Pakistan Smart Textile Market: Industry Overview (2022-2027) by Type and Application

Pakistan Smart Textile Market Overview:

According to Pakistan's Development Update October 2021, the Smart textile sector has the potential to generate $50 billion for the country's economy. The research serves as a wake-up call for Pakistani politicians and economists, who have been grappling with an economic crisis for some time. Pakistan is reportedly missing out on about $50 billion in textile exports, which might be a big windfall for Pakistan's crippling economic position, which is marked by repeating boom-bust cycles. The sector not only employs a big number of people but also contributes significantly to the country's exports, with plenty of space for value-added textiles. These facts highlight the significance of Pakistan's textile sector, which, regrettably, is beset by problems. To take advantage of the smart textile sector's economic potential, a variety of carefully crafted policy measures that can support the smart textile industry's long-term growth must be implemented.

The report examines the market's growth drivers as well as its segments (Type and Application). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2017-2020), statistics, infographics, and presentations are used. The report examines the Laser Interferometer market's, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Laser Interferometer market.

Pakistan Smart Textile Market Dynamics:

The textile industry has a famous name in the Pakistan manufacturing industry, and various fashion icons' trending variants have increased the industry's importance. The textile industry is one of the world's largest and most dynamic industries; yet, fast population growth and climate change difficulties have created worries about the industry's long-term viability. The expected problems of climate change have heightened the prospect of resource scarcity in the next decades, potentially pushing this business even farther into negative territory, resulting in job losses and economic loss.

However, the available resources, such as cotton, energy, and water, are insufficient for effective textile industrial operations, and as a result, the sector is increasingly failing to fulfill production targets. Textile shipments increased by 3.8% to $4.8 billion between July and October from $4.6 billion a year before, according to the data. The increase in the textile and clothing group outpaced the total export gain of 0.6 %.

Sustainability and circular economy in Pakistan’s smart textile industry:

All activities that provide or receive value from designing, making, distributing, retailing, and consuming a textile product (or providing the service that a textile product provides), including the extraction and supply of raw materials, as well as activities involving the textile after its useful service life has ended, are included in the textile industry. In this view, the industry spans all stages of a product's life cycle, from raw material supply through post-use disposal, as well as activities related to value creation such as business strategies, investments, and regulation. Raw materials and energy are required at all stages of the industry, as well as the transportation of intermediate and completed goods between stages, and emissions are emitted into the environment.

Pakistan’s opportunities to grow:

Pakistan was granted GSP+ status in 2020, and since then, the country's exports to the EU have surged by 62%. According to Pakistani media sources, Pakistan's exports to the EU increased dramatically in the early years of the status, but have since remained stagnant at €5.514 billion over the last three years. Insecure political stability and the movement of trading houses and buying houses of big retailers and brands to other competing nations are the reasons for the stagnant scenario. Experts believe Pakistan may increase its exports to the EU by 15 times, not just in textiles, but in other industries as well. Pakistan's exports to the EU have averaged 32% since becoming a recipient of GSP Plus concessions to 28 European countries in 2019, compared to 25% previous to this status. Actually, GSP+ status provides Pakistan with the greatest potential and chance to grow its textile and apparel industries.

Pakistan’s challenges to grow:

Less expertise in man-made fiber: Pakistan's textile and garment industry is less concentrated on synthetic fibers, and these goods are less innovative. Because their entire apparel supply chain is still centered on cotton, they were unable to appeal to the EU and US markets. As the world's need for man-made fibers has shifted away from cotton, Pakistan has been unable to capitalize, leaving them behind in global trade.

Increasing raw material prices: In addition to the power issue, Pakistan's industrial situation has worsened due to rising yarn and raw material prices. The primary cause of rising raw material prices, such as cotton, is that growers and farmers of raw materials are unable to obtain a fair price due to middleman obstacles and poor supply chain management. The government's incompetence and lack of policy are also to blame for raw material pricing.

Pakistan Smart Textile Market Segment Analysis:

Based on Type, The performance enhancement smart textile category dominated the market in 2020, accounting for over xx % of total sales. Human activities are aided by fabrics meant to promote performance by controlling body temperature, perspiration, heart rate, breathing, and other aspects. Two examples are clothing that controls body temperature and materials that protect against environmental hazards such as radiation. As a result of its political stability and democratic government, Pakistan is included in the list of safe cities. Maintaining adequate law and order in the city is the responsibility and responsibilities of Law Enforcement Agencies (LEAs).

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Pakistan Smart Textile market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The market report examines all segments of the industry, with a focus on significant players such as market leaders, followers, and new entrants. The report includes a PORTER, and PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favorable or negative impact on the market have been examined, providing decision-makers with a clear future vision of the industry. The research also aids in comprehending the Pakistan Smart Textile market dynamics and structure by studying market segments and forecasting market size. The research is an investor's guide since it depicts the competitive analysis of major competitors in the Pakistan Smart Textile market by product, price, financial situation, product portfolio, and growth plans.

Pakistan Smart Textile Market Scope:

Pakistan Smart Textile Market Players

• Fateh Textile Mills
• Chenab Limited
• Gul Ahmed Textile Mills Limited
• Husein Industries Limited
• Kohinoor Mills Limited
• Nishat Mills Limited
• Fazal Cloth Mills Limited
• National Silk and Rayon Mills Limited
• Safa Textile Limited
• The Crescent Textile Mills Limited