Bangladesh Textile Chemicals Market to Grow with a CAGR of 4.25% through 2028
Growth in research and development activities is expected to drive the Bangladesh
Textile Chemicals Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Bangladesh
Textile Chemicals Market – By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Bangladesh Textile Chemicals Market stood at USD 928.65
million in 2022 and is anticipated to grow with a CAGR of 4.25% in the forecast
period, 2023-2028. The initiatives taken by government based on textile chemicals
has led to favorable market conditions for the Bangladesh Textile Chemicals
Market. Several factors contribute to the growth of various textile chemicals market
products.
Bangladesh,
along with Indonesia, Pakistan, and Vietnam, has launched a comprehensive
program aimed at managing and reducing hazardous waste generated by the textile
industry. This groundbreaking $43-million initiative, funded by various
stakeholders, demonstrates the collective commitment to address the
environmental challenges associated with textile production.
The Bangladesh
Responsible Sourcing Initiative, spearheaded by the government, is focused on
implementing measures to enhance the environmental sustainability of
manufacturing processes, with a particular emphasis on the washing, dyeing, and
finishing (WDF) stages of textile production. These critical steps in the
manufacturing process consume significant amounts of water, chemicals, and
energy, making them prime targets for improvement.
By adopting more
efficient and eco-friendly practices, the initiative seeks to transform the
textile industry, leading to reduced pollution and a more sustainable future.
This includes exploring innovative technologies, optimizing resource
utilization, and promoting responsible waste management practices throughout
the supply chain.
Through this
program, Bangladesh and its partner countries are taking a proactive stance in
addressing the environmental impact of the textile industry, showcasing their
dedication to sustainable development, and fostering a greener and healthier
planet for generations to come.
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market data Figures spread through XX Pages and an in-depth TOC on "Bangladesh Textile Chemicals Market”
In response to
the growing global concern for sustainability, the textile industry is making
significant strides in adopting green manufacturing practices. This shift has
led to a surge in research and development activities focused on the
development of sustainable chemicals that exert minimal environmental impact.
By prioritizing the use of eco-friendly chemicals, not only can the textile
industry contribute to the reduction of pollution, but it can also enhance the
overall quality of finished textiles. With this commitment to sustainable
practices, the industry is paving the way for a greener and more
environmentally conscious future.
The Bangladesh
Textile Chemicals Market is segmented in product, application, regional
distribution, and company.
Based on its product, the coating & sizing chemicals
segment held the largest share in the market. The shift towards sustainable
practices in the textile industry has led to a significant increase in the
demand for coating and sizing chemicals. With a focus on environmental
consciousness, there has been a growing adoption of low Volatile Organic Compound
(VOC) and biodegradable chemicals. This shift not only demonstrates the
industry's commitment to reducing its environmental impact but also highlights
the market's recognition of the importance of environmentally friendly
practices in the long term. As consumers become more environmentally conscious,
the demand for sustainable textile products continues to rise, making the use
of eco-friendly coating and sizing chemicals a crucial aspect of the industry's
overall sustainability efforts.
Based on region, Dhaka segment is expected to grow
during the forecast period.
The development of apparel industries has seen a
significant rise in demand from consumers, thereby exerting a profound
influence on the market. With consumers becoming increasingly conscious of the
quality and longevity of clothing, there has been a surge in demand for
high-quality textiles. This, in turn, has created a pressing need for textile
chemicals to meet the growing requirements of the industry, ensuring the
production of fabrics that not only meet the consumers' expectations but also
align with environmental and sustainability standards.
Major companies operating in Bangladesh Textile
Chemicals Market are:
- Archroma (Bangladesh) Limited
- Pulcra Chemicals Bangladesh Pvt. Ltd.
- Matex Bangladesh Limited
- Rudolf Bangladesh Ltd.
- R.H. Corporation
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“Growing application of textile chemicals in various
end user industries are key drivers of the textile chemicals market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of textile chemicals with every
passing year are anticipated to register an impressive growth to Bangladesh
Textile Chemicals Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Textile Chemicals Market By Product (Coating
& Sizing Chemicals, Colorants & Auxiliaries, Finishing Agents,
Surfactants, Others), By Application (Apparel, Home Furnishing, Technical
Textiles, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Bangladesh Textile Chemicals Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Bangladesh Textile Chemicals Market.
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