Northbrook, IL 60062 -- (SBWIRE) -- 08/01/2022 -- The global textile dyes market size was USD 11.1 billion in 2022 and is projected to reach USD 14.0 billion by 2027, at a CAGR of 4.6%, between 2022 and 2027. The market in Asia Pacific is witnessing high demand, along with low-cost of manufacturing in Asia Pacific countries. The demand for dyes for cellulose fiber is increasing in Asia-Pacific because of the rapidly growing textile industry. Cotton, jute, and other natural cellulose fibers are extensively used in the Indian textile industry. Apart from India, Bangladesh, China, and other Asian countries are the production sites for major fast fashion companies. The increasing demand will burden the industry over the next few years.
The major driver for the textile dye market is the high demand from garments industry and industries which use technical textiles such as automobile and construction. The trend towards using environmental friendly textile dyes is leading to high investment in R&D in the industry. Asia Pacific is an emerging market for textile dyes in terms of both value and volume. The rising demand from China and India is leading to the rapid growth of the market in the region as well as globally.
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The key players in the textile dyes market are Huntsman Corporation (US), Atul Ltd. (India), Kiri Industries (India), Lanxess AG (Germany), Zhejiang Longsheng Group Co. Ltd. (China), Zhejiang Jihua Group (China), Zhejiang Runtu Co. Ltd. (China). They have adopted various developmental strategies such as acquisitions, new product launches, and expansions to increase share in the market.
Huntsman Corporation is a global chemical company as a manufacturer and marketer. It has four business divisions—polyurethanes, performance products, advanced materials, textile effects. Huntsman serves both consumer and industrial end markets, including construction, transportation, home life, energy and fuels, and clothing & footwear. The company has employees in around 30 countries with 66 production locations. It manufactures textile dyes under its textile effects segment.
In October 2020, Huntsman Textile Effects and Phong Phu International (PPJ) entered in a strategic partnership agreement that aims to promote PPJ's growth in Vietnam as a leading manufacturer of sustainable, high-performance textiles and garments for many of the world's leading brands and retailers.
Kiri Industries Ltd. is a diversified chemical company. It manufactures and exports dyes and dye intermediates in various forms such as powder, granular, and standardized spray. They sell textile dyes under the safety & industrial segment. The company is also a supplier of basic chemicals in the domestic as well as global markets, serving the need of many industrial sectors such as automotive, textile, and leather. The company exports to 50 countries outside India. It has presence in all seven continents.
In January 2021, Kiri Industries has started the first phase of commercial production of Specialty Intermediates at its plant located in Vadodara.