Bangladesh Textile Chemicals Market is Expected to Grow at a CAGR of 8.0% By 2024 | TechSci Research
Growing textile sector, increasing apparel exports and access to duty-free trade to drive Bangladesh textile chemicals market through 2024
According to TechSci Research report, “Bangladesh Textile Chemicals Market By Product Type, By Cluster, By Application, Competition, Forecast & Opportunities, 2013 – 2024’’, Bangladesh textile chemicals market is forecast to reach $ 1389 million by 2024, on the back of growing textile and apparel sectors in the country, which is the second leading textile and apparel exporter worldwide. Local and foreign investments are growing in Bangladesh apparel sector. Favorable governmental policies such as easy registration process for investors, exemption from export duties from 52 countries in textile and apparel sectors, and availability of labor at lower wages are attracting foreign investors to the country’s textile sector. All the aforementioned factors are expected to positively influence textile chemicals market in Bangladesh during forecast period.
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A large amount of auxiliaries is consumed during the pre-treatment process to remove impurities and prepare the fabric for dyeing and printing, which is fuelling the demand for textile chemicals in the country. Growing demand for home textile products from other countries such as India and China is also aiding the textile chemicals market. Textile colorants accounted for the largest market share in 2018 and is expected to maintain its market dominance during the forecast period as well, owing to its property of imparting aesthetic value and appearance to the finished textile products. Color trend is also boosting the demand for textile colorants in Bangladesh. The textile chemicals industry in Bangladesh is dominated by foreign players such as Huntsman (Singapore) Pte Limited, Archroma (Bangladesh) Limited, Dystar (Singapore) Pte Limited and Rudolf Bangladesh Ltd.
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“Dhaka boasts the presence of a number of textile mills. Being the capital of Bangladesh, Dhaka is the most developed and densely populated region in the country and has a good port, road and railway network, which ensure smooth imports and exports. Dhaka is the hub for most of the textile manufacturing industries, backed by the presence of top textile mills such as Alhaj Textile Mills Limited and Anlima Group, the main consumers of textile chemicals. Over the coming years, the region is expected to continue dominating Bangladesh textile chemicals market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Bangladesh Textile Chemicals Market By Product Type, By Cluster, By Application, Competition, Forecast & Opportunities, 2013 – 2024” has evaluated the future growth potential of textile chemicals market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in Bangladesh textile chemicals market.
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