ASEAN & South Asia Dyestuff for Textile Market Analysis, Share and Future Scope

LIVERPOOL, N.Y. - Jan. 21, 2021 - PRLog -- In 2014, the Indian government announced plans to set up integrated textile parks and offer financial support to small and mid-size textile companies. In the same way, Indonesia plans to generate $75 billion from textile exports by 2030 and increase its share in the worldwide textile exports by 5%. Such moves are expected to give a massive boost to the textile industry, which would lead to a rapid rise in the demand for various raw materials used here, including yarn and dyestuff.

P&S Intelligence credits these government efforts while forecasting that the ASEAN & South Asian dyestuff for textile market will grow from $1,163.6 million in 2016 to $1,938.9 million by 2023, at a 7.8% CAGR during 2017–2023 (forecast period). Dyes are soluble substances that are used to color textiles, apart from concrete and plastics. Before being applied to a substrate, these dyes are converted into an aqueous solution, i.e., mixed into a solvent.

Till now, the largest country in the ASEAN & South Asia dyestuff for textile market (https://www.psmarketresearch.com/market-analysis/asean-an...) has been India. Due to the closure of dyestuff production plants in several developed countries for failing to comply with the strict environmental norms, the supply of this material has declined, thereby raising its prices. This has opened a door of opportunity for Indian dyestuff manufacturers, who have answered the rising demand and short supply of dyestuff around the world by increasing their own manufacturing capacity for this material.

Thus, with the growth in the demand for apparel and government efforts to boost the textile sector, the requirement for dyestuff will keep increasing in South and Southeast Asian countries.