Growing Apparel Sales and Exports to Drive Bangladesh Textile Chemicals Market through 2024
Growing
textile sector, increasing apparel exports and access to duty-free trade to
drive Bangladesh textile chemicals market through 2024
According to TechSci Research report, “Bangladesh Textile Chemicals Market By Product Type,
By Cluster, By Application, Competition, Forecast & Opportunities, 2013 –
2024’’,
Bangladesh textile chemicals market is forecast to reach $ 1389 million by
2024, on the back of growing textile and apparel sectors in the country, which is the
second leading textile and apparel exporter worldwide. Local and foreign
investments are growing in Bangladesh apparel sector. Favorable governmental
policies such as easy registration process for investors, exemption from export
duties from 52 countries in textile and apparel sectors, and availability of
labor at lower wages are attracting foreign investors to the country’s textile
sector. All the aforementioned factors are expected to positively influence textile
chemicals market in Bangladesh during forecast period.
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A large amount of auxiliaries is consumed
during the pre-treatment process to remove impurities and prepare the fabric for dyeing and
printing, which is fuelling the demand for textile chemicals in the country. Growing
demand for home textile products from other countries such as India and China
is also aiding the textile chemicals market. Textile colorants accounted for
the largest market share in 2018 and is expected to maintain its market
dominance during the forecast period as well, owing to its property of
imparting aesthetic value and appearance to the finished textile products. Color trend is also boosting the demand for textile
colorants in Bangladesh. The textile chemicals industry in Bangladesh is
dominated by foreign players such as Huntsman (Singapore) Pte Limited, Archroma
(Bangladesh) Limited, Dystar (Singapore) Pte Limited and Rudolf Bangladesh Ltd.
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“Dhaka boasts the presence of a number
of textile mills. Being the capital of Bangladesh, Dhaka is the most
developed and densely populated region in the country and has a good port, road
and railway network, which ensure smooth imports and exports. Dhaka is the hub for most of the textile
manufacturing industries, backed by the presence of top textile mills such as
Alhaj Textile Mills Limited and Anlima Group, the main
consumers of textile chemicals. Over the coming years, the region is expected
to continue dominating Bangladesh textile chemicals market.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Bangladesh Textile Chemicals Market By Product
Type, By Cluster, By Application, Competition, Forecast & Opportunities,
2013 – 2024” has evaluated the future growth potential of textile
chemicals market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers to take sound investment
decisions. Besides, the report also identifies and analyses the emerging trends
along with essential drivers, challenges and opportunities in Bangladesh textile
chemicals market.
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