INTERNATIONAL
Textile Raw Material Price 2015-11-19
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1044.62 |
USD/Ton |
0% |
11/19/2015 |
|
VSF |
2255.00 |
USD/Ton |
-0.14% |
11/19/2015 |
|
ASF |
2029.03 |
USD/Ton |
0% |
11/19/2015 |
|
Polyester POY |
996.14 |
USD/Ton |
-0.16% |
11/19/2015 |
|
Nylon FDY |
2462.99 |
USD/Ton |
0% |
11/19/2015 |
|
40D Spandex |
5238.73 |
USD/Ton |
0% |
11/19/2015 |
|
Nylon DTY |
2275.33 |
USD/Ton |
0% |
11/19/2015 |
|
Viscose Long Filament |
2204.96 |
USD/Ton |
0% |
11/19/2015 |
|
Polyester DTY |
1047.75 |
USD/Ton |
0% |
11/19/2015 |
|
Nylon POY |
2705.37 |
USD/Ton |
0% |
11/19/2015 |
|
Acrylic Top 3D |
5829.85 |
USD/Ton |
0% |
11/19/2015 |
|
Polyester FDY |
1251.04 |
USD/Ton |
0% |
11/19/2015 |
|
30S Spun Rayon Yarn |
2830.48 |
USD/Ton |
0% |
11/19/2015 |
|
32S Polyester Yarn |
1673.27 |
USD/Ton |
-0.93% |
11/19/2015 |
|
45S T/C Yarn |
2674.10 |
USD/Ton |
0% |
11/19/2015 |
|
45S Polyester Yarn |
3002.50 |
USD/Ton |
0% |
11/19/2015 |
|
T/C Yarn 65/35 32S |
2580.27 |
USD/Ton |
0% |
11/19/2015 |
|
40S Rayon Yarn |
1845.28 |
USD/Ton |
-0.84% |
11/19/2015 |
|
T/R Yarn 65/35 32S |
2267.51 |
USD/Ton |
-1.36% |
11/19/2015 |
|
10S Denim Fabric |
1.09 |
USD/Meter |
0% |
11/19/2015 |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0% |
11/19/2015 |
|
40S Combed Poplin |
1.00 |
USD/Meter |
0% |
11/19/2015 |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
-0.21% |
11/19/2015 |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0% |
11/19/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15638 USD dtd.19/11/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
India has finally submitted its first round of detailed offers to dismantle tariffs on goods as part of the ambitious Regional Comprehensive Economic Partnership (RCEP) being negotiated between 16 countries. The move comes ahead of the India-ASEAN Summit next week, where discussions on fast-tracking the negotiations are likely to take place. “A detailed list of the items for which we would be eliminating tariffs has been sent to all the members this week. There was a delay as we had to consult most sectors and ministries including Revenue,” a Commerce Ministry official told BusinessLine . Once created, the RCEP — which includes India, China, South Korea, Japan, Australia, New Zealand and the 10 ASEAN countries — will be one of the largest free trade bloc (including goods, services and investment) in the world with 45 per cent of the world population and over $21 trillion of gross domestic product.
Busan meet
New Delhi and Indonesia were the only two that had not submitted their offers at the Busan meet in October. Consequently, they were also not allowed to look at the offers made by others. “We can now access the offers made by other countries and make requests for improvements wherever we find them lagging,” the official said. It was important for India to submit its first round of offers this week as it would have been embarrassing for Prime Minister Narendra Modi at the India-ASEAN Summit next week, where some countries might have blamed New Delhi for the delay in negotiations. “Although Malaysia had declared long back that the RCEP negotiations may not conclude by this yearend, we did not want to be blamed for it at the last minute,” the official said. The broad contours of the first round of offers were concurred upon in September, when India and China agreed to eliminate tariffs on 42.5 per cent of items traded between the two. India proposed the same for Australia and New Zealand, who were ready to reduce tariffs on 62.5 per cent and 80 per cent of items from India, respectively. New Delhi agreed to eliminate tariffs on 80 per cent items for the ASEAN compared to 74 per cent agreed to under the India-ASEAN free trade agreement. ASEAN countries were ready to reciprocate. For Japan and South Korea, India offered to reduce tariffs on 65 per cent of items, which is less ambitious than its existing bilateral FTAs with the countries. The two agreed to remove tariffs on 80 per cent of items from India. The next round of negotiations is likely in February, when the existing offers and the scope to improve them will be discussed.
