Textile Dye Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Textile Dye Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The textile Dye Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, production halts, and labor unavailability have negatively impacted the market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.

Key Highlights

• Over the short term, the growing demand for textile dye from the apparel industry is expected to drive the market's growth.
• The stringent environmental regulations are expected to hinder the growth of the market studied.
• Increasing demand of biodegradable materials for textile manufacturing are likely to act as opportunities for the market studied.
• Asia-Pacific is expected to dominate the global market, with the largest consumption being registered in countries such as India and China.

Key Market TrendsIncreasing 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 which gives the human eye a sense of color. Dyes impart beauty to the fabrics.
• With the increase in penetration of the internet, consumers are now looking for easy shopping, better offers, and easy return policies. The growth in online sales has contributed to the growth of the apparel industry.
• Nowadays, clothing has become a symbol of aspiration, personality, and status. Consumers have shifted from need-based to aspiration-based clothing. The demand for aspiration clothing has increased, which is expected to drive the textile dyes market.
• However, synthetic dyes are harmful to the environment as they are not biodegradable and require plenty of water during their manufacturing. Stringent environmental regulations are impacting the manufacturing of synthetic dyes.
• The global apparel market has been growing at a rapid pace in the past few years. The apparel market revenue is expected to reach USD 1,954.7 billion in 2026 and the revenue in 2021 was USD 1,547.16 billion.
• Therefore, the aforementioned factors are expected to show a significant impact on the textile dye market in the coming years.

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 population in India and China, combined, is about 40% of the global population. The growing population is expected to drive the demand for clothing, which propels the market for textile dyes during the forecast period.
• According to the National Bureau of Statistics of China, in June 2022, clothing, shoes, hats, and knitwear retail trade income in China was estimated to be over CNY 120 billion showing a 1.2% increase compared to the revenue generated in the same period of the previous year.
• Furthermore, in 2021, approximately USD 170.1 billion worth of apparel and accessories were exported from China, increasing from around USD 137.0 billion in the previous year. In that same year, China exported around USD 47.5 billion worth of footwear. which enhanced the demand for textile dye within the country.
• According to the Ministry of Textiles of India, India accounts for 4% of the global trade in textiles and apparel. Textiles and garments industry is expected to reach USD 190 billion by 2025-26 from USD 103.4 billion in 2020-21, which enhanced the demand for the market studied.
• Japan has one of the world's largest apparel consumption market, with retail sales of around USD 100 billion in 2021. About 60% of Japan’s yarn exports, and 90% of knit fabric exports went to the mainly China and ASEAN nations.
• Therefore, the aforementioned factors are expected to show a significant impact on the textile dye market in the coming years.

Competitive Landscape

The global textile dye market is partially fragmented in nature, with the players accounting for only a marginal share. Some of the key players operating in the market include Vipul Organics Ltd, DEV COLOURS, DyStar Singapore Pte Ltd, Archroma, and Huntsman International LLC (not in any particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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