Global Textile Colorant Market to Hit $13.24 Billion by 2028
In March 2021, Ralph Lauren Corporation, a leading fashion company based in the U.S. launched a revolutionary dyeing platform called Color on Demand. It
would help in providing the world’s first scalable and sustainable zero wastewater cotton dyeing system.The company aims to transform the way the cotton coloring process occurs in the fashion industry. As per one of the company officials, “This groundbreaking approach required the participation of Corob, Dow, Huntsman Textile Effects, and Jeanologia. Together, we are aiming to tackle the challenge of pollution and water scarcity faced by the fashion industry.”
The global textile colorant market size is projected to grow from USD 9.42 billion in 2021 to USD 13.24 billion in 2028. The textile manufacturing industry is gaining high popularity in recent years because of the increasing R&D activities for developing unique dyes with oleo-phobic and hydrophobic properties.
Dow, for instance, launched a new line of durable hydrophobic compounds named Dowsil IE-8749 emulsion in February 2021. It would provide water repellency even after several washes and enhance fabric retention. The market stood at USD 9.16 billion in 2020. It is set to exhibit a CAGR of 5.0%in the forecast period (2021-2028).
Cancellation of New Orders by Global Fashion Brands to Hinder Growth amid COVID-19
The UN Conference on Trade and Development mentioned that during the first quarter of 2020, the trade value worldwide dropped by 3% owing to the outbreak of the COVID-19 pandemic.
Most of the textile companies rely on China for gaining access to high-quality textile colorant. But, the shutdown of manufacturing facilities because of lockdown norms has taken a toll on the industry. As stocks are piling up, global fashion brands are cancelling new orders. As per BGMEA, in July 2020, USD 1.5 billion orders were cancelled and USD 2 billion were on hold.
Increasing Demand for Technical Textiles from Various End-users to Aid Growth
The demand for technical textiles is surging nowadays because of their increasing usage in a wide range of industries, such as engineering, sports, and healthcare. These textiles have certain physical and chemical properties and are designed as per the requirements of end-users.The surging awareness regarding the benefits of these textiles, rising adaptability, and changing consumer preference would accelerate the textile colorant market growth in the upcoming years.
However, the dye manufacturing process is not sustainable and requires a lot of water, thereby making the sector very environmentally intensive. Hence, government agencies are implementing strict rules to prevent the usage of excessive water. It also leads to the coloration of natural water sources. This factor may obstruct the demand for these colorants.
Azo Dyes Segment to Dominate Stoked by Lower Costs and Easy Production Process
By type, the market for textile dyes and pigments is divided into azoic dyes, direct dyes, basic dyes, disperse dyes, reactive dyes, sulfur dyes, VAT dyes, and others. Out of these, the azo dyes segment holds the largest textile colorant market share. This growth is attributable to the easy production process and lower costs involved in the same.
•In 2020, Asia Pacific stood at USD 4.24 billion in terms of revenue. The expansion of the textile manufacturing industry in South Asia is anticipated to bolster growth. Also, China is considered to be the largest dye-producing country owing to the availability of cheap labor.
•In North America, the surging rates of obesity have compelled people to adopt healthy lifestyles. Hence, they are demanding active wear and sportswear for exercising that require textile colorant.
•In Europe, the increasing automotive production in the past five years is expected to surge the demand for luxury-laden cars. These cars are often decorated with a wide range of woody and earthy colors. It would propel the demand for these products.
Key Companies Aim to Compete by Developing New Products and Collaborating with Others
The market contains a large number of companies and is therefore reasonably diversified. Most of them are participating in collaboration and new product development strategies to cater to the high demand from customers. Huntsman Corporation is one of the leading companies in the market that recently came up with the HIGH IQ Black Eco Program.
Below is one of the significant industry developments:
•June 2020: ChromaScape, LLC acquired a processor of liquid and powder dyes named Greenville Colorants, LLC. It would help the former in expanding its presence in the Southeast and providing innovative technical expertise to customers.