Product Code: ETC094063 | Publication Date: Aug 2023 | Updated Date: Apr 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
India Textile Enzymes Market registered a decline of -0.88% in value shipments in 2022 as compared to 2021 and an increase of 8.23% CAGR in 2022 over a period of 2017. In Textile Enzymes Market India is becoming less competitive as HHI index in 2022 was 2411 while in 2017 it was 1632. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Textile Enzymes Market.
The India textile enzymes market is witnessing significant growth due to the increasing demand for eco-friendly processing, improving processes with enzyme applications in various stages of pre and post treatment and garment finishing. Driven by favorable government policies such as Make in India, this sector has seen tremendous growth over the past few years. The major factors driving the growth of this sector include growing domestic demand from end users such as home furnishing, hotels & hospitality industry, readymade garments industries among others.
Some of the key drivers for India textile enzymes market are increased focus on environmental sustainability, implementation of new technologies like bio-enzymes for various treatments including bleaching and dyeing. Additionally, rising consumer awareness towards non-toxic materials used to manufacture fabrics is also a key factor contributing to its adoption rate. Moreover, players are investing heavily in research and development (R&D) activities related to developing innovative products that can meet customer specific requirements while reducing costs associated with production processes. This further propels the market growth prospects in near future.
On contrary side some of challenges associated with this sector includes high cost involved in initial setup which restrict small scale manufactures from entering into this domain however setting up environment friendly manufacturing units would be beneficial at long run. Besides these unstable policy framework coupled with limited knowledge pertaining to application process may affect smooth functioning during day today operations.Unavailability or lack of sufficient raw material resources often restricts efficient operations which need considerable amount time effort money put together all elements required for successful operations.Additionally volatile currency exchange rates variations hamper international trade leading price instability within local markets
The major players operating in India Textile Enzymes Market include biotechnology companies Dupont Industrial Biosciences , Novozymes , Puratos Specialty Ingredients etc.. Companies like Cvino Chemicals Pvt Ltd., Ujwalam Bioceuticals Pvt Ltd., Kaveri Enterprises are also playing important role by providing specialised services related to enzyme production process