Textile Chemicals Market Estimated to Paint a Colorful Growth by 2027
Water Treatment Chemicals
Updated on Aug 5, 2021
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Textile Chemicals Market 2021 for the study tenure till 2025. As per MRFR study, the global market of textile chemicals is likely to expand at 4.5% CAGR in the review tenure. By 2025, the market value of textile chemicals is expected to rise from USD 26.5 Bn in 2018 to USD 36 Bn by 2025.
Market Drivers and Restraints
The surging demand for textile chemicals in the manufacturing process of textiles that starts from pre-treatment of textiles to finishing can favor the market rise in the years to come. The availability of technology to enhance and optimize the entire textile manufacturing processes lifecycle for specific appearance, functionalities, and texture can prompt the growth of the textile chemicals market on a global scale.
The rise of the worldwide textile chemicals market can be primarily driven by the considerable surge in demand for technical textiles and home furnishing. The expansion of population base and increase in disposable income of consumers and their inclination towards home renovation activity are other causes that can favor the textile chemical market. The rise in popularity of home textiles as they are available in different forms can impel the textile chemicals in the years ahead. The growing demand for textile chemicals in commercial spaces owing to the rise in service industries, such as; banking, financial services, and insurance, along with information technology and telecommunications is expected to lead the textile chemical market to a bright future. In addition, continuous increase in construction activities, resulting in the surge in demand for technical textiles, such as; rugs, upholstery, curtains, table linens, and carpets can contribute to the expansion of the textile chemicals industry in the years to come. Moreover, the high demand for technical textiles and the introduction of some favorable government initiatives and policies to boost infrastructure spending in chemical manufacturing can also benefit the market.
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Huntsman International LLC (US), Archroma (Switzerland), AkzoNobel NV (Netherlands) DowDuPont (US), Evonik Industries (Germany), Wacker Chemie AG (Germany), Kemin Industries (US), Covestro (Germany), Croda International Plc (UK), OMNOVA Solutions Inc (US), FCL (India), Indofil (India), Rudolf GmbH (Germany), TANATEX Chemicals B.V. (Netherlands), and GIOVANNI BOZZETTO S.p.A. (Italy) are companies listed by MRFR.
The segment analysis of the global textile chemicals market is done by product type, fiber type, and application among others.
The fiber type-based segments of the textile chemicals market are synthetic fiber and natural fiber. The natural fiber segment studies wool, and cotton among others. The synthetic fiber segment studies polyamide, polyester, and viscose among others.
The product type-based segments of the global textile chemicals market are colorants & auxiliaries, surfactants, finishing agents, coating & sizing agents, bleaching agents, desizing agents, softening agents, and flame retardants among others.
The application-based segments of the global textile chemicals market are apparels, technical textiles, and home textiles among others. The segment of apparels is studied for outerwear, sportswear, and intimate among others. The home textiles segment studies curtains, bed linens, and carpets among others.
The study of the global textile chemicals market under demographic issues is based on Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America.
In Asia Pacific, the high consumption rate of textile chemicals and the increasing reputation of leading textile manufacturers can favor the market. Rapid industrialization, growing economic conditions, availability of cheap labor, supportive government policies, surge in export activities, dense population, and altering of lifestyles in the region are other causes that are likely to drive the textile chemical market in the APAC region.
The existence of a large industrial base in EU and North America, along with the upscaling demand for technical textiles across sectors, such as; construction, automotive, and healthcare industries is likely to favor the regional textile chemical market over the evaluation period. Industrialization across economically emerging regions, such as; Chile and Brazil, are expected to drive the demand for products in the Latin America region in the review period.
In the MEA region, the presence of a robust infrastructural hub in regions, such as; UAE, GCC, and Saudi Arabia, is expected to support the need for technical needs for the production of textiles chemicals. The rapid growth of the construction industry in MEA is also expected to cause the textile chemicals market to thrive, along with the aforementioned cause.
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