|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD 928.65
million
|
|
CAGR
(2023-2028)
|
4.25%
|
|
Fastest
Growing Segment
|
Coating
& Sizing Chemicals
|
|
Largest
Market
|
Dhaka
|
Market Overview
Bangladesh Textile Chemicals Market has valued at
USD928.65 million in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 4.25% through 2028. Textile chemicals play a
crucial role in the production process as they enhance the durability,
appearance, and texture of textile products. In Bangladesh, specifically in the
capital city of Dhaka, there is a high demand for textile chemicals due to the
presence of numerous textile mills. These mills rely on textile chemicals to ensure
that their products meet the highest standards of quality.
Despite the high demand, the textile chemicals
market in Bangladesh heavily depends on imports to meet its needs. Currently,
only 20% of the demand for textile chemicals is fulfilled by local companies.
Recognizing this gap, multinational companies have shown interest in investing
in the textile chemicals sector in Bangladesh. This investment not only has the
potential to boost the market's growth but also presents opportunities for
technology transfer and capacity building within the country. The Bangladesh textile chemicals
market is experiencing steady growth. With increased investment and a focus on
local production, the market has the potential to meet a larger portion of its
demand domestically, which would contribute to the growth of the local economy
and strengthen the overall textile industry. As the world gradually recovers
from the pandemic and global trade resumes, the prospects for the Bangladesh
textile chemicals market appear promising, paving the way for further development
and expansion.
Key Market Drivers
Growth in Textile Industry
Textile chemicals play a vital role in the
production process of textiles, serving to enhance not only the durability,
appearance, and texture of textile products but also their performance and
functionality. These chemicals are carefully formulated to meet the specific
requirements of different types of fabrics, ensuring that they meet the desired
quality standards.
One of the key drivers of the remarkable growth in
the Bangladesh textile chemicals market is the increasing global demand for
ready-made garments. As consumers worldwide seek fashionable and high-quality
clothing, the demand for specialty finishing chemicals and dark textile shades
has seen a significant surge. These chemicals add unique characteristics and
aesthetics to the textiles, making them more appealing to customers.
It is important to note that the growth of the
Bangladesh textile chemicals market is not solely driven by local demand. The
export of clothing from Bangladesh to various countries plays a crucial role in
fueling the demand for textile chemicals. As the world gradually recovers from
the challenges posed by the pandemic and global trade picks up pace, the
prospects for the Bangladesh textile chemicals market look promising, with
increasing opportunities for expansion and innovation. The growth of the textile industry
in Bangladesh serves as a primary driver for the expansion of the Bangladesh
textile chemicals market. As the demand for high-quality textiles continues to
grow globally, the need for textile chemicals escalates proportionately. With
sustained support and investment in the textile industry, the Bangladesh
textile chemicals market is well-positioned for robust growth and success in
the coming years, ushering in a new era of excellence and competitiveness in the
global textile market.
Surge in Technological Advancements
Technological advancements in the production and
application of textile chemicals have been pivotal in driving the market
growth. With the increasing demand for textiles from various sectors, such as
apparel and home furnishings, the need for advanced textile chemicals to
enhance product quality has become more pronounced. This has led to a surge in
the adoption of low Volatile Organic Compound (VOC) and biodegradable chemicals
in the textile industry, signaling a significant shift towards sustainable practices.
These eco-friendly advancements not only contribute to the market's growth but
also promote environmental responsibility.
Moreover, the rapid growth of technical textiles
has further fueled the demand for textile chemicals. Technical textiles, known
for their functional properties and performance-enhancing characteristics, have
found applications in various industries such as automotive, aerospace, and
healthcare. The production of technical textiles requires specialized chemical
treatments and coatings, leading to increased demand for advanced textile
chemicals. The rising
popularity of smart fabrics has also contributed to the growth of the textile
chemicals market. Smart fabrics, integrating digital components and electronics
into textiles, offer unique functionalities such as sensing, communication, and
energy harvesting. The production of smart fabrics requires the use of
specialized chemicals and materials, driving innovation in the textile
chemicals sector. For textile companies in Bangladesh, technological innovation
has emerged as a key growth strategy. By embracing technological advancements,
these companies can achieve cost reduction, streamline their manufacturing
processes, and improve operational efficiency. This, in turn, can significantly
boost the growth of the textile industry in Bangladesh and strengthen its
competitiveness on a global scale. Technological advancements continue
to play a significant role in driving the growth of the Bangladesh textile
chemicals market. As the industry evolves and innovations continue to shape the
landscape, the market is poised for sustained growth and further reinforces the
position of Bangladesh's textile industry on the global stage.
