Following the drawbacks experienced in the Indian cotton industry, interest in production from artificial and synthetic fibers is increasing day by day. 72% of textile production on a global basis consists of synthetic fibers. While production-based growth are not expected in natural fibers in textile production until 2030, the market dominance of synthetic fibers will continue to increase.
The Indian textile industry foresees a significant growth in the man-made fiber (MMF) group used in the production of products such as curtains, drapers, tents and tarpaulins. With the impact of the Production Linked Incentive (PLI) scheme and free trade agreements with the United Arab Emirates and Australia, India's MMF textile exports are expected to grow 75% from 6.5 billion dollars to approximately 11.4 billion dollars in 2030. India ranks second amongst global MMF producers after China and position itself strategically to benefit in the best way from this growth trend.
Market Share of Natural Fibers 28%
A government official stated that technical textiles, together with the solar energy sector, are acknowledged as the future of the country for the future of the textile industry, and that the targets in this field are quite ambitious. Currently, MMF accounts for 72% of global textile fiber consumption, while natural fibers entitled to 28%. The dominance of MMF is attributed to the limited growth potential of cotton and other natural fibers.
According to the Confederation of Indian Textile Industry, India maintained its export share in global MMF textile trade at 3.4% during 2016-2021. However, given the fact that Bangladesh, Turkey, Cambodia, Vietnam, Pakistan and some African countries provide duty-free access to major markets such as the EU and the US, Indian products face customs duty rates ranging from 10% to 34%.
