Bangladesh's textile chemicals market is forecast to grow at a CAGR of around 7 per cent during 2014-19 period. Bangladesh continues to be a major textile exporting country after China and India. The textile chemicals market in Bangladesh benefits from large-scale exports of knitted and woven garments globally. Growing demand for knits and wovens in the US and EU has pushed up the overall consumption of textile chemicals in Bangladesh. The country is also exploring various other export markets, which is expected to further boost the demand for textile chemicals in Bangladesh over the forecast period.
Major factors that would boost textile chemicals market in Bangladesh include the country's growing textile industry, rising readymade garment exports to global markets, and growing demand for multi-functionality and specialty chemicals in the country. Leading textile brands manufacture their readymade garments in Bangladesh, which continues to benefit the market for high performance textile chemicals.
Textile chemicals are used for coloring 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 fibers.