New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "VAT Dyes Global Market Report 2023" - https://www.reportlinker.com/p06464237/?utm_source=GNW
, Eckart GmbH, Arkema S.A., Sinocolor Chemical, Sudarshan Chemical Industries Limited, Atul Ltd., Huntsman Corporation, and Sumitomo Chemical Co. Ltd.
The global VAT dyes market is expected to grow from $10.67 billion in 2022 to $11.41 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The VAT dyes market is expected to reach $14.25 billion in 2027 at a CAGR of 5.7%.
The vat dyes market consists of sales of fiber-reactive dyes, direct dyes, and acid dyes.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vat dyes usually referred to as "Oil colors," are natural coloring substances that can be applied to cloth by immersion, spraying, or pad printing. They are primarily used for printing on leather, wood, and other materials.
Asia-Pacific was the largest region in the vat dyes market in 2022. The regions covered in the vat dyes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vat dyes are carbazole derivatives, indigo derivatives, anthraquinone derivatives, thio-indigo dyes, and others.Carbazol derivatives refer to an organic compound with an aromatic heterocyclic structure.
The various methods include dip dyeing and pad dyeing. These are used in various applications such as wool, cotton, fiber, viscose rayon, leather, and others.
The increasing demand for textiles is expected to propel the growth of the vat dyes market going forward.Textiles are materials composed of fine threads or filaments that are either natural, synthetic, or a combination of both.
Vat dyes are primarily utilized in textiles as it has excellent chlorine fastness and is used for printing on cotton, cellulosic fibers, and textile materials, as a result, increasing demand for textiles increases the demand for the vat dyes market. For instance, in June 2022, according to a report shared by the Textile Industries Media Group LLC., a US-based domestic limited liability company, the value of US textile exports was $25.3 billion in 2020 and increased to $28.4 billion in 2021. The US exported $16.1 billion worth of textiles and apparel to the western hemisphere in 2021, a 6.5 percent increase over the previous five years. Therefore, demand for textiles is driving the growth of the vat dyes market.
Product innovation is a key trend gaining popularity in the vat dyes market.Major companies operating in vat dyes market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in January 2022, Atul Ltd., an India-based integrated chemical company, launched NOVATIC Classic Dark Green Pdr and NOVATIC Classic Dark Navy Pdr., a customized vat dye products. These vat-dyed products have excellent build-up, reproducibility, and overall fastness properties and offer superior tinctorial strength. The best applications for this product are furnishings, leisure wear, and institutional wear. These products also provide customized colors for modest textile clusters.
In June 2021, Sun Chemical (a member of the DIC group), a US-based chemicals company acquired BASF SE., for an undisclosed amount. Through this acquisition, Sun Chemical aims to expand its product portfolio for electronic displays, cosmetics, coatings, inks, plastics, and specialty applications and also highlights its dedication to providing solutions that are specifically tailored to customers’ needs. BASF SE is a Germany-based chemical company producing VAT dyes for textile industry.
The countries covered in the vat dyes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The VAT dyes market research report is one of a series of new reports that provides VAT dyes market statistics, including VAT dyes industry global market size, regional shares, competitors with a VAT dyes market share, detailed VAT dyes market segments, market trends, and opportunities, and any further data you may need to thrive in the VAT dyes industry. This VAT dyes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464237/?utm_source=GNW
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