Vietnam’s textile chemical market to grow at 16percent
Textile chemicals are the most widely used specialty chemicals in Vietnam and areused during various stages of textile processing for imparting specific properties and qualities to the manufactured fabric.
Textile chemicals are the most widely used specialty chemicals in Vietnam and areused during various stages of textile processing for imparting specific properties and qualities to the manufactured fabric. Vietnamâ€™s garment and textile industry is one of the key contributors to the countryâ€™s economy, accounting for nearly 15 per cent of GDP and 18 per cent of total exports. With booming garment and textile industry, the demand for textile chemicals in the country is expected to grow at a robust pace over the next ten years.
Moreover, rapidly growing industrialisation, increasing consumption of high quality textile products and promotion of textile chemicals in factories on account of their several recognised advantages are expected to boost the countryâ€™s textile industry, subsequently driving the Vietnam textile chemicals market over the span of next ten years. Additionally, reduced barriers in trading and increasing foreign trade agreements are expected to aid the demand for textile chemicals in the country during forecast period.
According to â€œVietnam Textile Chemicals Market By Product Type, By End Use Application, Competition Forecast and Opportunities, 2011 â€“ 2025â€, the textile chemicals market in Vietnam is anticipated to grow at a CAGR of over 16 per cent during 2016-2025. On the basis of product type, the market of textile chemicals in the country has been broadly segmented into two categories, namely, Textile Auxiliaries and Colorants. Few of the leading players operating in Vietnam textile chemicals market include Nicca Vietnam Co., Ltd., Archroma Vietnam, Jintex Vietnam Company Limited and Huntsman Textile Effects, among others.