Increase in production of textiles in developing countries to meet the increasing consumer demand, low cost of labor, and rise in population drive the growth of the global textile dyes industry
PORTLAND, Oregon, March 18, 2020 /PRNewswire/ --Allied Market Research published a report, titled, "Textile Dyes Market by Dye Type (Direct, Reactive, VAT, Basic, Acid, Disperse, Solvent, Mordant, and Others), Fiber Type (Wool, Nylon, Cotton, Viscose, Silk, Acryl, Polymer, and Others), and Application (Yarn Dyeing, Garment Dyeing, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global textile dyes industry was estimated at $9.45 billion in 2018 and is expected to hit $15.5 billion by 2026, registering a CAGR of 6.3% from 2019–2026.
Drivers, restraints and opportunities-
Rise in production of textiles in developing countries to meet the increasing consumer demand, low cost of labor, and surge in population are the factors, boosting the growth of the global textile dyes industry. On the other hand, implementation of various health & environment regulations towards the use of textile dyes restrains the growth to some extent. Nevertheless, development of new processes that minimizes the water wastage is expected to usher in a number of opportunities in the near future.
Based on dye type, the disperse segment accounted for one-fourth of the global textile dyes market revenue in 2018, and is expected to retain its dominance by the end of 2026. Factors like ease of use, overall low cost, and less water requirement fuel the segment growth. The reactive segment, on the other hand, would grow at the fastest CAGR of 7.2% during 2019–2026, owing to its beneficial features such as bright shades, ease of application, quick-drying properties, cost-effectiveness, and others.
The polyester segment to dominate during the estimated period-
Based on fiber type, the polyester segment contributed to nearly half of the global textile dyes market share in 2018, and is anticipated to lead the trail by 2026. This is attributed to the numerous advantages it provides such as high strength, weather-resistant, high elasticity, and others. Simultaneously, the acrylic segment would showcase the fastest CAGR of 7.3% throughout the forecast period. Rise in demand for fibers in yarns for the manufacturing of apparel and household textiles propels the growth of the segment.
Asia-Pacific, followed by Europe and North America, to remain lucrative during the study period-
Based on geography, Asia-Pacific, followed by Europe and North America, garnered the major market share in 2018, holding more than two-fifths of the global textile dyes market. The same region would also cite the fastest CAGR of 6.9% from 2019 to 2026. The growth is driven by the development in manufacturing sectors, improvement in economic conditions, and increase in population in the province.
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