Textile Chemicals Market Size, Historical Growth, Analysis, Opportunities and Forecast
Market Overview
MRFR (Market Research Future) presumes that the textile chemicals market will clock in a moderate growth rate of 4.5% from 2023 to 2030. By the end of 2030, the market is also projected to touch USD 36 billion, signifying favorable growth prospects.
Top Boosters and Deterrents
Textile chemicals market form a significant part of the fabric processing and are added to impart a number of appealing features including antimicrobial properties, sweat absorbency, stain resistance, wrinkle resistance, finish and desired texture to the fabrics. On a dim note, toxic emissions during manufacturing poses a significant risk to not only the environment but human health as well. Moreover, water shortage along with contamination brought on by the expanding textile sector has given way to several strict regulations on use of such chemicals.
On the bright side, experts are witnessing a fast-emerging trend in the global market, which is the escalating demand for bio-based textile chemicals, in view of mounting need for eco-friendly and sustainable solutions. Major companies are therefore, working on introducing eco-friendly chemicals in the market while also trying to expand their production bases across different regions. Support from government incentives along with soaring concerns regarding climate change also foster the demand for bio-based textile chemicals in the global market. Furthermore, developing markets such as Bangladesh, Indonesia, Cambodia, and Vietnam on account of adequate manufacturing infrastructure and low labor costs offer stunning opportunities to the global players.
Segmentation Insight
Based on the type of chemicals, the market can be segmented into:
- Coating and Sizing Chemicals
- Colorants and Auxiliaries
- Finishing Agents
- Surfactants
- Desizing Agents
- Bleaching Agents
Based on application, the market can be segmented into:
- Apparel
- Home Textiles
- Technical Textiles
Regional Status
The textile chemicals industry can be regionally categorized into North America, Asia Pacific or APAC, Europe, MEA or Middle East Africa and Latin America.
As of 201, Asia Pacific was identified as the highest gainer in the global industry, on the backdrop of rapidly surging use of textile chemicals, especially since the region is world’s biggest textile manufacturer. Fast-paced industrialization, advancing economic status and favorable government policies also act in favor of the textile chemicals market of the region. The availability of low-cost labor combined with the surge in exports as well as evolving lifestyles of the mass in the face of rising urbanization should also raise the consumption rate of textile and ultimately textile chemicals in the following years. Interestingly, the Indian market has emerged as a strong contender, with most of the manufacturers in the country increasingly focusing on spending generously on product innovation, largely encouraged by the Make in India programs as well as various other initiatives by the government. Robust preference for apparels that come in varying designs and textures among the youth has landed India among the top textile industries in the world. Also, with the rising disposable income of the consumers and the emerging trend of casual clothing seems to be working in favor of the textile chemicals market in the country.
The huge industrial bases across Europe and North America along with the rampant demand for technical textiles across healthcare, construction and automotive sectors have been favorable for the textile chemicals market in these regions. Technical textiles enjoy high demand in North America, especially in the US, given the rapidly surging product use in numerous applications including manufacturing, medical and chemical. Significant preference for stain-resistant, luxurious, and anti-microbial fabrics in the region has set off the growth rate of the regional market as well. The emergence of advanced technologies including sterilized textiles should further benefit the North American market. The European market is witnessing booming sales of high quality and branded fabrics amidst the high sense of fashion. Europe has managed to gain the upper hand in the global market with the rising uptake of smart technologies in coloring of fabrics.
Industrialization rate has been rising across emerging countries like Chile and Brazil, making Latin America a strong market for textile chemicals. On the other hand, presence of a thriving infrastructural base in UAE, Saudi Arabia and GCC has made MEA a lucrative market.
Major Vendors
FCL (India), Covestro (Germany), Wacker Chemie AG (Germany), Archroma (Switzerland), Huntsman International LLC (US), GIOVANNI BOZZETTO S.p.A. (Italy), AkzoNobel NV (Netherlands), Kemin Industries (US), TANATEX Chemicals B.V. (Netherlands), Evonik Industries (Germany), OMNOVA Solutions Inc (US), Rudolf GmbH (Germany), Croda International Plc (UK), Indofil (India), DowDuPont (US) are the active players in the textile chemicals industry.
Latest Updates
Jan 2022 Huntsman is conducting a strategic evaluation of its textile effects division, which might lead to a sale. The company creates wool, cotton, nylon, and polyester textile dyes. It is anticipated to generate approximately $600 million in sales in 2020, accounting for about 10% of its total revenue. In 2006, Huntsman acquired the company from Ciba Specialty Chemicals. It had considered spinning off the firm with its titanium dioxide division, Venator Materials, in 2017 but chose to maintain it.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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