Textile Market News

The global silk market is booming, driven by increasing demand for luxury textiles and advancements in sericulture. However, challenges persist, particularly in the labor-intensive sericulture industry. Despite health risks associated with sericulture, the market is expected to grow by $5 billion from 2024 to 2028, with a CAGR of 9.24 per cent. Key players are investing in research and development, especially in spider silk, which offers exceptional strength and flexibility. Spider silk, a focus of intensive research, holds promise for creating lightweight, durable materials. Companies like Kraig Biocraft Laboratories are leading the way in this area. Beyond textiles, silk has applications in medicine, cosmetics, and more. The market for silk protein is expanding due to its use in surgical sutures, personal care products, and even nutraceuticals.

India's textile industry is experiencing a period of significant growth, driven by government incentives, robust FDI, and increasing global demand. The sector, already a major employer, is poised to become a key player in the global textile market. As per Invest India, the domestic textile market is expected to reach $350 billion by 2030, driven by a CAGR of 10 per cent. Exports are projected to reach $65 billion by FY26. The government's Production Linked Incentive (PLI) scheme has been instrumental in attracting investments and boosting production.

Tehran is currently hosting a major textile industry exhibition, IRANTEX, featuring over 290 domestic and international companies. The event showcases advancements in textile machinery, raw materials, and business opportunities, with notable participation from companies in Iran, Germany, Italy, Taiwan, Uzbekistan, Tajikistan, South Korea, Turkey, Pakistan, Austria, Switzerland, India, Japan, and China. A significant focus of the exhibition is yarn production, a critical component of the textile industry. China, India, and Turkey, top textile exporters, are prominently featured, with 100, 18, and 12 companies respectively presenting their yarn products.

Hyosung is set to introduce innovative sustainable textile solutions at the China International Textile Fabrics and Accessories Expo in Shanghai from August 27-29. Spread across 828 sq. mt, Hyosung’s booth will lead 27 partners, forming a significant exhibition group to present eco-friendly and high-tech yarns. key highlights include Hyosung’s RCS-certified regen spandex, made from recycled manufacturing waste, and regen BIO spandex, produced using renewable resources, significantly reducing carbon emissions. The company will also unveil its Creora fresh spandex, now produced in China, known for its odour-neutralising properties and high elasticity.

The Partnership for Cotton initiative, co-founded by the World Trade Organization (WTO) and FIFA, has welcomed Cotton made in Africa (CmiA) as a new member of its steering committee. The announcement was made during the committee's latest meeting in Cotonou, Benin, in early June. CmiA, a standard under the Aid by Trade Foundation, collaborates with nearly one million small-scale farmers across eleven African countries. Tina Stridde, MD of the foundation, highlighted the importance of sustainable cotton production, emphasizing that this partnership will enhance Africa's cotton value chain. Launched in February 2024 at the WTO's 13th Ministerial Conference in Abu Dhabi, the initiative aims to boost the cotton and textile sectors in West Africa, particularly in the "Cotton 4" countries—Mali, Chad, Burkina Faso, and Benin—alongside Côte d’Ivoire.

Natural fibers are emerging as a cornerstone of sustainable innovation across industries. At Techtextil 2024, these materials took centerstage, demonstrating their potential to deliver both high performance and environmental benefits. The demand for natural, functional textiles is skyrocketing. From automotive to construction, industries are seeking eco-friendly alternatives without compromising on quality. With the market for natural fibers projected to reach $103 million by 2031, innovation is accelerating to enhance their performance.

A workshop was held to boost the competitiveness and sustainability of micro, small, and medium enterprises (MSMEs) in the Warangal power loom cluster. Organized by SIDBI as a part of its Cluster Intervention Program, the event addressed the sector’s challenges through green technology adoption. SIDBI's Smriti Bajpai emphasized the need for collaboration to strengthen the MSME ecosystem in Warangal. The focus was on improving capacity, energy efficiency, and access to credit, while promoting knowledge sharing and technology adoption.

Rabatex Industries, a Surat-based textile machinery manufacturer, has revolutionized the warping process with its new Mother Yarn Split Warping machine. Unveiled at SITEX 2024, the machine directly splits polyester and nylon Mother yarn into filaments, eliminating the need for cop winding. This innovation boosts productivity, reduces costs, and addresses a critical industry need. The machine, capable of handling 10-20 denier yarns (with plans to expand to finer varieties), has garnered significant interest, with Rabatex securing multiple orders at the exhibition. The company's strong market presence, built on a history of providing solutions to the Surat textile industry, has contributed to its success.

Zara is revolutionizing the fashion industry by transforming textile waste into luxurious garments. The brand's latest women’s collection features innovative fabrics made from Circ Lyocell, a yarn created from 50 per cent recycled materials. This sustainable fiber mimics the feel of silk while offering a more eco-friendly alternative. Circ's innovative technology has overcome the challenge of recycling poly cotton blends, a significant hurdle in the circular fashion movement. By successfully separating and recovering both cellulosic and synthetic fibers, the company has paved the way for a more sustainable future.

