India’s man-made fibre textile industry is poised for significant growth in the coming years, thanks to the government’s Production Linked Incentive (PLI) scheme and favorable free trade agreements with the UAE and Australia. Industry experts are anticipating a staggering 75% increase in India’s exports of man-made fibre textiles, which is expected to reach $11.4 billion by 2030, up from $6.5 billion in 2021-2022.
Buoyed by this lucrative potential, the Indian government has set ambitious targets for the sector, recognizing it as a sunrise industry with vast untapped opportunities. In comparison to natural fibres, man-made fibre already dominates global textile fibre consumption, accounting for 72% of the market share, with natural fibres comprising the remaining 28%. This shift towards man-made fibres is primarily due to the limited growth potential of cotton and other natural fibres.
The Confederation of Indian Textile Industry (CITI) reports that man-made fibre products currently hold a 55% share of the global textile trade. In line with this trend, Indian industry players are eyeing new markets in Vietnam, Japan, China, and Poland, while also aiming to strengthen their position in existing markets such as the US, Turkey, the UK, and Brazil, where India holds a 5% stake in the exports of man-made fibre textiles.
To realize this growth, the industry intends to enhance the capacities of filament-based woven and knitted fabrics, as well as the processing of man-made filament yarn-based fabrics. With the government’s support and expanding global demand for man-made fibre textiles, India’s industry is poised to thrive in the years to come.
