Textile Machinery Industry Overview
- A ~$2.5 bn textile machine industry which is growing at 5% currently reflects on the growing strength of this sub-segment in the textiles value chain in India.
- A strong textile engineering industry that can grow, compete, and export would be able to provide support to the rising Indian textile industry, adding vibrancy and competitiveness.
- There are about 3,250 companies involved in the manufacturing of textile machineries, accessories, and trading of equipment in India. The industry not only caters to rising domestic demand but also has the potential to establish India as an export hub for textile machinery with spinning machines representing the largest export opportunity.
- A major component of the textile machinery industry in India thrives on the global partnerships that companies in India have forged with their global counterparts be it in Germany, Italy, or Japan.
- As per the 60th Annual Report by the Textile Machinery Manufacturing Association (TMMA), the Asian region will account for more than 90% of the total textile machinery market share, and in order to expand its technical horizons, many textile machine companies in the country are joining hands with their western counterparts to produce technologically advanced machines.