India Specialty Fibers Market Size, share to Grow at a CAGR of 4.68% by FY2030 | ChemAnalyst

According to ChemAnalyst report, “India Specialty Fibers Market Analysis: Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand FY2015-FY2030”, India Specialty Fibers Market is likely to grow at a CAGR of 4.68% during the forecasted period by FY2030. The end-user industries of Apparel, Aerospace, Renewable Energy, Automotive, and Defense are anticipated to hasten the Specialty Fibers Market expansion in India in the forthcoming years.

Specialty Fibers are fibers which display properties like enhanced characteristics like higher tenacity, toughness, excellent insulation, improved thermal resistance, chemical resistance, etc. Several industries, including construction, agriculture, healthcare, industrial safety, and self defense, often use fibres. Increased investments in automotive, high-altitude combat gear, space applications, and safety-related textiles such as the ballistic fabrics used by soldiers at high altitudes are the main factors driving the growth of the Specialty Fibers market in the forecast period. Moreover, the growing demand for protective aramid suit clothing for firefighters is likely to propel the Specialty Fibers demand in the forecast period. Due to its strong penetration across a large group of industries, the Indian market for the specialty fibers market is anticipated to grow at a promising rate in tandem with the country’s industrial growth. Furthermore, the government’s efforts towards boosting the Indian textile sector and its favorable policies to promote the in-house manufacturing of technical textiles as the nation comes up with the ‘Atmanirbhar Bharat Mission’ will most likely favor industrial growth in the upcoming years. Moreover, looking at the vast market potential that the industry holds, the Indian government has been planning to heavily invest in expanding the country’s technical textiles sector. The Indian textile industry is anticipated to propel the Spandex consumption in India, owing to the constantly growing demand for these goods.

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India Specialty Fibers Market is segmented based on type, end-use, sales channel, and region. Based on type, the India Specialty Fibers market is divided into Spandex, Carbon Fiber, Aramid Fiber, High-strength Polyethylene, and Others. As of 2022, Spandex fibers are dominating the India Specialty Fibers market. Due to the remarkable comfort and fit of clothes made with this fibre, the fiber is widely used for producing hosiery, swimsuits, aerobic or exercise wear, ski pants, golf jackets, waistbands, etc.

Based on end-use, the India Specialty Fibers market is segregated into Apparel, Aerospace, Renewable Energy, Automotive, Defense, and Others. Among these, Apparel is the leading segment followed by the aerospace sector. Population growth, increasing urbanization, and growth in disposable incomes are all factors contributing to the rise of the apparel sector. However, the aerospace sector is anticipated to foresee an expansion in the forthcoming years.

Geographically, India Specialty Fibers Market is segregated into North, South, East, and West. In the historic period of FY2015-FY2022, West India has been dominating the market. In the historic period of FY2015-FY2022, West India has been dominating the market and consumed approximately 35% of the Specialty Fibers in FY2022. States like Gujarat, Maharashtra, and Rajasthan are the biggest consumers of specialty fibers owing to the presence of textile manufacturers located in these regions.

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“India Specialty Fibers Market Analysis: Demand & Supply, Type, End-User Industries, Sales Channel, Regional Demand FY2015-FY2030” Major players in the India Specialty Fibers market are Reliance Industries Ltd., Indo Rama Synthetic, Shubhalakshmi Polyesters Ltd., Bombay Dyeing, Toray group, Dupont, Teijin, Yantai Tayho Advanced materials, Hyosung, Sinopec Yizheng Chemical Fibers and others.

“Growing demand for Specialty Fibers to fabricate apparels and automotive components due to its properties like high tenacity and heat & chemical-resistance retention is anticipated to augment the demand for Specialty Fibers in the forecast period. Owing to fast-paced industrialization and growth in disposable income across India, the surge in the sales of automotives is anticipated to project a greater demand Specialty Fibers in the forecast period till FY2030. The growing supply-demand gap of Specialty Fibers in the upcoming years due to its remarkable characteristics and applications opens up the chances of new rubber manufacturers to enter the market in the forecast period. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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