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A minimum of 16 individuals have perished after a massive fire erupted at a garment factory in Bangladesh, with authorities stating that the number of victims could climb.

A total of sixteen bodies have been retrieved but were charred unrecognizable, the fire service reported.

Grief-stricken relatives assembled outside the four-storey factory in Dhaka's Mirpur area on Tuesday in looking for their dear ones still unaccounted for.

The fire, which erupted at the factory around midday, was extinguished after multiple hours. But an neighboring chemical warehouse remained ablaze, emergency services said.

Until 21:00 local time (15:00 GMT) yesterday, the fire at the chemical warehouse had not been completely doused, news sources indicated.

Fire service officials have not determined which of the two buildings caught fire first.

Per eyewitnesses, the chemical warehouse housed bleaching powder, plastic materials and chemical peroxide, all of which can worsen fires. Synthetic materials also releases toxic fumes when burned.

Security personnel are still attempting to find the proprietors of the factory and the warehouse, fire department chief Mohammad Tajul Islam Chowdhury told reporters.

An inquiry on whether the warehouse was functioning with proper authorization is also currently underway, he mentioned.

Tearful family members stood outside the charred buildings, many of them holding photographs of their missing relatives.

Present at the scene is a man seeking urgently for his daughter, his family member.

"When I was informed of the fire, I came running. But I still cannot locate her... I just want my loved one back," he stated to reporters.

The tragic incident has once again highlighted the safety concerns plaguing Bangladesh's garment industry, which engages millions of workers and is a major contributor to foreign revenue for the country.