with national/international labs with international accreditations. The facilities will enable the technical textile manufacturers to speed up the process of site testing and research and innovate new products.

Production Liked Incentive (PLI) Scheme

PLI scheme by incentivising production of 40 key HS codes would boost domestic manufacturing in the MMF segment, which is key raw material for Technical Textiles and 10 key HS codes in Technical Textiles products. The scheme is expected to attract large scale foreign investment and facilitating scale/capacities, promotion of research, innovation boosting Indian exports and making India truly Atma-Nirbhar in Technical Textiles with focus on import substitution. This scheme ha will play a huge role in achieving size and scale in manufacturing, as these schemes incentivise incremental production.

Spurring domestic demand and growth of exports of technical textiles by NTTM

To boost the potential domestic demand and scope for exports of technical textiles, the Government of India has decided to setup a National Technical Textiles Mission at an estimated budget of USD197.33 million (INR 1,480 crores) with four-year implementation period from 2020-21 to 2023-24. Out of the proposed budget, INR. 1000 crores is allotted for R&D, INR. 400 crores for skill development and training, INR. 50 crores for marketing and promotion, INR. 20 crores for administrative purposes and INR. 10 crores for export promotion. The mission which aims to position India as a leader in the global textile industry puts emphasis on using technical textiles

in the government programmes like Jal Jivan Mission, Swach Bharat Mission, Ayshman Bharat, etc. and across strategic sectors like agriculture, defence, highways, ports, railways, etc., The NTTM would also focus on development of R&D infrastructure such as innovation and incubation centres to encourage MSMEs in the country and boost domestic technical textile manufacturing.

Continuous investment in research and development

Focusing on R&D ecosystem for the Indian technical textiles sector is critical for achieving its true potential. The government should consistently invest in R&D and application based innovation to guide and handhold industry in developing capabilities in future technologies and enable multi-stakeholder collaboration between the academia, industry and government.

Capitalising on opportunities presented by national infrastructure pipeline fund of USD1.89 Tn

With infrastructure projects focused on highways, renewable energy, power, railways, irrigation and health sectors, national infrastructure pipeline has been set-up to the tune of USD1.89 Tn in December 2019 to be implemented in the next five years. This initiative provides significant opportunities for technical textiles industry in India and help transform Indian technical textiles industry. However, in order to capitalize on this initiative, it is critical to institutionalize use of technical textiles across various sectors with interventions from various relevant ministries/departments.

Technical textiles refers to textile products that primarily focus on technical performance and functionality instead of aesthetic purposes, as in the case of conventional textiles. The end-usage of these products cater to wide array of industries including automobile, industries, agriculture, home care, construction, defense, aeronautics, healthcare, etc.,

With the rise in dominance of technical textiles, the market has been classified into the following 12 segments

based on their application:

aminated Fabrics Market Overview:

The Laminated Fabrics Market is anticipated to attain a market value of $4.05 billion by the year 2030, exhibiting a steady compound annual growth rate CAGR of 4% during the forecast period spanning from 2023 to 2030.

The laminated fabrics market refers to the industry involved in the production and distribution of fabrics that are coated or laminated with various materials to enhance their performance and functionality. Laminated fabrics are created by bonding multiple layers of fabric together using adhesives, films, or membranes.

Laminated fabrics offer several advantages such as improved strength, durability, waterproofing, breath ability, and resistance to UV radiation, chemicals, and abrasion. These properties make them suitable for a wide range of applications in various industries, including apparel, sportswear, automotive, healthcare, and protective clothing.

Laminated Fabrics Market- Top Trends:

Sustainability and Eco-Friendly Solutions: There is a growing emphasis on sustainability in the textile industry, including the laminated fabrics sector. Manufacturers are increasingly focusing on developing ecofriendly laminated fabrics by using recycled materials, biodegradable coatings, and water-based adhesives. This trend aligns with the increasing consumer demand for sustainable products and the adoption of environmentally conscious practices by industries.

