We are aware of India’s strengths in the traditional textiles and the natural fibers industry globally, right? But are you aware of the fact that it is also the second-largest producer of polyester in the world!
And now India is emerging as a vital player in the technical textiles industry with an estimated contribution of the market size of $19 Bn. And, the awning industry is a part of the technical textile industry.
And, did you know? Technical textile accounts for roughly 13% of India’s total textile and apparel market! And, its contribution to India’s GDP is at 0.7%. However, there is a large gap between the demand and consumption of technical textiles in India as the consumption stands at only 5-10% as against 30-70% in some of the developed nations.
This also indicates a huge potential to fulfill this gap!
The good news is that this sunrise sector is now becoming more relevant to the Indian consumer day by day.