SOURCE: The Hindu Business Line
In a big relief to exporters, the Centre on Wednesday approved an Interest Equalisation Scheme, allowing exporters, mostly in the labour-intensive and small and medium sectors, to avail themselves of bank loans at a 3 per cent lower rate.The scheme, applicable from April 1, 2015, would be available to all exports of Micro, Small and Medium Enterprises (MSME) and 416 tariff lines, but will not be available to merchant exporters.The scheme is an extension of the earlier one which lapsed in March last year. Under the earlier scheme, an interest subvention of 3 per cent was extended to sectors such as handicrafts, carpet, handlooms, small & medium enterprises, readymade garments, processed agriculture goods, sports goods and toys, and included over 200-odd tariff lines of engineering products.This scheme was not available to exporters in 2014-15.
More benefits
Exporters have welcomed this move and believe that it will provide the necessary boost to our falling exports.“In its new avatar, the scheme renamed as Interest Equalisation Scheme, will help exporters compete better in the global markets. They can price their products more attractively,” says A Sakthivel, Chairman of Federation of Indian Export Organisation (FIEO), Southern Region. He also believes that the move this time around is a bold one, as it is applicable for five years. Earlier, the scheme for given for one or two years and then reviewed or extended at the end of the period.“Announcing the scheme for five years, will help exporters plan their financial needs and costing better,” he adds.According to Rafeeque Ahmed, Chairman of the Council for Leather Exports, the scheme is also a more comprehensive one, encompassing all MSME sectors and about 800 product lines. “The earlier scheme outlined broad categories such as leather, handicrafts etc, that were eligible for interest subvention,” he says.
Will it help?
India’s exports have contracted for 11 straight months now. Allowing exporters from select labour-intensive sectors to access cheap credit, will, according to industry players, help exporters compete better. Currently exporters get loans at 10-11 per cent. Now it will be 3 per cent lower than this rate. “Bigger exporters can currently borrow money in dollars, which is cheaper than bank loans. But smaller players cannot raise funds from abroad that easily. For them interest subvention is a good scheme,” says Ahmed.
In line with WTO norms
The interest subvention scheme is also well within the WTO norms, according to market players. “Usually interest subvention given to exporters to compete globally is not a subsidy under the WTO regime. Also, it is not a matter of concern as long as the interest rates are in tune with the global rates,” says Ahmed. Even after the subvention, the interest rates charged to Indian exporters will be higher than the rates that prevail in other countries. “Interest in China is 6.25 per cent and in Bangladesh it is 6.75 per cent. These rates are still lower than that offered to exporters, even after the 3 per cent subvention,” says Sakthivel. According to Himanshu Tewari, Partner, BMR & Associates LLP, though such interest subvention schemes are considered to be an element of export credit and are hotly debated on international trade platform, they do not strictly fall in the definition of direct export subsidy within the WTO Agreement on Subsidies and Countervailing measures. “Final word on the debate — whether export credits on ‘non-commercial’ terms like interest subvention, should be considered as ‘export subsidy’ and hence should be reduced or eliminated as part of WTO commitment, is yet to be said,” he adds.
