According to TechSci Research report, “Vietam Textile Chemicals Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Vietnam Textile Chemicals Market stood at USD 90.56 million in 2023 and is anticipated to grow with a CAGR of 4.28% in the forecast period. The government's proactive measures regarding textile chemicals have created favorable conditions for the Vietnam Textile Chemicals Market. Various factors contribute to the growth of different textile chemical products.
On August 6th, 2022, a significant milestone was achieved when the Vietnam government approved Resolution 115/NQ-CP. This resolution outlines a comprehensive strategy to boost the development of supporting industries in Vietnam from 2020 to 2030, with a particular focus on enhancing the textile sector. The resolution underscores the importance of sustainable practices, implicitly highlighting the necessity for responsible management and utilization of textile chemicals. In collaboration with the Vietnam Cleaner Production Centre, the government has initiated an innovative partnership aimed at evaluating circular concepts and business models within the textile industry. This collaborative endeavor seeks to explore novel approaches like chemical leasing, which advocate for the responsible use and recycling of textile chemicals. Through the adoption of such forward-thinking strategies, Vietnam is proactively advancing towards establishing a sustainable and environmentally conscious textile industry.
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The Vietnam Textile Chemicals Market is segmented in product, application, regional distribution, and company.
Based on application, the apparel segment held the largest share in the market. Vietnam's textile industry is heavily skewed towards garment manufacturing, with apparel constituting a significant portion of the country's textile exports. This high demand for apparel necessitates a correspondingly large volume of textile chemicals for processes such as dyeing, finishing, and enhancing fabric properties. The apparel segment typically requires a wide variety of chemical treatments to achieve desired colors, textures, and functionalities, driving the demand for a diverse range of textile chemicals. The rapid growth of Vietnam's garment industry, fueled by favorable government policies, low labor costs, and increasing export opportunities, further amplifies the dominance of the apparel segment in the Vietnam Textile Chemicals Market.
Major companies operating in Vietnam Textile Chemicals Market are:
- NICCA VIETNAM CO., LTD.
- Jintex Vietnam Company Limited
- Avco Vietnam Company Limited
- Dow Chemical International Limited
- Evonik Vietnam Limited Liability Company
- Lautan Luas Vietnam Company Limited
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“The Vietnam Textile Chemicals Market include the country's rapid industrialization, growing textile industry, emphasis on sustainability, participation in free trade agreements, and technological advancements. These factors fuel demand for textile chemicals, including dyes, finishing agents, and auxiliaries, driven by increased production volumes, export opportunities, and evolving consumer preferences. Government initiatives promoting the textile sector, such as infrastructure development and support for research and development, further stimulate market growth. These drivers collectively contribute to the expansion and competitiveness of the Vietnam Textile Chemicals Market in the global textile industry”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Vietnam Textile Chemicals Market By Product (Coating & Sizing Chemicals, Colorants & Auxiliaries, Finishing Agents, Surfactants, Others), By Application (Apparel, Home Furnishing, Technical Textiles, Others), By Region, Competition, Forecast & Opportunities, 2029F”, has evaluated the future growth potential of Vietnam Textile Chemicals Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Textile Chemicals Market.
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