Exploring Opportunities for the Textiles Sector in 2022 and Beyond
December 30, 2021 Enhancing the product basket, creating new applications, and value-addition will prove beneficial for the global textiles sector.
This week, I was able to join a discussion on the status of the textiles industry hosted by the Indian Texpreneurs Federation (ITF). With the cotton price is trending around $1.10 (US), the discussion obviously centered around the price of raw materials. Having been asked to talk about what is on the horizon for the sector, I placed my views on mid- to long-term understanding of the textiles landscape.
In planning ahead for any sector, it is important to focus on “4S” – the concept adopted by the U.S. Department of Defense: 1) Sense, 2) Shape, 3) Shield, and 4) Sustain (and Grow). This planning pyramid fits well for the textiles sector, as we plan on stocking raw materials and focus on growth.
Good planning on stocking raw materials is the key. Exploring different blend options will help with cost balancing as well as finding new applications. Mr. Dinakaran, noted textile industrialist and former Chairman of the Southern India Mills’ Association (SIMA), said the Indian textiles sector should look for product enhancement. He explained how China utilized new fibers such as Modal and offered new blends to the world market.
While sustainability is keenly looked at by the world markets, incremental developments such as the use of recycled materials will be a step in the right direction.
Countries like India, which once used to enjoy labor cost advantages, must go for lean manufacturing and value-addition as the competitive advantage is eroding.
Although there is no crystal ball answer on what’s on the horizon, I feel one should look at the sector as a four-legged table with all four legs – 1) Technology, 2) Cost, 3) Marketing, and 4) Messaging – balanced to put the table to use.
Looking at the 50 or so industrial leaders who participated in the 2-hour ITF discussion, it is pleasing to report enthusiasm is high to take the industry forward with innovation 360 degrees in 2022 and beyond.
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