Textile Dyes Market to hit US$ 8 billion by 2031

Latest insights published by Fact.MR on the textile dyes market forecasts a valuation exceeding US$ 8 billion by 2031. Rapidly evolving fashion trends are stimulating demand for trendy apparel, prompting manufacturers to include new color combinations and designs, pivoting sales, and are expected to push market expansion at a CAGR of over 6% through 2031.The market posted impressive gains over the last 5 years, closing in on US$ 6 billion by the end of 2022. An annual growth rate of approximately 5% was registered during the said timeframe. Manufacturers are expected to primarily focus on Asian markets, with prominent countries such as India and China emerging as lucrative growth hubs. According to the India Brand Equity Foundation (IBEF), India’s textiles industry contributed 7% to industry output in FY 2018-19, with an expected valuation of over US$ 23 billion by 2027. Likewise, according to Textile World, China’s chemical fiber production exceeded 50 million tons, comprising over 66% of global production. Such trends are motivating prominent players to increase foray across these markets.

Key Takeaways from Market Study

• Demand for direct textile dyes to remain high, reaching over US$ 2 billion by 2031

• Reactive textile dyes to experience the fastest growth at approximately 7% CAGR until 2031

• Dyes for viscose fibers are expected to incline at a CAGR of around 6%

• Polyester textile dyes to expand impressively, registering a CAGR of around 7%

• The U.S. is likely to register heightened textile dye sales, reaching almost US$ 700 million in 2021

• India, South Korea, and Australia to collectively reach slightly over US$ 600 million by 2031

• China to generate over US$ 2 billion in revenue across the textile dyes landscape