In today’s uncertainty, starting a new business or value addition/expansion to the conventional business needs to be done with a great amount of care and with thorough investigation. However, crisis always opens the doors for new opportunities. Let us understand the top segmentsof technical textiles which would be serving the immediate needs of the world.
Looking at our country’s strengths, we feel the following segments would be the most beneficial & feasible:
- Medical Textiles -Nothing surprising here the current situation has already seen the growth of this sector. Once major importer of PPE kits today India is not only meeting its own requirement but also exporting to large extent has become one of the prominent players in this sector. We feel the right type of products which can serve appropriate quality norms will be the need of the hour.
- Hygiene Textiles – The COVID-19 pandemic has opened a wide door for this sector & it has today acquired the status of prime necessity. Especially “untouched” “disposable” and “use and throw” products like napkins, wet wipes, de-makeup pads will find a big space in consumer market.
I feel, wet wipes with soap solution will easily be a substitute to washing of hands as they will reduce water consumption drastically.
- Sportswear- With the growth of Athletics& fitness industry, sport textiles will soon be the essential requirement by a major population of our own country. Especially the Post Covid era will see far more people attracted to the fitness regime with social distancing. It would be more of indoor fitness activities and in house gyming.
- Industrial textiles -Looking at the growth of India’s manufacturing sector and with our PM’s vision of “Atmanirbhar Bharat”. Industrial textiles will be the key segment with huge potential having requirements for products like filters, protective wears and other industrial products like conveyor belts etc.
Another aspect is to switch over to new products by replacing the current woven & knitting lines. Convert use of conventional textiles by using innovative technical textiles.
- Food & grain baskets with nonwoven efficient packing material will not only reduce the current wastage of about 40-50% acquired during movement from farm to consumer, but also will be a much cheaper substitute for bulk production and quality goods. More emphasis would be given to environment friendly products. We can think of natural fibres being used in this sector. Moreover, waste recycled material may find quite a bigger share in this sector.
- Disposable Curtains –The curtains used in hotels. Most of them are not replaced for years as they are highly priced – elegant products produced using woven jacquard technologies. Now with current pandemic, importance of hygiene is at peak. So if we produce these curtains as disposable curtains that can be replaced on monthly basis or so. The life of curtain is reducing but at the same time the disposable curtains are priced almost 1/10th of the jacquard curtains. Hence, we can give variety of products with changing aesthatics of hotels/restaurants etc.
- Automotive Textiles – The safety feature will drive this sector in coming future. The post pandemic era will be aiming on reducing the flooded public transit. Thus an increased demand of vehicles will be met by in-house productions of automotive textiles to bring down the overall cost of imported products. Even seat covers, cushions will be needed to replace as well as washed on regular basis.
- Agro Textiles -Agriculture being the backbone of economy, use of agro textiles on account of its benefits for fresh produces with better productivity will be another sector to look on. People will deman for garden fresh food than frozen goods. Moreover, land area cost is increasing day by day. Atmanirbhar Bharat will also a factor to be looked into. To meet these requirements, we need to harvest more in the limited resources. Agro textiles will help in this regard in addition to water saving measures.
- Geo Textiles – Being a developing country with a focus for strong manufacturing base, the government’s immediate focus will be on increasing the connectivity && reducing transit time. This will demand toll of improvements in the existing roads & many new highways. Also more water canals with water saving techniques are already planned by Indian Government. Many more will be built up in near future, all leading to the growth of geotextiles. Products like geo-grids, geo-nets & geo composites would be the need of the hour. Moreover, Chinese products will be discouraged for known reasons hence we can have import substitutes.
- Even with above generalized assumptions of profitable products all new entrepreneurs need to assess themselves based on their inherent capabilities, marketability, knowledge of the technology, location of operation, sourcing of raw materials & convertibility into finished products.
Though the technical textiles are growing with a CAGR of 12-15%, there needs to be market study to identify the products to be manufactured, market potential in coming years & by doing competitors analysis. We need to find answer to general questions like:
- Can we convert existing business products into finished products?
- What are my requirements?
- What is my USP?
- How can I be more competitive in coming years?
- Which are my weaknesses I need to win over?
Only by researching answers to all these questions an entrepreneur will be able to choose the right product basket for his business.
Be unique… what works for others might or might not work for you!!!
Business is already filled with uncertainty. It is time to reduce the level of certainty with in depth market research of the subject.
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