The Global Textile Chemicals Market Driven by Rapid Urbanization
The global textile chemicals market provides chemical products such as coatings and finishing agents to the textile industry which enhance the feel, appearance, durability, and other properties of textiles. Textile chemicals including finishes, colorants, surfactants, softeners, thickeners are essential for functionality and meet the demands of quality fabric for apparel, home furnishings and other industrial uses. The textile chemicals impart properties like wrinkle resistance, soil and stain resistance, softness, water and flame retardancy.
The Global Textile Chemicals Market is estimated to be valued at US$ 32.64 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the textile chemicals are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., and Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. The growing demand for finished and refined textile products from various end-use industries including clothing, home furnishing has been fueling growth in textile chemicals market. Additionally, growing population and rapid urbanization along with rising disposable incomes in developing economies are supporting the global expansion of textile chemicals market.
Market drivers
Rapid urbanization has been one of the key drivers for Textile Chemicals Market Size The surging demand for apparels and home furnishing due to rising population and increasing living standards has augmented the consumption of textiles. This has significantly propelled the demand for textile chemicals to provide specialized features and embellish textile products. According to United Nations projections, approximately 68% of the world population will live in urban areas by 2050 which will continue to drive the sales of textile chemicals globally over the forecast period.
Impact of geopolitical situation on Textile Chemicals Market growth
The current geopolitical situation has impacted the growth of the Textile Chemicals market significantly. The ongoing Russia-Ukraine conflict has disrupted global supply chains and increased input costs for textile chemicals. Both Russia and Ukraine are major suppliers of raw materials like natural gas, soda ash, titanium dioxide, and specialty chemicals used in textile processing. Restrictions on Russian exports and port closures in Ukraine have led to raw material shortages and price volatility.
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