Analysis of the Global Dyestuff for Cotton Market in terms of Market Dynamics in Historic and Forecast Period
Dyes are aromatic and ionizing compounds, which has large affinity towards the substrate applied to. These are of two types namely natural and synthetic dyes. Synthetic dyes use various color modifiers such as methyl and ethyl group in order to alter the color of the dyes, which finds wide applications in various end-use industries such as textile (non-woven), healthcare and personal care. The growing textile industry in Asia Pacific, in turn is expected to boost growth of the dyestuff for cotton market during 2017-2025. China and India are the major manufacturers and exporters of textiles across the world. The Indian textile industry comprises small scale, weaving, finishing, non-integrated spinning and apparel enterprises. Favorable government policies such as tax policy, regulations and labor intensive enterprises coupled with employment opportunity to the ever growing populations is propelling growth of the textile industry. This is expected to boost the market for dyestuff for cotton, as this industry uses large volumes of dyestuff for providing texture to the finished product. For instance, according to India Brand Equity Foundation (IBEF)—a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the Indian textiles industry, in 2016, at around US$ 108 billion, and is projected to reach US$ 223 billion by 2021.
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The growing textile trade activities between Asia Pacific and North America is expected to propel the growth of the non-woven end use industry. However, stringent government regulations in North America in terms of export and import of non-woven textiles is expected to hinder growth of the market for dyestuff for cotton during the forecast period. For instance, in April 7, 2008, The Consumer Product Safety Commission (CPSC) published on March 25, 2008 a final rule amending the 1953 flammability standard for clothing textiles (16 CFR 1610). According to the CPSC, the rule clarifies and modifies definitions and procedures to generally match those already in practice, and therefore should not increase costs of compliance for manufacturers and importers.
The global dyestuff for cotton market size was valued at US$ 2.21 billion (revenue) and 830.7 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 5.7% in terms of revenue and 4.6% in terms of volume during the period 2017 – 2025.
Increasing use of dyestuff in the healthcare industry is propelling growth of the market for dyestuff for cotton, due to its various application in medical test and drugs. For instance, fluorescein angiography dyes are used to carry out angiogram test to highlight the arteries. This test is conducted to check the abnormalities in the circulation system and to detect any kind of leakage or abnormal blood vessels, which cannot be seen on X-Ray test. Also, various dyes used in capsules and syrup includes, titanium dioxide, dispersing materials, FD & C dyes and D & C dye which are approved by the U.S. Food and Drug Administration (FDA) in 2015. Among end-use segments, the healthcare industry segment accounted for the largest share in 2016 and the trend is expected to continue during the forecast period.
North America, followed by Europe and Asia Pacific, respectively accounted for major share in the global dyestuff for cotton market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, North America held a share of 33.10% in terms of volume, followed by Europe (28.10%). Ever since, Asia Pacific is growing as a prominent hub for textiles industry across the region, due to low production cost which in turn is expected to create a lucrative opportunity for dyestuff for cotton market during the forecast period. Also, Middle East is expected to create major growth opportunity for textile industry due to large amounts of hydrocarbons deposits and high economies of scale in the region. This creates a highly conducive environment for manufacturers of nylon fibers and resin. These nylons are widely used in textile industry, which in turn is expected to fuel growth of the dyestuff for cotton market during the forecast period.
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Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Major players in the global dyestuff for cotton market include Clariant AG, Kemira, Huntsman Corporation, Sumitomo Chemical Company Ltd., Rockwood Pigments Inc., Arkema SA, BASF SE, DuPont, Lanxess AG and Kiri Industries Ltd among others.
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