Though Asia dominates in the textiles and apparel trade, not in technical textiles are projected to command a market of $208 billion by 2024.
Bangladesh is the largest exporter of textiles in the South Asian sub-continent, followed by India and Pakistan. Readymade garments account for 83 percent of Bangladesh’s total exports, and the share of textiles and clothing is around 60 percent of its total exports. India though has larger T&C exports but its share in total Indian exports varies from 12-16.
Bangladesh and India have set targets to achieve $100 billion in exports by 2030. Pakistan’s target is a relatively modest $50 billion. The major issues with all these economies are their narrow product base and their main fiber is cotton. All three countries are striving to increase the share of synthetic fiber in their products. Globally the ratio of polyester to cotton is 70:30 while it is the reverse in these three countries.
Technical textile is a potential segment where all these countries have the opportunity to explore and expand their textile business. The technical textiles market is expected to reach $298.1 billion by 2030. Almost one-third of global technical textile trade is conducted in Europe.
Technical textiles are engineered products that exhibit enhanced functional properties, including higher tenacity, excellent insulation, and improved thermal resistance. The raw materials used are both natural and manmade fibers. Technical textile products are used in sports, construction, defense, agriculture, aerospace, automotive and healthcare sectors.
Garments made of technical textiles can offer additional qualities not available in traditional garments; these garments can be armed with antibacterial, insect-repellent, and flame-retardant properties. These garments reduce risks and bodily harm to consumers.
Technical textile industries need much higher capital than normal apparel units and their equipment is also technologically advanced. Operating a technical textile unit requires a highly skilled workforce, right from inspection to raw material testing. Better quality control and R&D are also required
All three countries of the subcontinent currently lack skilled human resources and technical experts to buy raw materials strictly according to the specifications. These drawbacks are a major impediment in setting up a large number of technical textile units. The country that overcame these hurdles earlier would take a lead in the global technical textile market. Currently, India has been able to set up a few good quality technical textile units and it is likely to give a tough time to the other two subcontinent economies. China is far ahead of other Asian economies and is making headways in the global markets.
In the current global scenario, many prospective investors have put on hold their investment plans on due to unstable and high energy prices and high raw material costs. Technical textile industries are highly energy intensive.
It is a lucrative opportunity but the shift from traditional apparel to technical textile apparel will require a lot of effort and meaningful collaboration among all key sectoral players.
