Shri Jagdamba Polymers Ltd Management Discussions.


The global technical textile market size was estimated at USD 176.6 billion in 2019, growing at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2027. Rising awareness regarding the benefits of technical textile is projected to propel its demand across various end-use industries including agriculture, construction, aerospace, medical, and packaging. Advancements in biotechnology have led to a rapid change and evolution in traditional farming methods to a more scientific approach. The implementation and employment of highly-efficient technologies in the agricultural industry are expected to increase crop yield, thereby influencing the overall productivity and the demand for technical textiles.

Global Technical Textile Industry has witnessed remarkable growth in the past few years and demand for technical textiles is expected to stay steady, due to a broadening application in end use industries. This trend is estimated to have a positive impact on the demand for technical textiles. Technical textile offers immense potential and has been termed as a sunrise industry in India. With sufficient investments into the technology, the industry would grow exponentially, to foster research & development in the sector the government has also set up eight Centre for Excellence units. The sector has undergone significant industrial changes with the increasing significance of new applications in medical, automobile, sport and leisure, environment and industrial sectors. Automobile and medical sectors are the fastest growing sectors, continuously expanding and mounting the demand for technical textiles. These industries have been improving their existing market share and creating innovative products through new developments, which in turn enabling the technical textiles market growth.

Currently, Indias technical textile industry is based on producing commodity products that are not very R&D intensive and therefore unlike conventional textiles, technical textiles is an import intensive industry. The Indian government, in a response to capture this market, has pushed to shift the focus from the production of conventional textiles to technical textiles. It has developed a number of policies that are aimed to promote the development of the domestic technical textile sector. These programs have been vital to the rapid growth of the domestic technical textile industry, including:

Reduction in customs duties placed on imported technical textile machinery Investment promotion programs to assist companies that are developing and manufacturing technical textiles Market development support for both the domestic and international markets an exemption in custom duties for raw materials used in the manufacturing of technical textiles strengthening of standards for technical textiles Introduction of a program to promote the use of agro-textiles in the northeast region of India The introduction of the restructured technology upgrade fund

Indias shift to focus on the development and production of technical textiles cannot be done with just monetary and tax incentives alone. In order to successfully compete globally in technical textiles, there needs to be investment from the private sector. Entrepreneurs are reluctant to invest in the development and production of technical textiles due to factors such as:

Marketing: The marketing of technical textiles is more complex than conventional textiles.

Cost: Manufacturing technical textiles demands specific raw materials, machinery and equipment that are not readily available in India. Importing those materials is expensive.

Time: The technical textile sector is still in its infancy, and it takes a lot of time to commit to the research, development and production of a product. It could take a minimum of five years before entrepreneurs could see a return on their investment.

Technical textiles in India continues to grow along with the growth of end user industries. Technical textiles currently contribute around 0.75% of the Indias GDP and accounts for around 12% of the Indian textile market. Indias technical textiles market size accounts for around 4% share in the worlds market.

The market for the global technical textiles industry has seen an upward surge since 2000. The Asia-Pacific region accounted for around 33.13% of the total market share in terms of value in 2014, followed by the North American and European regions at 29.13% and 24.02 %, respectively. However, as the technical textiles market in developed countries is getting matured, the market in developing countries such as China, Japan, and India is projected to grow at a higher rate from 2015 to 2020. China, with a CAGR of 5.93%, is projected to grow faster than any other country. This is because of its vast population and high industrial and technological developments in the country.



The wide range of applications of technical textiles, lack of competition, and growing consumer and industrial demands makes the sector of Technical Textile a big opportunity area. The ‘Make in India efforts by Prime Minister Shri Narendra Modi is going to be a big success and a real growth driver for the Indian manufacturing sector. The textiles industry would be one of the front-runners and core segments of the Indian manufacturing industry contributing 14 percent of total industrial output and employing about 45 million people directly. The textiles industry has huge contribution in terms of export earnings, industrial output and employment generation and its considered to be a growing sector globally.


• International fluctuation in petroleum products may affects prices of raw materials

• No biodegradable

• Competition from domestic players as well as international players.

• The reasons for low penetration in this market are several, such as scattered production structure, inadequate research and development (R&D), lack of skilled personnel. Another major contributing factor is that there is lack of awareness about the benefits of using technical textile and therefore leading to low consumption. So, India still has to make its presence felt in the world technical textiles market, which earns that a highly unexploited market is waiting to be explored.


While the demand for the polymers continues to be strong however the polymers are petrochemical products. The fluctuation in crude prices may increase the cost of polymer production.


The Company recognizes human resources as its biggest strength which has resulted in getting acknowledgement that the Company is the right destination where with the growth of the organization, value addition of individual employees is assured. The total number of employees as on March 31, 2020 is 936.


The Company has an adequate internal control system for safeguarding the assets and financial transactions of the Company. The strong internal control systems have been designed in such a way that, not only it prevent fraud and misuse of the Companys resources but also protect shareholders interest.


Certain statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied therein.

By order of the Board of Directors of
Shri Jagdamba Polymers Limited
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 20/08/2020 (Chairman cum Managing Director)