The latest India Brand Equity Foundation (IBEF) report forecasts, India’s textile dyes market will grow to $8 billion by 2031. Most of the growth will be stimulated by rapidly evolving fashion trends encouraging manufacturers to experiment with new color combinations and designs. The market will grow at a CAGR of over 6 per cent through 2031.
Dyes market to grow driven by Asian region
By 2022-end, the textile dyes market is expected to reach a value of $6 billion. Its estimate growth rate during the year will be 5 per cent. Most of this growth will be driven by the Asian region with India and China emerging as growth leaders. By 2031, the India, South Korea and Australia markets will collectively reach a value of over $600 million by 2031.
Demand for direct textile dyes is expected reach over $2 billion by 2031. Meanwhile reactive textile dyes will experience fastest growth at approximately 7 per cent CAGR until 2031. This will be followed by polyester textile dyes which too will grow at 7 per cent CAGR while dyes for viscose fibers will grow at 6 per cent CAGR.
India’s textile production, which grew 6 per cent in FY2018-19, is expected to reach $23 billion by 2027 the IBEF report states. According to Textile World estimate, China will dominate the textile dyes market in this period with 66 per cent of global production exceeded 50 million tons. China will generate $2 billion revenues from textile dyes during the period.
Rising concerns over excessive use of synthetic chemicals is propelling demand for organic dyes, says a senior analyst. The FactMR report names Lanxess AG, Huntsman International LLC, Atul Ltd, Anand International, Dystar Singapore, Kiri Industries as some of the prominent textile dyes manufacturers in India. The report states, Lanxess AG acquired 100 per cent share of Emerald Kalama at a purchase price of $1billion. The move aims to consolidate the company’s position as specialty chemicals manufacturers.
In June 2019, Organic Dyes and Pigments LLC enhanced its capabilities by relocating two of its facilities. These included combining scattered offices in Rhode Island into one single facility, and combining their Concord NC and Union SC offices into one.