The two leading textile and polyester sector consulting firms, Wazir Advisors and PCI Xylenes & Polyesters, have concluded an international study on the investment opportunities in the polyester based textile value chain of India. The official announcement of the research report took place in the capital among celebrated industry dignities including Sujit Gulati, Joint Secretary, Ministry of Textiles; Babni Lal, Economic Advisor, Ministry of Textiles, Rakesh Bali, VP, Branding & Promotion, Reliance Industries; Anant Kishore, ED & CEO, Indorama Synthetics; et al.
Encouraged and supported by Reliance Industries, the detailed study analyses the global textile demand-supply scenario and emerging trends with a special focus on the Indian market and its specific polyester textile value chain. Primary research was carried out in China, South Korea, Taiwan and South East Asia to assess and contrast their respective evolutions to understand what India needs to consider in order to establish an optimum, polyester-based textile industry
The Indian textile industry could add $400 billion by 2025 to its present size of $108 billion.
This could mean 35 million jobs and $200 billion of investments by 2025.
India’s present 5.2 percent share in the global textile trade can increase to 10 percent.
By shifting its fibre mix from cotton to polyester fibre, from cotton India can increase market size of polyester fibre by 1,500 thousand tonnes in next five years.
Prashant Agarwal, Jt. MD, Wazir Advisors shared that polyester needed to cover the entire spectrum of value chain. He further added that organised players including textile majors like Arvind, Welspun and Vardhman are looking for some big global brands and retailers to partner with them to give it a head start.
Traditionally, India’s textile industry is cotton focused but globally polyester is the dominant fiber and with a global average growth of around five percent, it will continue to grow faster than cotton for the next decade. India’s domestic market has also started to reflect the wider global fiber consumption trend with an overall shift taking place towards polyester based apparel, home textile and technical textile applications.
Philip Gibbs, Group Managing Director, PCI Xylenes & Polyesters discussed the huge potential of polyester. He said that there was huge potential for polyester in India but the only trigger point was that some of the principal players lacked confidence, and they couldn’t see what was coming from around the corner. “If they see it, they can make most out of it.” He further explained that its versatility and competitiveness made polyester popular and powerful. In terms of prices it is cheaper than every other product.
The project report aims to help Indian and overseas companies, either individually or in partnership, in making the required investment decisions to further develop India’s polyester textile value chain.