Technical Advancements in Lamination Processes: Technological advancements are driving innovation in lamination processes, leading to the development of high-performance laminated fabrics. Manufacturers are investing in research and development to improve the bonding techniques, enhance fabric properties, and introduce new functionalities. These advancements include improved waterproofing, breath ability, lightweight materials, and better durability.

Growing Demand for Protective and Performance Clothing: The demand for protective clothing, including medical gowns, industrial workwear, and sportswear, is driving the market for laminated fabrics. These fabrics offer enhanced protection against hazards such as chemicals, fire, extreme weather conditions, and microbial contaminants. The ongoing COVID-19 pandemic has further accelerated the demand for medical and personal protective equipment, which has positively impacted the laminated fabrics market.

Customization and Penalization: There is a rising trend of customization in various industries, including apparel. Laminated fabrics offer opportunities for customization through the combination of different materials, patterns, and colors. Manufacturers are catering to this demand by providing a wide range of design options and customization services, allowing customers to create unique products according to their preferences.

Integration of Smart Technologies: The integration of smart technologies into textiles is a growing trend in the laminated fabrics market. Smart laminated fabrics are being developed with functionalities such as

temperature regulation, moisture management, antimicrobial properties, and sensing capabilities. These fabrics find applications in sectors like sports and fitness, healthcare, and military, where the use of smart textiles enhances performance, comfort, and safety.

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Vegan Food Market Report.

Market Overview

India Plastic Molding Market was valued at USD 45.13 Million in 2024 and is expected to reach USD 53.64 Million by 2030 with a CAGR of 3.12% during the forecast period. Plastic molding is a manufacturing technique that produces components and products from plastic materials by shaping molten or softened plastic into specific forms using molds. This method is extensively utilized across various industries, including automotive, consumer goods, electronics, packaging, and medical devices, owing to its efficiency, versatility, and cost-effectiveness.

The Indian plastic molding market is a key segment of the countrys manufacturing landscape, propelled by rapid industrialization, urbanization, and a growing consumer base. The Indian plastic processing industry currently consists of around 30,000 facilities that employ techniques such as injection molding, blow molding, extrusion, and calendaring to manufacture a diverse array of products. Government initiatives like "Make in India" and support for the manufacturing sector have stimulated investment in this industry. The expanding middle class and rising disposable incomes are driving demand for consumer products, resulting in increased adoption of plastic molding technologies.

The integration of IoT and automation is enhancing production processes and improving quality control. The demand for personalized products is fostering advancements in 3D printing and rapid prototyping. However, concerns over plastic waste and pollution are leading to stricter regulations, prompting companies to invest in sustainable practices. Additionally, fluctuations in the prices of petroleum-based raw materials can affect profitability. The entry of international players also presents challenges for local manufacturers.

The Indian plastic molding market holds significant promise, driven by ongoing technological advancements and a commitment to sustainability. Companies are increasingly adopting automation and digital technologies, such as Industry 4.0, to improve production efficiency and minimize waste. To maintain a competitive edge, firms in this sector must adapt to regulatory changes and evolving consumer preferences, while also prioritizing innovation.

Key Market Drivers

Growth of the Automotive Sector

As vehicle demand continues to rise, Indian automotive manufacturers are significantly increasing their production capacity, driven by both domestic and export markets. This expansion necessitates a greater use of plastic components, valued for their lightweight and versatile properties. According to IBEF, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,358,041 units in April 2024. Automakers are increasingly integrating lightweight materials, including plastics, to enhance fuel efficiency and reduce emissions. This shift boosts demand for molded plastic parts such as bumpers, dashboards, and interior trims. For instance, plastic dashboards facilitate complex designs and the integration of electronic components, while molded plastic bumpers are lighter and better at absorbing impacts compared to traditional materials.

