Textile dyes market to hit $8 bn by 2031

0
195
Textile Dyes Market-$8-billion-2031
Figure:

The textile dyes market size is to reach $8 billion with a CAGR of over 6% by 2031. The latest data published by Fact.MR said. The report highlighted that the fast-growing fashion trends motivate the call for trendy apparel, encourage manufacturers to embrace new color combinations and designs, pivot sales, and drive textile dyes market expansion.

Textile Dyes Market-$8-billion-2031
Figure: textile dyes market size is to reach $8 billion with a CAGR of over 6% by 2031.

The textile dyes market recorded remarkable growth over the last 5 years, closing in on $6 billion by the end of 2022. An annual growth rate of around 5% was registered during the period. Dyes manufacturers are expected to mainly emphasize on Asian markets, with projecting countries such as India, Bangladesh and China evolving as rewarding growth hubs.

According to the India Brand Equity Foundation (IBEF), India’s textiles industry contributed 7% to industry output in FY 2018-19, with an expected valuation of over US$ 23 billion by 2027. Likewise, according to Textile World, China’s chemical fiber production exceeded 50 million tons, comprising over 66% of global production. Such trends are motivating prominent players to increase foray across these markets.

Key Takeaways from Market Study

  • Demand for direct textile dyes to remain high, reaching over US$ 2 billion by 2031
  • Reactive textile dyes to experience fastest growth at approximately 7% CAGR until 2031
  • Dyes for viscose fibers are expected to incline at a CAGR of around 6%
  • Polyester textile dyes to expand impressively, registering a CAGR of around 7%
  • The U.S. likely to register heightened textile dye sales, reaching almost US$ 700 million in 2021
  • India, South Korea, and Australia to collectively reach slightly over US$ 600 million by 2031
  • China to generate over US$ 2 billion in revenue across the textile dyes landscape

“Prominent manufacturers are increasingly capitalizing on organic textile dyes, attributed to rising concerns over the detrimental impacts of using synthetic chemicals, furthering expansion prospects,” says a Fact.MR analyst.

Competitive landscape

Some key textile dye manufacturers profiled in Fact.MR’s report include LANXESS AG, Huntsman International LLC, Atul Ltd., Anand International, DyStar Singapore Pte. Ltd., Colorant Limited, Kiri Industries Limited, Jay Chemical Industries Private Limited, Organic Dyes and Pigments LLC, and Archroma.

  • In February 2021, LANXESS AG signed a contract to acquire Emerald Kalama Chemical to acquire 100% of its shares at a purchase price of over US$ 1 billion. The objective behind this move is to strengthen its position in specialty chemicals manufacturing, including textile dyes and other consumer products.
  • In June 2019, Organic Dyes and Pigments LLC completed two relocation moves, enhancing its capabilities and efficiency to better serve its clients. This includes combining scattered offices in Rhode Island into one single facility, and combining their Concord NC and Union SC offices into one.