SOURCE: The Hindu Business Line
The Southern India Mills' Association (SIMA) has thanked the Central Government for sympathetically considering the pleas of the industry and announcing Interest Equalization Scheme by extending 3 per cent interest subvention for all the fabrics and made-ups under the scheme. The inclusion of fabrics and large number of countries under 2 per cent MEIS export incentive scheme, enhanced duty drawback rates for value added products, particularly garments and the approval of 3 per cent benefit under Interest Equalization Scheme would enable the Indian textiles and clothing industry would improve the competitiveness in the international market, SIMA Deputy Chairman, P Nataraj said in a press release. The measure is a strong foundation for enabling India to become a global leader and a right step to achieve the Prime Minister's “Make in India” vision, he said. Nataraj said India has the potential to reach a business size of over $300 billion by 2020 and create new jobs for over 100 million, if a level playing field is created in the globalized environment by making all the inputs including raw material are available on par with international prices and the Free Trade Agreements (FTAs) are concluded with various countries.
According to Nataraj, Indian textiles and clothing exports are struggling due to market access barrier as most of India's competitors could conclude their FTAs with major textile markets and India could not compete in the open market because of higher duties. The slowdown in the major global markets has made the situation worse for the Indian textile industry. Under this scenario, the various export benefits announced recently have come as great boost for the textile industry that has been 'ailing' since April 2014, he said. In separate letters to the Prime Minister, Finance Minister, Commerce & Industry Minister and Textiles Minister, SIMA has appealed to them to conclude FTAs expeditiously with various countries so that India can achieve its potential growth rate.
SOURCE: Fibre2fashion
There are few things the government can do in the short run to boost job creation and exports than to remove assorted constraints on the textile industry, incentivise rational conduct in the sector and assist the mills to modernise. We are proud of our great tradition in textiles and the intricacy of our handwoven artistry. While these need to be encouraged — not just preserved — it must be recognised as a niche: policy must be reoriented to strengthen the modern sector, which accounts for less than 5% of the country’s fabric output. This is the primary constraint on the garments industry. Powerlooms cannot produce the enormous quantities of uniform, consistent quality needed to service large orders.
Remove the hank yarn obligation. It only serves to fatten the non-salary income of assorted inspectors; yarn gets wound on cones and diverted to powerlooms in any case. Handlooms just cannot absorb the 40% of yarn output required to be kept as hanks. Save money on cotton procurement, as the Confederation of Indian Textile Industry has suggested, by paying farmers directly, if the market price is below the official minimum support price (MSP), the difference between the prices realised on cotton sales and the MSP. The enormous cost of public stockholding of cotton and its distribution can be avoided and the money spent to finance the now defunct Technology Upgradation Fund. Slash the protection given to man-made fibres, so as to boost the blended fabric and made-ups business. This would also bring down the consumer price index.
The biggest constraint on the textile industry is antiquated labour policy. Strike a bargain with the unions to obtain flexible deployment in return for better pay and a safety net that includes reskilling during seasonal disengagement. The high-end of manufacturing is not meant for low-paid, resentful hands, but calls for people happy with their work. Laws that protect labour are a boon in the current global mood of consumer sensitivity to how socially and environmentally sensitive their articles of consumption have been during the production process.
SOURCE: The Economic Times
The Sripuram Trust, formed by different textile stakeholders, has started grouping together apparel units in the Tirupur cluster to purchase LED (light emitting diode) bulbs under a consortium approach in order to reduce energy consumption and increase the profit margins. Initially, it has planned that a total of one lakh tube lights would be replaced with LED lamps, said T.R. Vijayakumar, coordinator of Sripuram Trust. Around five lakh tube lights are being used by the textile units in Tirupur cluster in total on the production floor and on the campus of the units, he added. He stated that when each of the 40 watts tube light was replaced with 15 watts LED, Rs. 100 could be saved on every bulb. If the entire five lakh tube lights get replaced with LED bulbs, a net amount of Rs. 60 crore can be saved, he added. Also, life spans of LED lamps are comparatively more than tube lights. He further said that the bulk purchase will help the apparel sector industrialists to reduce the cost. The Sripuram Trust has short-listed two brands of LED lamps to give choices for the entrepreneurs.
