Vietnam textile chemicals market optimistic

Textile chemicals market in Vietnam is expected to witness strong growth in the coming five years on account of improvements in macroeconomic factors and smooth trading policies. In 2015, total cotton fibre production accounted for 0.6 thousand metric tons and yarn production from cotton and polyester/rayon was 990 thousand metric tons in Vietnam, as a result of which, the country accounted for nearly $27.2 billion worth of total apparels export to international markets including US, Japan, EU, Korea, etc. in 2015. 

Implementation of Trans-Pacific Partnership (TPP) agreement is expected to aid the growth of textile industry of the country, thereby driving the Vietnam textile chemicals market over the next nine years. Rising industrialization and urbanisation is leading to increase in the demand for high- quality textile products in the country, which would further escalate the growth of Vietnam textile chemicals market. Additionally, upcoming textile specialty chemical plants and projects in the country are further going to boost the overall textile chemicals market in the country through 2025.

Growing textile industrial establishments in the various regions of Vietnam is anticipated to aid the demand for textile chemicals in the country. Northern and southern region are expected to be the major demand generator for textile chemicals in the country and are expected to capture larger share in the market. Provinces in the central region are witnessing a comparatively slower industrial expansion, as a result, this region is projected to witness a slower year-on-year growth for textile chemicals during the forecast period.

Key players in the Vietnam textile chemicals market include Huntsman Textile Effects, Avco Vietnam Company Limited, Archroma Vietnam and Others.