Product Code: ETC373644 | Publication Date: Aug 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India canvas market import shipment depicted steady growth with a CAGR of 2.9% from 2020 to 2024. However, there was a significant decline in growth rate from 2023 to 2024, dropping by 68.3%. This indicates a sharp slowdown in market expansion towards the end of the period.
The India canvas market is estimated to be worth over US$ 2.8 billion and is expected to register a CAGR of 8% over the forecast period. The major drivers for this growth are increasing consumer preference for canvas fabrics, growing demand from the apparel & footwear industry, increasing urbanization, and rising disposable incomes of consumers. The market is further driven by factors such as new product launches with advanced technologies, higher investments in research & development activities, and technological advancements. Moreover, changing lifestyles have led to increased spending on travel-related products leading to increased demand for backpacks made using canvas fabrics.
The India canvas market has witnessed substantial growth, primarily driven by the construction and infrastructure sectors. Canvas is extensively used for tents, tarpaulins, and other temporary shelters, and the surge in construction activities across the country has boosted its demand. Additionally, the growing e-commerce industry has led to an increased demand for canvas bags and accessories, as they are considered eco-friendly alternatives to plastic. Moreover, the flourishing outdoor events and recreational activities, such as camping and adventure sports, have further fueled the market growth for canvas products.
The canvas market in India has been growing steadily, driven by various applications such as tents, tarpaulins, bags, and other outdoor equipment. Despite its growth, the market faces some restraints. One of the key challenges is the availability of alternatives like synthetic materials, which are often cheaper and more durable. Moreover, fluctuations in the prices of raw materials, such as cotton and synthetic fibers, have also affected the profitability of canvas manufacturers.
The canvas market faced challenges, with a decline in demand from industries like outdoor events, tourism, and construction. The closure of art galleries and restrictions on social gatherings also impacted the market`s growth. However, there was a silver lining as online sales of canvas products witnessed a boost, with artists and hobbyists seeking creative outlets while staying at home.
Canvas is widely used in India for various applications, including tents, outdoor upholstery, and art canvases. Some of the prominent players in the India canvas market are Mehler Texnologies India Pvt Ltd, Rainproof Exports Pvt Ltd, Shri Vishalakshi Enterprises, Tarpaulins India, and Coated Sales Company Pvt Ltd.