Download Free Sample Report
Key Market Challenges
Volatility in Price and Availability of Raw
Materials
The textile chemicals market heavily relies on the
supply of raw materials, including both natural and synthetic fibers. These raw
materials are essential for the production of various textile chemicals used in
the industry. However, the prices of these raw materials are subject to
fluctuations due to a multitude of factors. Changes in crude oil prices, trade
policies, and geopolitical tensions all play a significant role in shaping the
market dynamics. During the COVID-19 pandemic, global
supply chains were disrupted, leading to unprecedented volatility in the prices
and availability of raw materials. The restrictions on international trade and
the closure of manufacturing facilities had a profound impact on the textile
chemicals market. Manufacturers faced challenges in sourcing the necessary raw
materials, resulting in delays in production and affecting the overall market
dynamics.
Fluctuations in raw material prices directly affect
the cost of production for textile chemicals. The volatility in prices
introduces uncertainty for manufacturers, making it difficult for them to plan
and forecast their business operations effectively. Inconsistent profit margins
can arise as a result of these price fluctuations, posing challenges for
manufacturers to maintain stable financial performance. The lack of availability of raw materials
can have far-reaching consequences. Delays in production can occur, leading to
a ripple effect across the entire supply chain. This can impact the timely
delivery of finished textile products to customers, affecting customer
satisfaction and potentially leading to lost business opportunities. The textile chemicals market is
intricately linked to the availability and pricing of raw materials.
Fluctuations in these factors can significantly impact the overall market
dynamics, making it crucial for manufacturers to carefully monitor and adapt to
the constantly changing landscape of the industry.
Key Market Trends
Growing Demand of Dyeing and Finishing Chemicals
Dyeing and finishing chemicals play a critical role
in the textile production process. These chemicals not only enhance the
appearance, durability, and texture of textile products but also make them more
appealing to consumers. As the demand for high-quality textiles continues to
rise, so does the need for these essential chemicals. The growing demand for technical textiles and
functional home textile finishes is a significant factor driving the market.
The report also highlights an interesting shift towards sustainable practices
in the textile industry, with an increasing adoption of low Volatile Organic
Compound (VOC) and biodegradable chemicals. This shift reflects the industry's
commitment to environmental sustainability and aligns with the global movement
towards greener alternatives.
Looking ahead, the trend of increasing demand for
dyeing and finishing chemicals is expected to continue, particularly fueled by
the growing textile industry in Bangladesh. With its competitive advantages in
terms of cost-effective manufacturing and a skilled workforce, Bangladesh is
poised to become a major player in the global textile market. This growth,
combined with the broader industry shift towards high-quality and sustainable
textiles, presents a significant opportunity for the Bangladesh textile chemicals
market. The growing demand for dyeing and
finishing chemicals in Bangladesh's textile industry is a noteworthy trend.
This trend, driven by technological advancements, supportive government
policies, and the industry's commitment to sustainability, is expected to
propel the market's growth in the coming years. As the textile sector continues
to evolve, the role of dyeing and finishing chemicals will remain
indispensable, ensuring the production of high-quality and visually appealing
textile products.
Segmental Insights
Product Insights
Based on the category of product, the coating &
sizing chemicals segment emerged as the dominant player in the Bangladesh
market for Textile Chemicals in 2022. Coating and sizing chemicals play a
crucial role in the intricate textile manufacturing process. By improving the
durability, appearance, and texture of textiles, these chemicals enhance their
overall appeal to discerning consumers. Moreover, their application also
fortifies textiles against various environmental factors, including heat, light,
and moisture, ensuring an extended lifespan.
