NEW YORK (Commodity Online): The global market for technical textiles is set to grow rapidly driven by the expanding use of the material in emerging markets, like Asia due to high production, availability of skilled labours, and good infrastructure to drive the global textile and garment industry, according to a New Industry Report by Global Industry Analysts (GIA), Inc.
Asian countries such as Japan, China, Taiwan, India, and Korea is expected to emerge as a force to reckon with in the technical textiles market due to rapid growth in local markets, and the rising installation of local production capacity.
Mewhile, the due to the present global economic conditions the Demand for textile and garments declined considerably. But it is expected to gear- up segments such as geosynthetics, filtration products and medical products that have survived the adverse economic conditions.
The geotextiles segment is expected to register the fastest growth in view of climate changes that are increasing the threat of hurricanes, and floods, among other disasters.
Germany, France, Japan, UK, Korea, India, China, and the US are the leading producers of technical textiles.
Cotton is a major raw material used in about 40-50% of textiles. In addition, cotton makes up for about 85% of all natural fibers, other than wool, hemp and linen.
In Inter-continental exchange (ICE), the cotton for March delivery traded at 95.47 cents on 14th January and In India's National Commodity Derivative and Exchange(NCDEX), the Kapas for february contract traded at Rs 965.10 on Monaday, 16th January at 11:15 IST.