SOURCE: Yarns&Fibers
The first edition of 'Rajasthan Heritage Week', that includes a 3 day fashion extravaganza, Handmade in Rajasthan aims to celebrate the desert state's textile and crafts will begin in Jaipur from December 3 . Fashion designer Prasad Bidapa has collaborated with National Award winning handloom weavers from Rajasthan for this event. For this event, Bidapa has worked with top designers like Ritu Kumar, Abraham and Thakore, Hemant Trivedi and Bibi Russell and aims to highlight heritage fabrics like khadi and kota in fashionable silhouettes for the global market. Former international model-turned Bangladeshi designer Russell, previewed her collection at the newly revamped Bikaner House. Bidapa said that they did a pilot project with Bibi working with weavers in Jaipur and her first collection debuts in Jaipur next month. Designers from India and across the world worked with the traditional textile arts of Rajasthan. India needs to brand its khadi and handloom masterpieces and position them as true luxury.
For designer Russell, Kota Doria should be the pride of India. She has worked for many countries including in Bangladesh, Latin America and South East Asia among others and don't understand why Rajasthan should not be fashion capital. She is set to show her new collection with khadi, kota and other crafts in Jaipur and since she got back from Europe this is the day she was waiting for, she said. For designer Russell it was "a dream come true." The event, part of the desert state's Textile Development Programme' is being held with Khadi Board and the state government of Rajasthan and intends to showcase a spread of rare Kota Daria sarees, khadi prints and hand-embroidered fabrics that are quintessentially Rajasthani.
Acclaimed designer Ritu Kumar also participating in event said that the clothes and fashion in India are an art form and they should retain it. India is the only country which has a very unique, individual organic fashion handwriting and that they are lucky that this event is happening. The state government is going out in a big way to promote its festivals and the Bikaner House located near the India Gate here has also undergone a revamp and is now equipped with a exhibition hall, an art gallery which opened with an exhibition of photographs by Maharaja Ram Singh of Jaipur, and gift shop. A new restaurant with inhouse catering is also set to come up soon. Malvika Singh co-chair of sub group in Tourism, Rajasthan government said that the project was conceptualised to benefit the textile artisans of the state in a manner that would create "intervention without interference". Rajasthan has one of the richest fabric and embellishment craft forms of India and the integration of these ancient and beautiful techniques into the work of the contemporary fashion designers was a mission that could only benefit both.
SOURCE: Yarns&Fibers
The empowered committee of state finance ministers is set to meet in New Delhi on Friday to discuss the procedure for registration and filing of returns under the proposed goods and services tax (GST) regime. Union finance ministry and state finance ministers are keen to give a final shape to the legislative framework for the new indirect tax regime, even though the Constitution Amendment Bill redefining the taxation powers of the Centre and the states are pending in the Rajya Sabha. In this regard, a panel led by chief economic adviser Arvind Subramanian is expected to submit its report on the possible revenue neutral GST rate soon. The proposed GST council, which will have Union and state finance ministers as members, will take a final call on the GST rate keeping in mind the various recommendations. Sources said that since petroleum, real estate and liquor would be kept out of GST in the initial years, the available tax base would shrink and hence, the combined Centre-state GST rate could be more than 20%, which could eventually be brought down as the tax base is expanded. A select panel of the Rajya Sabha, which reviewed the Bill recently, suggested that the rate should not exceed 20%.
SOURCE: The Financial Express
Aiming to scale up economic engagement, India and Brazil today decided to boost ties in sectors like infrastructure, trade and investment and mining besides exploring opportunities in nuclear energy sphere. At the seventh India-Brazil Joint Commission Meeting (JCM), co-chaired by External Affairs Minister Sushma Swaraj and her Brazilian counterpart Mauro Vieira, both sides resolved to exploit the "full potential" of the strategic partnership, with a particular focus on ramping up trade ties. India and Brazil, both having huge markets, are part of a number of important bloc including BRICS (Brazil Russia, India, China and South Africa) and IBSA (India, Brazil, South Africa) and they work closely in various multilateral forums.
