ResearchAndMarkets.com noted in a latest update that global synthetic fibres market is expected to reach US$85.07 billion in 2025, progressing at a CAGR of 7.39%, over the period of 2021-2025.Growth in the synthetic fibres market has accrued due to the growing population, surging number of fitness clubs, accelerating demand for clothing and apparel, expanding urbanization and rising e-commerce penetration. The market is anticipated to experience certain trends like escalating interest in home furnishing, rapid growth of automotive industry and increasing per capita consumption of fish. The growth of the market would be challenged by frequent fluctuations in raw material prices and stringent government regulations.

The global synthetic fibres market has been segmented on the basis of type and application. According to type, the market can be bifurcated into polyester, nylon, acrylic, polyolefin and other synthetic fibres such as rayon, acetate, aramid, etc. Whereas, in terms of application, the global synthetic fibres market can be split into clothing, home furnishings, automotive, filtration and others. The fastest-growing regional market is Asia Pacific due to the rising demand for clothing from a large population in the region along with rising acceptance of fashion trends from the western culture, increasing demand for synthetic fibres in the automotive sector as the consumer prefers the lightweight vehicle to reduce fuel consumption and growing urbanization.

Indian technical textiles sector poised for a remarkable growth

The Indian technical textiles sector is poised for a remarkable growth trajectory, with expectations to reach a staggering $50 billion within the next five years from the current $22 billion, said textiles secretary Rachna Shah on Tuesday. Addressing an event organized jointly by FICCI, BIS, and the Ministry of Textiles, Shah highlighted the substantial progress witnessed by the technical textiles segment, both nationally and internationally. The global technical textiles market stands at around $260 billion and is projected to surge to $325 billion by 2025-26. In India, we are making tremendous strides with the current market size at $22 billion. The government is unwaveringly committed to elevating it to an impressive $40-50 billion in the coming five years, Shah asserted. Shah shed light on the multifaceted approach employed by the government, which includes a strong focus on research and development activities in the technical textile sector, encompassing fibers and the development of various applications.

The secretary also stated that the ministry is working closely with various inter ministries and departments within the government and state governments to increase the demand and penetration of technical textiles. One of the critical elements of the approach is focusing on standards and regulations for technical textiles as these are highly specialized products with high performance requirements. Shah further informed that in addition to developing standards, it is also important to map the technical textiles with HSN codes as it will help in tracking the trade of these products. The HSN codes are in turn being mapped to various regulations and standards.

A collaborative approach between the certification agencies, industry and various government ministries will be critical in ensuring the success of our initiatives and growth of the sector. The Ministry of Textiles has notified two quality control orders (QCOs) for 31 technical textiles, including geo textiles and protective textiles, effective 7 October. Furthermore, draft QCOs for 28 items, including Agro Textiles and Medical Textiles; have been notified on the WTO's website to solicit feedback.

Outlook:

A tepid global economic environment has been weighing on local textile exports and overall demand environment remains lax. The retail prices for clothing are slightly turning up in recent months though and further spurt in crude oil prices may push up the cost of manmade fibers too.