Indian Textile Chemicals To Piggyback On Textile Industry Growth
The Indian textile chemicals market is anticipated to grow significantly in the projected period 2028 due to increasing awareness of sustainable textile manufacturing practices, rising disposable incomes and increasing demand for textiles and apparel. India’s annual textile and apparel exports increased to USD 44.4 billion in 2022, a rise of 41% compared to previous year. India’s textile chemicals market is a significant part of the country’s chemical industry, which is one of the largest in the world.
The demand for textile chemicals in India is driven by the country’s large and growing textile industry. India is one of the largest producers and exporters of textiles in the world, with a diverse range of products, including cotton, silk, wool and synthetic fibres. The textile industry is a significant contributor to India’s economy, providing employment to millions of people and generating significant foreign exchange earnings.
The textile chemicals market in India is highly competitive, with both domestic and international players competing for market share. Some of the key players in the market include Archroma India Pvt Ltd, Huntsman International (India) Pvt Ltd, BASF India Ltd and Clariant Chemicals (India) Ltd.
Increasing Demand Key Factor Driving Market Growth
The growing demand from the textile industry is a key driver for the Indian textile chemicals market. The demand for textiles and apparel is increasing in India due to factors such as rising disposable incomes, changing lifestyles and the growth of e-commerce. This has led to an increased demand for textile chemicals used in the manufacturing of these products.
Recently, the Gujarat Dyestuffs Manufacturer Association stated that “the market is experiencing a rise in the demand and prices of dyes in the region as they are reopened after six months. As a result, most of the units are using approx. 60% capacity as compared to 35% earlier.
Textile chemicals are used for various purposes in the textile manufacturing process, such as dyeing, printing, finishing and coating. These chemicals are essential for improving the quality, performance and durability of textiles. As the demand for textiles and apparel grows, the demand for textile chemicals will also increase. This is driving the growth of the Indian textile chemicals market. The market includes a wide range of chemicals, such as dyes, pigments, auxiliaries and finishing agents.
In addition to the domestic demand, the Indian textile chemicals market is also driven by the global demand for textiles and apparel. India is one of the largest producers and exporters of textiles in the world. The country exports textiles and apparel to various countries, which creates a demand for textile chemicals used in the manufacturing of these products.
Upsurge in Demand for Apparel and Home Textiles Impacting Market Growth
The increasing demand for apparel and home textiles is another key driver for the Indian textile chemicals market. This trend is driven by factors such as rising disposable incomes, changing consumer preferences and the growth of e-commerce. As disposable incomes rise, consumers are willing to spend more on clothing and home textiles, which has led to an increased demand for these products.
In addition, changing lifestyles and fashion trends are driving the demand for new and innovative textile products, which require the use of textile chemicals. India ranks third among major countries exporting dyes. Currently, India exports about 355 different types of dyes to 22 different countries worldwide.
Home textiles include products such as bed sheets, towels, curtains and upholstery. Apparel includes a wide range of products, such as shirts, pants, dresses and skirts. Textile chemicals are used in the manufacturing of these products for various purposes, such as dyeing, printing and finishing. The demand for textile chemicals is directly proportional to the demand for apparel and home textiles.
In addition, the growth of e-commerce has also contributed to the increasing demand for apparel and home textiles. Online retailers are offering a wide range of textile products at competitive prices, which has led to an increased demand for these products. In June 2022, Amazon India signed an MoU with Manipur Handloom & Handicrafts Development Corporation Limited, a Government of Manipur Enterprise, to support the growth of artisans and weavers across the state.
Activities & Efforts by Prominent Players Driving Demand for Textile Chemicals
Prominent players are engaging in activities and undertaking efforts that are driving demand for textile chemicals. These include:
Technological Advancements: With advancements in technology, manufacturers can develop new and innovative textile chemicals that are more effective and sustainable. For instance, there has been a growing trend towards the development of eco-friendly textile chemicals, which are free from harmful chemicals and are safer for the environment.
Expanding Investments: Several companies in the Indian textile chemicals market are investing in research and development activities to develop new and innovative products. In addition, there has been a growing trend toward mergers and acquisitions, which has helped companies to expand their product portfolios and increase their market share.
Focus on Sustainability: There has been a growing focus on sustainability in the Indian textile chemicals market. Manufacturers are increasingly developing products that are more sustainable and environment-friendly. This trend is driven by the increasing demand for eco-friendly products from consumers as well as the need to comply with environmental regulations.
Growing Exports: The Indian textile industry is one of the largest in the world and the country is also one of the largest exporters of textiles. This has led to an increased demand for textile chemicals used in the manufacturing of these products.
Therefore, the Indian textile chemicals market is witnessing significant developments driven by technological advancements, increasing investments, focus on sustainability, government initiatives and growing exports. These developments are expected to continue in the upcoming years, further driving the growth of the Indian textile chemicals market.
Source: Research and Markets