Strongly pitching for concerted global efforts to deal with terrorism, Swaraj and Vieira condemned direct or indirect financial assistance to terror groups, saying international community must focus on choking channels of their fundings. "They urged the international community to cooperate with urgency to conclude and adopt the draft Comprehensive Convention on International Terrorism in the United Nations at the earliest," said a joint statement. It said both the countries stressed that the UN has a central role in coordinating international action against terrorism, which must be conducted in accordance with international law.
On nuclear energy sector, both sides, in pursuance of recent discussions between Prime Minister Narendra Modi and President Dilma Rousseff, agreed to further explore mutually beneficial cooperation. Swaraj and Vieira reviewed cooperation of the two countries in the defence sector and agreed to strengthen joint efforts on promoting cyber security, combating cybercrime, and improving cooperation between law enforcement agencies. "Both Ministers stressed their full commitment to promote a secure international maritime domain freedom of navigation in accordance with international law and norms. Towards this end, both sides are working on signing a Technical Agreement for White Shipping Information Sharing," the statement said.
On trade relations, the Ministers expressed satisfaction at the enhanced bilateral trade turnover of USD 11.42 billion in 2014. At the same time, they acknowledged that there is tremendous potential for further growth and diversification of trade including in sectors like infrastructure, trade and investment and mining among others. A significant number of Indian companies have invested in Brazil with over 50 of them having involved in sectors areas such as oil, renewable energy, mining, automotive services and pharmaceuticals. The two sides deliberated on the need to reform the UN Security Council and the IMF and ways to deal with challenges of terrorism, climate change, besides issues related to WTO and the Doha Development Agenda.
SOURCE: The Economic Times
India has sought investments from the member countries of the Gulf Cooperation Council (GCC) in sectors like infrastructure during a recently concluded meeting in Saudi Arabia, CII today said. A 42-member CII delegation participated in the 4th GCC-India Industrial Forum. The forum underscored the need for building strong business partnership between the two sides and exploring investment avenues in diverse fields, it said in a statement. The six GCC countries are - Oman, the UAE, Bahrain, Kuwait, Qatar and Saudi Arabia. "As an energy thirsty country, India looks to the oil-rich GCC states for more investments in vital areas, especially in petrochemical and pharmaceutical sectors," CII said.
Quoting Saudi Arabia's Minister of Commerce and Industry Tawfiq Al-Rabiah, it said the Gulf and Indian investors should take advantage of the healthy business environment in both the sides. Inviting Gulf businessmen and investors, Joint Secretary in the Department of Industrial Policy and Promotion (DIPP) Ravneet Kaur said huge potential of investment opportunities exists in India. "India needs USD 1 trillion worth investments within the coming five years, especially in the infrastructure sector. The government is keen to move forward quickly with further simplifying the procedures to the maximum," she said.
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 40.57 per barrel (bbl) on 19.11.2015. This was higher than the price of US$ 40.03 per bbl on previous publishing day of 18.11.2015.
