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Technical textiles market to double in 2008

Written By Views maker on September 01, 2007 | 9/01/2007

Technical textiles are one of the faster-growing sectors of the global textile industry and are likely to increase by leaps and bounds, coupled with the growth of the Indian medical industry.
Indian hospital has registered a good overseas patients growth of about 15% annually and expected to touch USD 2 billion by 2012. The healthcare industry is fragmented into corporate and small hospitals and nursing homes. The business standard article ( July 19) states , “healthcare industry generates $17 billion of business a year in India”. The share of meditech, a part of the healthcare sector in the Indian technical textiles market, is around 5 per cent. A wide range of medical textile products and healthcare and hygiene products – including sanitary napkins (35 per cent market share), surgical dressings (30 per cent), sutures (20 per cent) and diapers and orthopedic implants – contributes considerably to the meditech market in the country. The other avenue where the importance of technical textiles is growing is in the field of cardiology, where, according to government estimates, 35,000 open-heart surgeries are done every year, thereby increasing the need in volumes for filters in operations. Till date, about 60 per cent of the need is met by imports.
The Indian automobile industry is registering a strong growth with 16% each year. The growth at this would lead to 19 million units of car from a present of 11 million units. This growth in the automobile industry presents the automobile textiles a strong outlook in the future and it is expected to touch USD 1 billion by 2010.
Business standard article (July 19) states that the technical textile is growth is double by 2008. This article is based on the internal document prepared by textile ministry, which states projected the technical textiles market to double to Rs 42,006 crore by 2007-08 from Rs 20,128 crore in 2005-06. It further estimates the market to grow to Rs 78,060 crore by 2014-15 with an average annual growth of 14 per cent y-o-y.