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Textile chemicals demand to grow at 7% CAGR in Bangladesh
18
Jul '14
The consumption of textile chemicals in Bangladesh is likely to grow at a compounded annual growth rate (CAGR) of around 7 percent over the next five years, due to the increasing demand for readymade garments, says a recently published report by TechSci Research, a Canada-based market research and consulting company.
 
According to the report titled “Bangladesh Textile Chemicals Market Forecast & Opportunities, 2019”, the capital city of Dhaka is the largest consumer of textile chemicals in Bangladesh owing to the presence of a large number of textile mills and garment factories in the region.
 
“Bangladesh textile chemicals market is expected to exhibit healthy growth over the next five years. Major factors that would boost textile chemicals market in Bangladesh include the country’s growing textile industry, rising readymade garment exports to global markets, and growing demand for multi-functionality and specialty chemicals in the country,” said Mrs. Rishi Koul, Consultant with TechSci Research.
 
Textile chemicals are used for coloring textiles and fabrics, improving the quality of textiles, and providing desired properties to the textile during processing. These chemicals find widespread application during the processing of cotton, wool and synthetic fibers.
 
Bangladesh majorly imports textile chemicals from countries like Singapore, India, China, Taiwan and South Korea. Huntsman, Dystar and Archroma are among the leading suppliers of textile chemicals to the country.
 
The demand for textile chemicals in Bangladesh is largely driven by exports of knitted and woven garments from the country to international markets, including the US and EU. Moreover, the country is also exploring various other export markets, which is expected to further boost the demand for textile chemicals during 2014-19.
 
Leading textile brands such as Walmart, Mango and GAP manufacture their readymade garments in Bangladesh, which continues to benefit the market for high performance textile chemicals.
 

Fibre2fashion News Desk - India

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