In rupee terms, the price of Indian Basket increased to Rs 2681.98 per bbl on 19.11.2015 as compared to Rs 2646.82 per bbl on 18.11.2015. Rupee closed at Rs 66.11 per US$ on 19.11.2015 same as on 18.11.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 19, 2015 (Previous trading day i.e. 18.11.2015) |
Pricing Fortnight for 16.11.2015 (Oct 29 to Nov 10, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
40.57 (40.03) |
45.58 |
|
(Rs/bbl |
2681.98 (2646.82) |
2993.24 |
|
|
Exchange Rate |
(Rs/$) |
66.11 (66.11) |
65.67 |
Source: PIB
The United States has opposed India's latest round of incentives to provide a fillip to exports, alleging violation of a global trade rule for export competitiveness in textiles. Commerce department officials said the US raised this issue more than a week ago, after India increased support for exports of several products including textiles while expanding the scope of the Merchandise Exports from India Scheme (MEIS) on October 30. The government included exports of cotton fabrics, both woven and knitted, and made-ups to leading markets including African countries under the MEIS. Under the World Trade Organisation's agreement on subsidies and countervailing measures, when the export share of a developing country with per capita income below $1,000 a year touches 3.25% in any product category for two consecutive calendar years it is deemed to have gained "export competitiveness". Such a country is then required to phase out export subsidies for the items for eight years from the second year of breach. The WTO mandates developing countries to phase out the export subsidies within the eight-year period, preferably in a progressive manner. The WTO had in 2010 asked India to consider phasing out the subsidies for textiles and clothing. "However, a developing country member shall not increase the level of its export subsidies, and shall eliminate them within a period shorter...when the use of such export subsidies is inconsistent with its development needs," the agreement says. The US has flagged the issue of export competitiveness in textiles and said that India cannot give additional subsidy during the phase-out period, said an official, requesting not to be identified. Another official, in the Cotton Textiles Export Promotion Council, said India has crossed the export limit and the government is aware of this but the market is moving slow. "As for the removal of subsidies, we can either gradually phase them out or immediately stop them in 2018 on a pre-decided date," he said.
SOURCE: The Economic Times
The sparsely populated North Dakota State of the US will send its first ever trade mission to India next year as part of an effort to attract investment and boost bilateral trade ties. "A high-level North Dakotan Trade Mission to India is being planned in February-March 2016, which would probably be led either by Governor of North Dakota Jack Dalrymple or Lt Governor Drew Wrigley," Ausaf Sayeed, Consul General of India in Chicago, said after a visit to the State. During his visit early this month, Sayeed met Drew Wringley, chairman of North Dakota Trade Office, and briefed him on the positive economic climate in India and the series of initiatives that are being undertaken by the new Indian government towards ease of doing business. The proposed North Dakotan trade mission, which would also include Agriculture Commissioner Doug Goehring and several other leading business persons, is likely to visit cities like New Delhi, Mumbai, Pune, Amritsar and possibly Bhopal and Hyderabad, Sayeed said.
Sayeed hoped that with the visit of the upcoming high-level delegation from North Dakota to India, new partnerships between the US and the Indian companies will emerge in different areas. During his visit, the Consul General was apprised about agricultural advancements in its various aspects like production of renewable energy by using by-products of agriculture crops as biomass fuels, technology which produces a full line of non-GMO soybean varieties and others. North Dakota with a population of less than eight lakhs has agriculture as its largest industry besides, petroleum, food processing and technology. It is experiencing an oil boom economy.
SOURCE: The Economic Times
Five Taiwanese textile machinery companies PaiLung, AK Dyeing Machine, ACME, Jen Haur and CCI Tech came together to strengthen their global reputation and exhibit their leading products at ITMA 2015 taking place in Milan, which represents one of the most strategic markets for Taiwanese exports in the textiles industry. PaiLung is a leader in the production of ciscular knitting machines. Its knitting machines are well suited to brands, designers, textile manufactures, and contractors in the fashion, home, healthcare, and environmental textile industries. According to the association, AK Dyeing Machine and ACME are companies with a strong commitment to the development of environmentally friendly dyeing technologies and the reduction of wastewater. Their machines help reduce wastewater by 40-65%. CCI Tech, leading supplier of sampling solutions for the weaving industries provides innovative tools for fabric sampling, new designs development as well as small quantity production. Jen Haur has 39 years of experience in the cisrcualr knitting fiekd, producing machine parts and positive feeders for a range of cisrcualr knitting machines. Apart from this at an international press conference Dress the Future, organized by the Taiwan External Trade Development Council (TAITRA) at ITMA 2015, Taiwan’s textile machinery industry discussed the three key topics – technology, sustainability and innovation.
