The ASEAN and South Asia dyestuff for textile market size is projected to cross $1.9 billion by 2023, growing at a CAGR of 7.8% during 2017-2023. The market is growing mainly due to the tremendously high demand of dyestuff from the home textile and automotive textile industries, in emerging economies.
In terms of type, the ASEAN & South Asia dyestuff for textile market is segmented into reactive dyes, disperse dyes, vat dyes, direct dyes, acid dyes, sulfur dyes, and others. Reactive dyes held the largest share of the ASEAN and South Asia dyestuff for textile market, in terms of both value and volume, in 2016. The main characteristic of reactive dyes is the formation of a covalent bond with cellulose, which is the key component of cotton fibers, making it the most permanent of all dyes. This makes reactive dyes a preferred choice over other dyes in the ASEAN and South Asia dyestuff for textile industry.
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The increase in government support for the development of textile industry and bringing innovation to it, fuels the market growth. For instance, as per the data provided by Indonesia- investments, the government of Indonesia targets to increase the nation's value of exported textile and garments to $75 billion by 2030. With this, Indonesia aims to increase its contribution to global export by 5%. In addition, governments of ASEAN and South Asian countries are employing low-wage labor, and funding the installation of textile plants & factories, which in turn is driving the growth of the ASEAN and South Asia dyestuff for textile market.
On the basis of type, the ASEAN and South Asia dyestuff for textile market is segmented into reactive dyes, disperse dyes, vat dyes, direct dyes, acid dyes, sulfur dyes, and others. Reactive dyes held the largest share of the ASEAN and South Asia dyestuff for textile market, in terms of both value and volume, in 2016. The main characteristic of reactive dyes is the formation of a covalent bond with cellulose, which is the key component of cotton fibers, making it the most permanent of all dyes. This makes reactive dyes a preferred choice over other dyes in the ASEAN and South Asia dyestuff for textile market.
India held the largest share of the ASEAN and South Asia dyestuff for textile market, in terms of both revenue and volume, in 2016. There has been a significant growth in the dyestuff industry during the last decade, which has created an export opportunity for India in the ASEAN and South Asia dyestuff for textile market. Due to the enforcement of strict pollution control norms, several units in countries such as the U.S., Germany, France, and the U.K., has resulted in a closure of units, which has given rise to capacity building in India, and has hence, made the country a largest market in dyestuff for textile.
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Indonesia is among the top ten textile producing countries . The textile and garment industry contribute significantly to the country’s gross domestic product (GDP) growth and its foreign exchange earnings. The Indonesian dyestuff textile market was valued at $112.8 million in 2016 and is projected to reach $186.4 million by 2023, growing at a CAGR of 7.6% between 2017-2023. The government of Indonesia targets to increase the nation's value of exported textile and garments to $75 billion by the year 2030.
Some of the key players operating in the ASEAN and South Asia dyestuff for textile market are Huntsman Corporation; Krishna Dyestuff Company; Monarch Dyestuffs Industries and Exports Ltd.; Sumitomo Chemical Company, Limited; Lanxess AG; E.I. du Pont de Nemours and Company; BASF SE; Atul Ltd.; Hangzhou Sunshine Chemicals Co., Ltd; and Arkema Group.
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