India ITME Society has announced the launch of the “Global Textile Technology & Engineering Show 2015- Focus Asia”, an exclusive show for highlighting the strengths of the Asian textile engineering industry to be held in Mumbai during January 20-22 next. Established in 1980, the 34-year-old India ITME Society is committed to creating quality business, new business opportunities and marketing channels for the textile and textile engineering industries through specialized events.
The objective of GTTES 2015 is not only to showcase technology/machinery but also to address the needs of quality, variety, allied services, access to regional markets and clientele, especially for small and medium enterprises. This event is to be held alternately with the ITME mega event in the years to come to encompass all aspects of textile business, technology and services. Participation in the show by China, Taiwan, Japan and Indonesia have already been confirmed.
Asia today is the center of the global textile industry, and the world’s largest textile machinery market. Keeping in view the massive intra-Asia trade at a CAGR of eight per cent and at $180 billion, ITME Society has launched a “Focus Asia” edition of the exhibition to be held alternatively with ITME Series.
Asian market demand for textile machinery and for high-quality, high degree of automation and energy-saving equipment is growing. Now the region is on the verge of entering a new phase with Intra-Asia trade predicted to double to explosive $350 by 2025, making it a most attractive marketblock for exporting nations. The global apparel market is expected to cross the $2-trillion mark. Almost 70 per cent of world fiber processing takes place in Asia. China, India and Pakistan account for 60 per cent of world fiber consumption. Bangladesh and Vietnam are also emerging as competing textile powers.
The potential of the Indian market is enormous indeed, with only a small portion of it tapped till now. World-renowned manufacturers of textile machinery such as Truetzschler, Suessen, Rieter, Savio, Toyota, etc., have their strong presence in India, indicating a growing buyer’s market and long-term opportunities in urban as well as regional markets in the country.
Emerging retail industry and malls provide huge opportunities for the apparel, handicraft and other segments of the industry in India. The combined size of the Chinese and Indian apparel markets is expected to be bigger than that of the US and the EU, making this a future opportunity for textile engineering and services. Apart from this, in India there is large scope for technical textiles linked with growing industrialization and the ongoing infrastructure projects.
The Technology Upgradation Fund Scheme (TUFS), with an investment target of Rs. 151,000 crores, is a big boost to the machinery sector. Now greater investment and FDI opportunities are available. Further, India’s competitiveness has significantly improved in the last 10 years, resulting in higher market share. India’s factor cost, particularly power and wages, has become relatively competitive as compared to China. Manufacturing costs in spinning, weaving and processing have also become competitive.