In just 50 years, Taiwan has transformed from an agricultural economy to one of the most technologically advanced countries not only in Asia, but worldwide. According to the World Economic Forum’s Global Competitiveness Report 2013-2014, Taiwan ranked eighth in terms of innovation and was the top nation globally in terms of the state of its cluster development. A large part of Taiwan’s success can be attributed to the machinery industry’s success of positioning themselves as key players in the international market. Evidence of this is demonstrated by the export figures which show an increase in exports of 2.9%, from US 3.41 billion in 2014 to US 3.51 billion in 2015. The mix of innovation and green technology, and the ability of Taiwanese companies to respond efficiently to the needs of the international market, in terms of producing eco-sustainable products and machinery, is said to have enabled Taiwan’s companies to gain considerable market share and have allowed Taiwanese producers to increase their exports to China, the United States, Japan and Italy. The Director of the Taiwan Trade Center Milano, Ms Fu Ling Huang said that it has been an honour for them to support and promote Taiwan’s presence at ITMA, a country with the highest density of high tech companies and is first in the world for patent activity. Their participation in Milan is definitely a great opportunity for their textile industry and will help businesses acquire a higher level of competitiveness in the global market. Exhibitions play an important role in the development of their companies, they offer the opportunity to show high quality and innovative technology that is environmentally conscious.
SOURCE: Yarns&Fibers
Growing concern for environmental sustainability and conservation around the world, coupled with an increasing demand from the emerging economies and industrial application are the main drivers of growth for the eco fibres industry. According to a recent research conducted by ReportsnReports, the global eco fibres market is projected to reach 74.65 billion dollars by 2020, registering a Compounded Annual Growth Rate (CAGR) of 11.46 percent from 2015 to 2020 with environmental degradation highlighted as a major concern among all the developed countries in the world. Snowballing landfill wastes and the need to manage them for minimal environment harm have initiated the development of the recycling technology. Nowadays, a major portion of the rPET bottle wastes go through the recycling process and get converted into recycled polyester or nylon fibres for use in clothing/textile, medical, fashion industries, and so on, outlines the report.
India and China on the front foot
According to the report, India and China are the two major economies for the eco fibers market. Both countries have experienced an increasing demand from the domestic market and rising export business. Other economies seeing a rise in exports are USA, Brazil, Argentina, and Peru, all driving the market for eco fibers at global level. In fact, the Asia Pacific region is the fastest-growing market for eco fibres, in terms of value and volume. The growing industrial applications such as protective clothing in chemical, oil & gas, automotive, and power industries and cheap labour in the Asia-Pacific region is also responsible for the high market numbers and global shift of consumption and production capacity from the developed markets to the emerging markets.
China is the dominating market, as the country´s consumption of eco fibres has grown exceptionally and is expected to witness further growth in the near future, highlight the authors of the report. The high growth of the eco fibres market in China is a result of the growing textile industry, encouraging trade conditions, and its better physical properties as compared to virgin fibres such as strength and longevity. Industrial application is the main driver of eco fibres sales worldwide Eco fibres are used in industrial applications such as flame resistant clothing, ropes, shoes, automotive parts, solar panels, and labels, and so on. The eco fibres used in the industrial applications are mainly lyocell, recycled nylon, recycled polyester, viscose, and organic cotton. The industrial applications of the latter are mainly in the chemical industry in the form of dissolving pulp for the manufacturing of cellulose nitrate, viscose, cellulose esters, and cellulose acetate.
On another hand, recycled nylon fiber finds its usage as plastic fasteners, and other machinery parts used in the electronics industry for its non-conductivity and heat resistant properties. Increased usage in the industrial application segment in the next five years is expected to further boost the market for eco fibres. Amongst the main players in the industry, there are quite a growing number of Chinese and Indian firms, including the likes of Lenzing AG, Grasim Industries Limited, Teijin Limited, Wellman Plastics Recycling, LLC, US Fibers, David C. Poole Company, Inc., Foss Manufacturing Company, LLC., Polyfibre Industries Pvt Ltd., Shanghai Tenbro Bamboo Textile Co., Ltd. and Tangshan Sanyou Group Xingda Chemical Fibre Co., Ltd.
SOURCE: The Global Textiles
