The global textile colorant market is set to gain impetus from the high demand for natural dyes over synthetic ones because of their beneficial properties. They do not have carcinogenic & toxic chemicals, are itch-resistant, renewable, and have excellent UV absorption capacity. Various prominent boutiques and fashion houses are hence opting for these dyes for the manufacturing of their products. In May 2021, for instance, Akané Studio introduced a wide range of naturally dyed fabrics in the Indian market. This information is given by Fortune Business Insights™ in a report, titled, “Textile Colorant Market, 2021-2028.” As per the report, the market size was USD 9.16 billion in 2020. It is projected to grow from USD 9.42 billion in 2021 to USD 13.24 billion in 2028 at a CAGR of 5.0% during the forecast period.
COVID-19 Pandemic: Halt of Production and Order Cancellations are Impacting Growth
The COVID-19 pandemic has taken a huge toll on the textile dyes and pigments industry because of the strict lockdown measure implemented by governments in major manufacturing countries, such as Bangladesh, China, Brazil, and India. It further resulted in the halt of production processes. At the same time, numerous garment companies are facing financial losses as buyers are cancelling their orders. Additionally, big brands have gone bankrupt and are therefore delaying deadlines of payment confirmations. We are providing in-depth research reports to help you at such a difficult phase with your business.
Technical TextilesSegment Held 4.1% Share in 2020: Fortune Business Insights™
Based on applications, the market is segregated into clothing, technical textiles, home textiles & carpets, and automotive textiles. Amongst these, the technical textiles segment procured 4.1% in terms of the textile colorant market share in 2020. This growth is attributable to the high demand for trekking clothes and sportswear on account of the shift of youngsters towards a healthy lifestyle.
Our research report aims to estimate the future growth potential and size of the textile colorant industry. It covers factors influencing growth, such as industry-specific challenges, opportunities, restraints, and drivers. The report also involves extensive secondary sources, databases, and directories, such as Health & Safety Council of North America (SEHSC), Bloomberg, Silicone Industry Association of Japan (SIAJ), Factiva, Hoovers, and Chemical Weekly.
Drivers & Restraints-
Availability of Unique Housing Benefits and High Spending Capacity to Boost Growth
The high demand for living spaces across the globe owing to the surging population is set to propel the textile colorant market growth in the upcoming years. Regulatory bodies nowadays are implementing novel housing benefits for citizens, such as home loan reduction schemes. Hence, many people prefer to buy and decorate their houses. They are majorly opting for the services of interior designers and architects for creating a cutting-edge identity for their homes. Products, namely, carpets, sofas, curtains, bedsheets, and cradles are gaining more popularity as the spending capacity of people is increasing rapidly. However, government agencies, such as REACH, have restricted the usage of specific types of dyes in consumer goods because of their harmful effects on humans. It may hamper the demand for textile colorant.
Presence of GAP, Adidas, Nike, and Calvin Klein to Help North America Grow
Geographically, Asia Pacific earned USD 4.24 billion in terms of revenue in 2020. It is estimated to remain at the forefront in the near future because of the availability of cheap labor and raw material. In North America, on the other hand, the presence of reputed clothing brands, such as Reebok, Nike, GAP, Adidas, Calvin Klein, and Hanes would propel the demand for textile colorant. Europe is expected to showcase significant growth on account of the ongoing infrastructure renovation activities.
Key Players Focus on Partnerships and New Facility Developments to Intensify Competition
The global market contains a large number of companies that are presently focusing on developing new facilities and collaborating with local players. This would help them in competing with their rivals and strengthening their positions. Below are the two developments of this industry:
September 2020: Browzwear joined hands with Archroma to help designers gain access to Color Atlas, the latter’s online color library. Designers will be able to access around 4,320 on-trend colors while designing in Lotta and VStitcher, two advanced platforms of Browzwear.
February 2019: DyStar opened Texanlab Bangladesh Private Limited, its latest laboratory in Dhaka. It would serve the export industry and offer solutions to the supply chain- from raw materials to final products, except for only testing services.
A list of renowned providers of textile colorant manufacturers in the global market:
Huntsman Corporation (U.S.)
Kiri Industries Ltd. (India)
Sumitomo Chemical Co. Ltd. (Japan)
BASF SE (Germany)
Allied Industrial Corp., Ltd. (Taiwan)
Dystar Group (Singapore)
Zhejiang Longsheng Group Co., Ltd. (China)
LANXESS AG (Germany)
Archroma International (Switzerland)
Colorant Limited (India)
Jay Chemical Industries Limited (India)
Jiangsu Yabang Dyestuff Co., Ltd. (China)
Other Key Players