The demand for coating and sizing chemicals is
experiencing an unprecedented surge, owing to their wide-ranging applications
across multiple sectors. Take geotextiles, for example, extensively utilized in
civil engineering projects; these textiles heavily rely on coating and sizing
chemicals to bolster their durability and resistance against environmental
stressors. Similarly, in the apparel sector, which holds significant prominence
within the thriving textile industry of Bangladesh, these chemicals are indispensable
in the production of top-notch garments, ensuring impeccable quality and
customer satisfaction.
Application Insights
The apparel segment is projected to experience
rapid growth during the forecast period. The development of the apparel
industry is influenced by an increase in consumer demand. As disposable incomes
continue to rise, consumers are becoming more conscious about their fashion
choices, seeking not only trendy designs but also durable and high-quality
clothing that can withstand the test of time. This growing awareness about the
longevity and quality of clothes has contributed to a surge in demand for apparel
that meets these criteria. Consequently, the need for textile chemicals that
enhance the durability, appearance, and texture of textiles has become
paramount in the industry. The global textile chemicals market is
currently undergoing a transformative shift towards sustainable practices. With
an increasing adoption of low Volatile Organic Compound (VOC) and biodegradable
chemicals, the industry is actively working towards reducing its environmental
footprint. This shift towards sustainability is particularly significant in the
apparel sector, which is one of the major consumers of textile chemicals. By
embracing more eco-friendly alternatives and practices, the apparel industry is
playing a crucial role in driving this positive trend towards sustainability in
the textile chemicals market.
Download Free Sample Report
Regional Insights
Dhaka emerged as the dominant player in the
Bangladesh Textile Chemicals Market in 2022, holding the largest market share
in terms of value. Dhaka, the capital city of Bangladesh, boasts a substantial
number of textile mills, making it the primary hub for textile chemical demand
in the country. These mills play a pivotal role in the nation's textile industry,
relying heavily on textile chemicals for an array of processes, including
dyeing, printing, and finishing. The extensive use of these chemicals ensures
the production of high-quality textiles that meet the ever-evolving demands of
the market.
Bangladesh holds the distinction of being the
second-largest manufacturer and exporter of ready-made garments (RMG)
worldwide. With a significant portion of this thriving industry concentrated in
Dhaka, the demand for textile chemicals remains consistently high. These
chemicals are instrumental in enhancing the aesthetics, durability, and overall
performance characteristics of the garments, allowing Bangladesh to maintain
its reputation for producing fashionable and high-quality clothing that caters
to diverse markets.
Recent Developments
- In 2020, Archroma, a global leader in specialty
chemicals, proudly introduced its groundbreaking product range known as
"Color Atlas". This innovative digital color management system offers
a vast and diverse library of textile colors, meticulously curated to empower
designers and manufacturers in their quest to minimize waste and enhance
sustainability in the industry. With its user-friendly interface and extensive
palette options, Color Atlas enables seamless integration into the creative process,
facilitating efficient and conscious decision-making. By leveraging this
cutting-edge solution, professionals can embark on a transformative journey
towards a more environmentally responsible and vibrant future in the realm of
textile design and production.
Key Market Players
- Archroma (Bangladesh) Limited
- Pulcra
Chemicals Bangladesh Pvt. Ltd.
- Matex
Bangladesh Limited
- Rudolf
Bangladesh Ltd.
- R.H.
Corporation
|
By Product
|
By Application
|
By Region
|
- Coating & Sizing Chemicals
- Colorants & Auxiliaries
- Finishing Agents
- Surfactants
- Others
|
- Apparel
- Home Furnishing
- Technical Textiles
- Others
|
- Dhaka
- Chittagong
- Rest of Bangladesh
|
Report Scope:In this report, the Bangladesh Textile Chemicals
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Bangladesh Textile Chemicals Market, By Product:
o Coating & Sizing Chemicals
o Colorants & Auxiliaries
o Finishing Agents
o Surfactants
o Others
- Bangladesh Textile Chemicals Market, By Application:
o Apparel
o Home Furnishing
o Technical Textiles
o Others
- Bangladesh Textile Chemicals Market, By
Region:
o Dhaka
o Chittagong
o Rest of Bangladesh
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Bangladesh
Textile Chemicals Market.
Available Customizations:
Bangladesh Textile Chemicals Market report with the
given market data, Tech Sci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Bangladesh Textile Chemicals Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]