China's Technical Textile Industry Shows Strong Growth in Early 2024
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- Published: Friday, 21 June 2024 10:34
China's technical textile industry has maintained a robust growth trajectory in the first four months of 2024, marking significant advancements in key economic indicators and sub-fields, according to the latest data from the National Bureau of Statistics (NBS).
From January to April, the industrial value-added in China's technical textile sector continued to rise steadily, underscoring a positive development trend. This growth has been accompanied by notable improvements across various segments of the industry, reflecting increased demand and innovation.
A standout achievement in this period was the production of nonwoven fabric, which recorded a remarkable year-on-year growth of 10.3%. This resurgence to double-digit growth levels since April 2021 highlights the sector's resilience and its pivotal role in various applications.
Specifically, the automotive sector has been a key driver of growth, with production of cord fabrics used in tire manufacturing witnessing a substantial 17% surge. This surge aligns with the burgeoning new energy vehicle market, where advanced technical textiles play a crucial role in enhancing performance and durability.
Financially, the industry has also shown robust performance indicators. Operating income for companies within the sector grew by 6.5%, while total profits surged by an impressive 27.9% compared to the same period last year. The operating margin expanded by 0.6 percentage points year-on-year, reaching 3.7%, signaling improved operational efficiency and profitability.
The positive momentum observed in China's technical textile industry in the first half of 2024 sets a promising tone for the sector's future. With continued investments in innovation and production capabilities, China is solidifying its position as a global leader in advanced textile manufacturing. This growth not only supports domestic economic development but also strengthens China's role in meeting global demand for high-quality technical textiles across diverse industries.
Looking ahead, stakeholders in the industry are poised to leverage these advancements to drive further growth, capitalize on emerging opportunities, and contribute to the evolution of global textile innovation standards. As global markets continue to evolve, China remains at the forefront, demonstrating resilience and leadership in the dynamic landscape of technical textiles.