Indian Textile Chemicals Market is estimated to grow at a substantial CAGR of 5.1% during the forecast period. India is a growing economy and holds great potential for future market opportunities. The country witnessed a decline in its GDP to 5% in the quarter ending June 2019 (its lowest in five years) from 7.1% in 2018. The stagnation caused in the industrial output, greenfield investment, and flattened demand have led to a decline in the growth rate in the country. However, the outbreak of COVID-19 has further affected the economy at present. The textile industry in India is one of the most vital sectors of the economy, contributing over 2% to the country’s GDP. India is the world’s second-largest manufacturer and exporter of textile and apparel after China. India’s textile sector is one of the oldest industries in the Indian economy, dating back to several centuries. The Indian textile industry is estimated to register a CAGR of nearly 8.0% during the forecast period. The government of India has announced to invest of over $100 million in setting up 21 ready-made garment manufacturing units for the development and modernization of the Indian textile sector.
Further, drivers for the textiles and apparel industry include India’s rising middle class, its ongoing urbanization, and the rising number of nuclear families, which have resulted in westernized tastes and higher consumption and spending. This creates opportunities for boosting domestic production capacity and expertise, as well as for the entry, or deeper penetration of, global textile and apparel brands. Emerging trends including technical textiles, a global player in fast fashion, textile parks to attract global investments, and technology upgradation, all are playing an important role in advancing the textile industry in the country, which, correspondingly accelerates the demand for textile chemicals.
Moreover, industrial manufacturing in the country has emerged as one of the high growth sectors. The “Make in India” initiative is an opportunity for the country to make it a manufacturing hub. This program is expected to aid the country to become the fifth largest manufacturing hub by the end of 2020. However, COVID-19 has negatively impacted growth, and it is also expected to impact the market for textile chemicals.
The Indian textile chemicals market is segmented based on type, application, and raw material. Based on type, the market is classified into colorants & auxiliaries, coating & sizing chemicals, surfactants, desizing agents, finishing agents, and others. Based on application, the market is segmented into apparel, automotive textile, home furnishing, industrial textile, and others. Based on raw material, the market is fragmented into synthetic, cotton, wool & cashmere, silk, rayon/viscose, others.
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Indian Textile Chemicals Market Segmentation
By Type
- Colorants &Auxiliaries
- Coating&Sizing Chemicals
- Surfactants
- Desizing Agents
- Finishing Agents
- Others
By Application
- Apparel
- Automotive Textile
- Home Furnishing
- Industrial Textile
- Others
By Raw Material
- Synthetic (Polyester, Nylon)
- Cotton
- Wool & Cashmere
- Silk
- Rayon/Viscose
- Others
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Company Profiles
- Archroma
- Bodal Chemicals Ltd.
- Fineotex Chemical Ltd.
- Himson Chemical Industries Pvt. Ltd
- Huntsman International LLC
- JAY Chemical Industries Pvt. Ltd.
- K-TECH India Pvt. Ltd
- Kiri Industries Ltd.
- N. Chemical Industries
- Rossari Biotech Ltd.
- Sarex Chemical Ltd.
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