Techtextil India is all set to support the Indian Technical Textile Industries during this year’s physical expo in September. Techtextil India is the country’s leading trade fair in technical textiles, nonwovens and composites. To be held during September 1-3, the show is expected to be held as a physical expo in conjunction with its online event.
The global medical textile market valued at $13 billion in 2020 is expected to reach $17 billion by 2026 at a CAGR of 4 percent. In the future, the development of a local supply chain coupled with disciplined product standards will enable India to emerge as a leading exporter of medical textile products in the coming years.
While technical textile is one of India’s most prominent segments, its consumption rate is pegged only at 5-10 percent compared to 30-70 percent consumption in more developed countries. Efficient channeling of resources and improvement in the local supply chain is crucial to produce and sell goods at reasonable rates and gain a competitive advantage over other foreign players in the market.
An estimated outlay of $ 211.76 million, proposed under the National Technical Textiles Mission, is set to give a fillip to crucial application segments, including medical textiles. In his recent address to textile industry stakeholders, Prime Minister Narendra Modi has also urged micro, small and medium enterprises to focus on adopting global standards. Hence, as to partner with global sourcing giants and tap into international markets.
Raj Manek, managing director of Messe Frankfurt India and the organizer of Techtextil India, said, “This incredible milestone epitomizes India’s local manufacturing strength and foreshadows what the industry can achieve in the coming years. New schemes and policies to uplift the textile segment will provide much aid and encouragement to local manufacturers, enabling them to become ‘Aatmanirbhar’ (self-reliant) and produce quality medical textile products to cater to both domestic and international markets.”