Swiss textile machinery leader Benninger has launched its state-of-the-art FabricMaster soft flow dyeing machine in India. Following successful installations across Europe, the US, Peru, Central America, and Bangladesh, the FabricMaster now promises to reshape India’s textile industry with its advanced technology and sustainability features. Manufactured at Benninger's High-Tech Fabrication facility in Pune, the FabricMaster is designed to enhance production efficiency while minimizing environmental impact. Amarnath Dyeing And Bleaching Works Private Limited, was the first Indian company to adopt the technology. After witnessing remarkable improvements in performance over the course of a year,

Axita Cotton, a leading exporter of cotton products, announced plans to issue bonus shares in a 1:3 ratio, subject to shareholder approval. The company also reported robust financial performance for the first quarter of the fiscal year, with net profit rising to Rs. 3.54 crore. The company's revenue for the quarter touched Rs 154.96 crore, driven by robust demand for cotton products. Chairman Nitinbhai Patel expressed optimism about the future, citing government support for the textile industry and India's growing stature as a global economic powerhouse. The company’s strategic location in Gujarat provides access to high-quality cotton, a key factor in its success.

Global textile machinery shipments saw varied performance in 2023, reveals the latest International Textile Machinery Shipment Statistics (ITMSS) released by the International Textile Manufacturers Federation (ITMF). The spinning segment clocked in mixed results. While short-staple spindle shipments increased 2 per cent, open-end rotor deliveries dropped by 17 per cent. Asia dominated this sector, with China, India, and Turkiye as the largest investors. However, the region also saw a decline in open-end rotor investments.

Lenzing, a global leader in sustainable textile fibers, has once again clinched platinum status in the EcoVadis CSR rating, placing it among the world's top 1 per cent of rated companies. This marks the fourth consecutive year Lenzing has achieved this highest honor, recognizing its exceptional performance in environmental protection, labor and human rights, ethics, and sustainable procurement. The company's commitment to a circular economy and transparency in sustainability reporting were key factors in this achievement.

Birla Cellulose, a pioneer in sustainable textile solutions, is revolutionizing the potential of Open End (OE) yarn with its innovative Excel fiber. This breakthrough integrates the superior properties of Excel, such as enhanced strength and whiteness, into the structure of OE yarn, marking a significant advancement for the textile industry. Excel, a lyocell fiber, has emerged a game-changer due to its compatibility with mechanically recycled cotton. By addressing common limitations associated with recycled fibers—such as inconsistent length and strength—Excel ensures uniformity in yarn production. This results in yarn blends that not only boast superior strength and softness but also exhibit vibrant color retention and enhanced fabric luster.

Assam's Eri silk has achieved a major milestone with the Oeko-Tex certification, a testament to its eco-friendly and ethical production. The North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) has announced. Unlike traditional silk, Eri silk is produced without harming the silk moth, making it the world's only vegan silk. The Oeko-Tex certification, a stringent global standard for textile safety, validates Eri silk's sustainability and quality. This achievement positions Eri silk, a Geographical Indication (GI) product of Assam, as a prime export commodity.

Suryalakshmi Cotton Mills reported a significant fall in its financial performance for the quarter ended June 2024. Net profit dropped by 60.55 per cent to Rs 0.43 crore compared to Rs 1.09 crore in the same period last year. The company also witnessed a decline in sales revenue, which fell by 9.14 per cent to Rs 158.70 crore from Rs 174.66 crore in the previous quarter. This resulted in a lower operating profit margin of 7.70 per cent compared to 6.65 per cent in the corresponding quarter of the previous fiscal year.

Vardhman Textiles has outlined an expansion plan worth Rs 2,000 crore. The plan includes execution of Rs 1,000-crore expansion and modernization projects for the spinning division. For this division, Vardhaman Textiles plans to launch a new open-end project to add approximately 35,000 spindles at a cost of around Rs 300 crore. The company also plans to replace 60,000 existing spindles with 77,000 new spindles, resulting in a net addition of 17,000 spindles. These projects will be completed by May 2025. Also in its plans are enhancing fabric manufacturing capacity by undertaking two major initiatives: routine modernization and debottlenecking, and a new project focused on manmade fiber-based fabrics, with an initial investment of approximately Rs 300 crore, to be completed by 2025.

Invista Nylon Chemicals (China) announced the successful completion of nylon 6,6 polymer plant expansion at the Shanghai Chemical Industry Park (SCIP). The $240 million project doubled annual production capacity to 400,000 tons, solidifying Shanghai as a global nylon production hub.This expansion reinforces Invista’s commitment to meeting growing demand for high-performance nylon products in China and worldwide. The increased capacity will support growth in automotive, electronics, apparel, and industrial applications.