Market Trends of Textile Dye Industry
This section covers the major market trends shaping the Textile Dye Market according to our research experts:
Increasing Demand from the Apparel Segment
- Textile dyes are widely used as colorants in the apparel industry and are expected to be the fastest-growing segment in the market during the forecast period.
- Dyes are used for coloring fabrics. Dyes absorb and reflect light at a specific wavelength, giving the human eye a sense of color. Dyes impart beauty to the fabrics.
- With the increased internet penetration, consumers are now looking for easy shopping, better offers, and easy return policies. The growth in online sales contributed to the apparel industry's growth.
- Nowadays, clothing is a symbol of aspiration, personality, and status. Consumers have shifted from need-based to aspiration-based clothing. The demand for aspiration clothing increased, which is expected to drive the textile dyes market.
- India is a global leader in producing numerous textile products, including silk, cotton, and Multimode Fibre. According to the report published on September 2022 by IBEF, the Indian textile and apparel sector is worth over USD 100 billion and contributes 14% of the nation's industrial output.
- Furthermore, about 15% of India's export revenue comes from the textile industry. 10.6% of India's total exports in FY22 were textiles, handicrafts, and clothing.
- Therefore, the above factors are expected to impact the textile dye market in the coming years significantly.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market for textile dyes during the forecast period due to increased demand from countries like India and China.
- Textile dyes are mainly used as colorants for fabric in apparel and household textiles. The growing population is expected to drive the demand for clothing, propelling the textile dyes market during the forecast period.
- China is one of the most attractive countries for clothing manufacturing due to relatively low labor costs and fewer commercial obstacles. A rising number of Chinese textile enterprises are focusing on updating their industrial infrastructure and modernizing their manufacturing processes to expand the industry further.
- According to the National Bureau of Statistics of China, the country manufactured 3.18 billion m of textile for garments as of October 2022. The textiles produced each month were consistently greater than 3 billion m. Hence positively impacting the market growth.
- Moreover, the Indian government sanctioned the development of seven PradhanMantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks at Greenfield/Brownfield sites for a total investment of around USD 600 million for the 2027-28 period. Such investments are expected to benefit the market growth during the forecast period.
- Therefore, owing to the factors above, are Asia-Pacific region is expected to dominate the textile dye market in the coming years.
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