Bangladesh's textile chemicals market will grow 7 percent a year until 2019 on the back of rising global demand for the country's readymade garments, according to a report by TechSci Research.
The textile chemicals market benefits from large-scale exports of knitwear and woven garment products to international markets, including the US and EU, said TechSci Research, a Canada-based market research and consulting company.
The growing demand for knitwear and woven garment items in these two markets is raising the overall consumption of textile chemicals in Bangladesh, according to the report -- Bangladesh Textile Chemicals Market Forecast and Opportunities 2019 -- released on July 14.
Bangladesh is also exploring other export markets, which is expected to further raise the demand for textile chemicals in the country over the forecast period.
Factors that would boost the textile chemicals market in Bangladesh include its growing textile industry, rising garment exports, and growing demand for multi-functionality and specialty chemicals, said Rishi Koul, a consultant of TechSci Research.
Dhaka is the largest consumer of textile chemicals in the country due to the presence of a large number of textile mills and garment factories in the region, the report said.
Huntsman, Dystar and Archroma are some of the country's leading suppliers of textile chemicals, majority of which are imported from countries such as Singapore, India, China, Taiwan and South Korea.
Textile chemicals are used for colouring textiles and fabrics, improving the quality of textiles, and providing desired properties to the textile during processing.
These chemicals find widespread application during the processing of cotton, wool and synthetic fibres.
Bangladesh continues to be one of the major textile exporting countries globally after China, the report said.
Leading textile brands such as Walmart, Mango and GAP manufacture their garments in the country and continue to benefit the market for high performance textile chemicals.
Besides, the report also identified and analysed the emerging trends along with the essential drivers and key challenges faced by the Bangladesh textile chemicals market.
Bangladesh exported garment products worth $24.50 billion in the immediate past fiscal year, registering nearly 14 percent growth year-on-year, according to Export Promotion Bureau.