The transition to electric vehicles (EVs) is transforming the automotive landscape, as EVs require specialized components, many of which are made from plastics. This includes battery casings, which are lightweight and durable, helping to improve overall vehicle range and efficiency. Plastic molding technologies like injection molding and blow molding provide significant design flexibility, allowing automotive designers to create intricate shapes and features that enhance both aesthetics and functionality. Manufacturers can produce

customized parts tailored to specific vehicle models or consumer preferences. Additionally, plastic components exhibit excellent durability and corrosion resistance, making them suitable for various automotive applications. India is emerging as a key hub for automotive manufacturing, catering to both domestic and export needs.

Government initiatives such as "Make in India," along with supportive policies like the allocation of USD 31.98 Million to the FAME II scheme in the Union Budget 2024, are encouraging foreign investment and collaboration in the sector. For example, In December 2023, Autotech-Sirmax India announced plans to expand its production capacity by adding four new extrusion lines, which will boost output by 15,000 tonnes annually and effectively double the sites capacity. Additionally, with the establishment of a third plant in southern India by 2026, the total capacity in the region is expected to reach 82,000 tonnes per year. This growth in both domestic and export markets is driving demand for plastic molded parts, further contributing to the overall expansion of the plastic molding industry.

Expansion of Consumer Goods

As disposable incomes rise, consumer demand for a diverse array of goods including household items, personal care products, and electronics increases. This heightened demand results in greater production of plastic products, as plastics are favored for their versatility and cost-effectiveness. Rapid urbanization is reshaping consumer lifestyles, leading to a higher demand for convenience-oriented items. Products like storage solutions, kitchenware, and personal care packaging made from molded plastics are becoming increasingly popular in urban settings.

The growth of e-commerce has significantly boosted the need for packaging solutions, as online retailers require durable, lightweight, and cost-effective materials. According to IBEF, Indias e-commerce platforms achieved a remarkable GMV of USD 60 billion in fiscal year 2023, reflecting a 22% increase from the previous year. Plastic molding is essential for producing various packaging products, including containers, bottles, and protective packaging.

Advancements in plastic molding technologies, such as FCSs All-Electric IMM and Indias first MultiComponent (2K) IMM, enable manufacturers to produce innovative and visually appealing products. The capability to design intricate shapes and integrate multiple functions into a single plastic component allows companies to differentiate their offerings in a competitive landscape.

The expansion of the consumer goods sector is a key driver of the plastic molding market in India. As consumer preferences evolve and the demand for innovative, sustainable products increases, manufacturers will increasingly rely on plastic molding to fulfill these needs, further stimulating industry growth.

Download Free Sample Report Key Market Challenges Environmental concerns

Rising awareness of plastic pollution is resulting in heightened scrutiny of plastic products. The buildup of plastic waste in landfills and oceans presents serious environmental risks, prompting both consumers and activists to call for change. This increasing pressure is pushing manufacturers to rethink their dependence on conventional plastics. Governments at various levels are enacting stricter regulations to manage plastic production and waste. Initiatives such as bans on single-use plastics and recycling mandates create compliance challenges for manufacturers, necessitating substantial adjustments to production processes and materials.

Consumers are progressively favoring brands that demonstrate a commitment to sustainability, which compels manufacturers to adopt eco-friendly practices. This includes using biodegradable materials, enhancing recycling efforts, and reducing overall plastic use. Not meeting these consumer expectations can result in a loss of market share. Indias recycling infrastructure is still in development, leading to inefficiencies in waste management and recycling efforts. Limited recycling capabilities can increase waste and environmental impact, complicating manufacturers efforts to achieve sustainability targets.

Environmental concerns are significantly transforming the Indian plastic molding market. To maintain competitiveness, manufacturers must embrace sustainable practices, invest in innovative materials, and stay informed about regulatory changes. By proactively addressing these environmental challenges, companies can improve their brand reputation and positively impact the ecosystem while fulfilling consumer demand.

Price Volatility in Raw Materials

The prices of essential raw materials, particularly petroleum-based plastics like polyethylene and polypropylene, can be extremely volatile due to factors such as geopolitical tensions, fluctuations in crude oil prices, and changes in supply and demand. This unpredictability can lead to abrupt increases in production costs. Manufacturers typically operate on narrow profit margins, and unexpected spikes in raw material prices can diminish these margins. When costs rise, it becomes challenging for companies to pass these increases onto consumers without jeopardizing their competitive edge.

