Technical Textiles : Report
According to a recent research report, the global Technical Textile market size is expected to reach USD 272.3 billion by 2030.
- Technical Textiles are textile products that are manufactured primarily for their functionality and use rather than aesthetic appeal.
- They are designed to have high levels of physical, mechanical, thermal, and/or chemical properties for use in specific applications within industrial sectors such as earthworks, construction, civil engineering, transport, defense, medical, and healthcare.
- The Ministry of Textiles has launched NTTM to increase the penetration level of technical textiles in India while leveraging the extraordinary growth rate of the sector.
- The aim of the mission is to position India as a global leader in Technical Textiles.
- The mission will comprise the following four components:
- Research, Innovation and Development;
- Promotion and Market Development;
- Export Promotion;
- Education, Training, Skill Development;
- The NTTM has been approved with an implementation period of four years starting from FY 2020-21 till FY 2023-24. The total outlay of the mission is INR 1480 Cr.
- The Mission has a target to take the domestic market size of the technical textile sector to $ 40-50 Bn by the year 2024 with an average growth rate of 15-20% per annum.