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Synthetic Yarn prices in Indian market are edging up marginally. The latest Consumer Price Inflation (CPI) data showed that the CPI for Synthetic Yarn stood at 106.10 in September 2023, up 0.09% on month and rising for a second month in row. However, the commodity is still around 8% down compared to last year. The near term market dynamics will closely track crude oil prices. In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) predicts a notable increase in global liquid fuels production for the upcoming year. According to the report, production is expected to rise by 1.0 million barrels per day in 2024. This surge is attributed to expectations that OPEC+ production cuts will remain in place until the end of 2024, effectively countering non-OPEC production growth. Furthermore, the EIA anticipates a slight decline in global oil inventories during early 2024. The EIA projects Brent crude oil prices averaging around $93 per barrel in 2024, marking an increase of over $9 per barrel compared to the current year. These are primarily due to escalating risks of supply disruptions and price volatility in light of potential conflicts spreading throughout the Middle East.
Nylons Being Used In Wide Array Of Applications Globally
According to a latest update from the Allied Market Research, Nylons Market is a dynamic and essential segment of the global polymer industry. Nylons, also known as polyamides, have found their way into a wide array of applications due to their remarkable combination of strength, flexibility, and durability. The market encompasses various types of nylons, with nylon 6 and nylon 6,6 being the most prominent, each tailored to specific industry needs. Nylons are indispensable in numerous sectors, including automotive, textiles, packaging, and healthcare, making them a vital material for a wide range of products. Nylons, known for their exceptional mechanical properties and resistance to abrasion, chemicals, and high temperatures, have gained widespread popularity across industries. The expanding industrial base, particularly in emerging economies, is driving the demand for nylons in manufacturing and construction. As urbanization continues to rise worldwide, the construction industry's growth boosts the demand for nylons in applications like pipes, cables, and geotextiles.
Outlook:
Exports of Man-made Fibre Textiles are now showing gradual improvement recently. During April-Sept 2023 exports were US$2336.39mn as compared to US$2584.94mn during the same period of the previous year, showing a decline of 9.62%. However, contraction in exports has narrowed down from a decline of 12.07% in April-July 2023 to a decline of 9.62% in April – Sept 2023. The overall trend in near term will be supportive though the intense geopolitical scenario amid Isreal-Hamas conflict and Russia-Ukraine war will keep the overall sentiments mixed. The Government has extended the RoDTEP Scheme from 1st October 2023 to 30th June 2024. This is likely to enable exporters to take long term prospective while negotiating for Export business overseas.
Meanwhile, the Indian Technical Textile Association (ITTA) recently provided an update outlining the significant developments of the past year for the industry, highlighting the National Technical Textile Mission (NTTM) Scheme, which has approved 109 research projects in various technical textile domains, totaling Rs. 336 crores, with more projects under consideration. Quality Control Orders (QCOs) were also a focus, with 19 items notified under Geotextiles and 12 items under Protective Textiles, while several other items are under consideration across different technical textile verticals.
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