Price volatility also complicates budgeting and financial forecasting for manufacturers. Inconsistent raw material costs can disrupt long-term planning, making it difficult for companies to allocate resources efficiently and manage cash flow. Additionally, the uncertainty surrounding raw material prices may cause manufacturers to hesitate in investing in new technologies or expanding production capacity, which can stall growth and innovation. To ensure the sustainability of the Indian plastic molding market, it is essential to address raw material price volatility. Manufacturers should implement strategies such as effective supply chain management, adaptable procurement practices, and investment in alternative materials to navigate these challenges. By doing so, companies can stabilize their operations and remain competitive in a rapidly changing market environment.

Key Market Trends

Adoption of Advanced Technologies

Manufacturers in the Indian plastic molding market are increasingly investing in advanced machinery and software to boost production efficiency and enhance product quality. The prevalent use of technologies such as computer-aided design (CAD) and computer-aided manufacturing (CAM) enables the production of more precise molds, resulting in greater accuracy and reduced waste.

For instance, in June 2023, Husky Technologies installed Indias first integrated injection molding system for blood collection tube production at CML Biotech Ltd. This system, featuring Huskys ICHOR injection molding technology and Schottli precision medical molds, allows CML Biotech to

improve part quality, minimize weight variations, enhance cycle times, and increase overall efficiency in their production processes.

Moreover, 3D printing is gaining popularity in the plastic molding sector, facilitating rapid prototyping and the creation of complex designs that traditional methods may struggle to achieve. This technology accelerates product development cycles and supports customization, addressing the rising demand for tailored solutions. For example, In July 2023, Matrix Moon launched the 3D Systems EXT Titan Pellet 3D printer in India, aimed at providing customers with a more efficient and cost-effective solution for a wide range of applications. These applications include molds, tooling, and patterns for foundries and plastics manufacturers, as well as end-use parts for industries such as aerospace, automotive, HVAC, and consumer products. The company 3D Systems EXT 1070 Titan Pellet 3D printer features an optional milling spindle tool head. This capability allows for hybrid additive and subtractive manufacturing processes on a single machine.

The integration of Industry 4.0 technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), is also transforming manufacturing processes. IoT devices enable real-time monitoring of equipment and production lines, allowing manufacturers to optimize operations and swiftly address any issues. AI algorithms can analyze production data to identify trends, predict maintenance needs, and improve overall efficiency.

This trend toward the adoption of advanced technologies not only enhances operational effectiveness but also fosters innovation in product design and development. As manufacturers embrace these technologies, they are better equipped to meet evolving consumer demands and navigate competitive pressures in the market.

Segmental Insights Type Insights

Based on Type, the Injection Molding emerged as the dominating segment in the Indian market for Plastic Molding during the forecast period. The advantages of speed, precision, material versatility, and cost- effectiveness position injection molding as the preferred method for manufacturers aiming to produce high- quality plastic components efficiently. This process facilitates high-volume production in a short timeframe, making it ideal for mass manufacturing. It enables rapid part production, which reduces overall manufacturing time and enhances productivity.

Injection molding also achieves exceptional accuracy and detail, ensuring consistent quality across batches. The automation involved minimizes human error, resulting in uniform product dimensions and quality. Additionally, this technique allows for the creation of intricate shapes and designs that are challenging or impossible to produce using other methods.

The capability to work with a wide range of thermoplastics and thermosetting polymers enables manufacturers to select materials tailored to specific performance requirements. Many of the materials used are recyclable, supporting sustainability initiatives. Furthermore, injection molding generates minimal scrap material compared to alternative techniques, leading to additional cost savings. Injection molded parts find applications in various industries, including automotive, consumer goods, electronics, medical devices, and packaging, highlighting its broad applicability and reinforcing its market dominance.

