Shujaul Rehman CEO, Garware Technical Fibres Ltd
How is Garware positioned to capture the projected growth of the global technical textile market, reaching USD 274 billion by 2027?
Garware is strategically positioned to leverage the anticipated growth of the global technical textile market, which is forecasted to reach USD 274 billion by 2027. This expansive market encompasses diverse application segments and products across woven and non-woven categories.
Garware Technical Fibres Limited (GTFL) specializes in woven textiles, particularly in three key application areas: Agro tech, Geo tech, and Sports tech. Within these segments, GTFL offers a range of specialized products, such as marine fishing nets, aqua cages, sports nets, shade and insect nets, safety nets, cover tarpaulins, mooring ropes, geo bags, geo tubes, geo grids, and more.
In these targeted application segments and products, GTFL holds a prominent position as a leading player in the global technical textile market. The company perceives significant opportunities for growth, both in international exports and within the Indian market.
A notable growth segment for GTFL is the aquaculture market, which falls under Agro tech. GTFL is recognised as the largest producer of salmon aqua nets globally. Given the rising global consumption of salmon, with per capita consumption expected to reach 20 to 22 kg by 2028 and production set to reach 3.5 million tonnes, GTFL sees stable and increasing demand for its salmon aqua nets. Moreover, the company has strategically diversified into non-salmon markets in the Mediterranean and Southeast Asian regions, expanding its market reach.
The current consumption per capita is between 6 to 8 Kgs in large markets like Norway, Sweden & Finland for example. This means that there is significant growth potential among the largest markets.
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