TEXTILE DYE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)
Dyes are used for coloring fabrics. Dyes absorb and reflect light at a specific wavelength, giving the human eye a sense of color. Dyes impart beauty to the fabrics. With the increased internet penetration, consumers are now looking for easy shopping, better offers, and easy return policies. The growth in online sales contributed to the apparel industry's growth. Nowadays, clothing is a symbol of aspiration, personality, and status. Consumers have shifted from need-based to aspiration-based clothing. The demand for aspiration clothing increased, which is expected to drive the textile dyes market.
India is a global leader in producing numerous textile products, including silk, cotton, and Multimode Fibre. According to the report published on September 2022 by IBEF, the Indian textile and apparel sector is worth over USD 100 billion and contributes 14% of the nation's industrial output.
The Textile Dyes market is projected to register a CAGR of more than 4% during the forecast period. COVID-19 negatively impacted the market in 2020. However, the market is now estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
Over the short term, the growing demand for textile dye from the apparel industry is expected to drive the market's growth.
The stringent environmental regulations related to textile effluent disposal are expected to hinder the growth of the market studied.
Increasing demand for biodegradable materials for textile manufacturing is expected to act as an opportunity for the market studied.
The Asia-Pacific region is expected to dominate the market during the forecast period owing to its growing development in major countries such as India, China, and Japan.
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