Application Insights

Based on Application, Packaging emerged as the fastest growing segment in the Indian market for Plastic Molding in 2024. This growth can be attributed to several factors, including e-commerce trends, consumer convenience, innovation, sustainability, regulatory support, and cost-effectiveness. The surge in online shopping has heightened the demand for effective packaging solutions that protect products during transit. Durable and lightweight plastic packaging is crucial for ensuring safe delivery. According to the Packaging Industry Association of India, the packaging sector is currently the fifth largest in the Indian economy,

underscoring its vital role in driving industrial growth and innovation. With an annual growth rate of 22-25%, the industry has become a preferred hub for packaging solutions, supported by advancements in technology and infrastructure.

Modem consumers increasingly favor products that are easy to use and disposable. Plastic packaging provides this convenience, whether through ready-to-eat food containers, resealable bags, or single-use bottles, making it appealing to both manufacturers and consumers. The versatility of plastic allows for innovative packaging solutions that enhance product attractiveness. Eye-catching designs and functional features, such as easy-pour spouts or tamper-proof seals, help products stand out in a competitive market.

The food and beverage sector significantly drives demand for plastic packaging. As consumer preferences lean toward packaged foods and beverages, manufacturers are increasingly adopting plastic solutions to fulfill these needs. Additionally, the ability to customize plastic packaging for various products and brands enables manufacturers to target specific market segments and consumer preferences, further fueling growth. This positions plastic packaging as a dynamic and essential segment within the plastic molding market, creating substantial opportunities for manufacturers.

Regional Insights

Based on Region, West India emerged as the dominant region in the Indian market for India Plastic Molding in 2024. This dominance can be attributed to several factors, including strong industrial infrastructure, supportive government policies, a skilled workforce, robust demand across various sectors, excellent logistics, and a commitment to technological advancements. Gujarat and Maharashtra host some of Indias most advanced industrial zones, such as the Gujarat Industrial Development Corporation (GIDC) and various industrial estates in Maharashtra, which are equipped with the necessary facilities and services to support large-scale manufacturing.

The concentration of plastic manufacturers in these regions promotes resource sharing, knowledge exchange, and collaboration, thereby enhancing productivity and innovation. Additionally, the Western region has a well-established network of suppliers for essential raw materials like polyethylene and polypropylene, which reduces transportation costs and lead times, enabling manufacturers to maintain efficient just-in-time inventory. Maharashtras status as a hub for major automotive manufacturers creates significant demand for high-quality plastic components used in both two-wheelers and four-wheelers, further propelling growth in the plastic molding market.

The region benefits from excellent transportation infrastructure, including well-maintained roads, rail systems, and major ports such as Mundra and Nhava Sheva, which facilitate domestic distribution and international exports, thereby strengthening the supply chain. Companies in this region are increasingly investing in automation, robotics, and smart manufacturing technologies. The integration of IoT and Industry 4.0 principles enhances production efficiency and quality control. This strategic advantage not only promotes regional growth but also boosts Indias competitiveness in the global plastic manufacturing sector. As industries continue to evolve, the Western region is well-positioned to sustain its leadership in the plastic molding industry.

Velvet Fabric Market Size

The global market for Velvet Fabric was valued at US$ 265 million in the year 2023 and is projected to reach a revised size of US$ 377 million by 2030, growing at a CAGR of 5.2% during the forecast period

Velvet Fabric Market

Velvet fabric is a fabric with velvet warp forming velvet loops or piles on the surface of the fabric. The velvet is rich, fine, soft to the touch and comfortable to wear. This kind of fabric presents a beautiful and generous effect visually, and is also full of luxury and elegance.

North American market for Velvet Fabric is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.

Asia-Pacific market for Velvet Fabric is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.

The major global manufacturers of Velvet Fabric include British Velvets, Lewan Needle Textile, Hong Rong Textile, Jiangsu Wulong Knitting Co., Ltd, AOCHEN Home Textile, DINOLE, Sahaj Velvet, Xuzhou Fengcai Textile, etc. In 2023, the worlds top three vendors accounted for approximately % of the revenue.