India’s textile chemicals market to hit $2.5 bn
According to a TechSci Research report, (www.techsciresearch.com) textile chemicals market in India is projected to cross $ 2.5 billion by 2021.
According to a TechSci Research report, (www.techsciresearch.com) textile chemicals market in India is projected to cross $ 2.5 billion by 2021. Rising global as well as domestic demand for high quality textile products, growing textile production, favorable government policies and increasing garments sourcing from India by international brands are boosting demand for textile chemicals in the country. Textile chemicals are used during the processing of textiles, and are broadly classified as auxiliaries and colorants. Auxiliaries are chemicals used during almost all steps of textile manufacturing process to provide specific characteristics to the fabric, while colorants are used to impart colour to the textile product.
In 2015, the Government of India sanctioned a corpus of more than $154.73 million to the handloom, handicraft, silk, power loom and wool sectors to promote the country’s textile industry. These initiatives are expected to boost demand for textile chemicals in the country through 2021.
In 2015, India textile chemicals market was dominated by apparel industry with a value share of more than 60 per cent, followed by home furnishing and technical textile sectors. Apparel industry is expected to continue its dominance over the course of next five years on account of changing lifestyle and rising disposable income of consumers.
Further, the textile ministry of India has announced and sanctioned setting up of textile parks across the country to encourage textile production, which would boost demand for textile chemicals in the coming years. Archroma, Huntsman, Rossari, Croda, and CHT India are few of the leading players involved in production and distribution of textile auxiliaries and colorants in India.