Bangladesh’s growing textile industry to boost textile chemicals market during 2014-19

Bangladesh continues to be one of the major textile exporting countries, globally, after China and India. As thus, Bangladesh’s textile chemicals market is forecast to grow at a CAGR of around 7% during 2014-19 as Dhaka is the largest consumer of textile chemicals in the country due to the presence of a large number of textile mills and garment factories in the region, according to report by TechSci Research.

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.

Huntsman, Dystar and Archroma are some of the country’s leading suppliers of textile chemicals, which are majorly imported from countries such as Singapore, India, China, Taiwan and South Korea.

The Bangladeshi textile chemicals market benefits from large-scale exports of knitted and woven garments from the country to international markets, including the US and EU. Growing demand for knitted and woven wear in these two markets has been surging the overall consumption of textile chemicals in Bangladesh.

The country is also exploring various other export markets, which is expected to further boost the demand for textile chemicals in Bangladesh over the forecast period. Leading textile brands such as Walmart, Mango and GAP manufacture their readymade garments in the country, which continues to benefit the market for high performance textile chemicals.

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.