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Textile Chemicals Market to Grow at a CAGR of 5.35% by 2030

According to ChemAnalyst report, “Global Textile Chemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global textile chemicals market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 5.35% during the forecast period. Robust growth of the apparel market in developing economies coupled with increasing population and per capita income is expected to drive the demand of textile chemicals during the forecast period Moreover, growing fashion industry and shorter replacement cycles of apparel industry is also another factor influencing demand growth during the forecast period. Pollution caused by textile dyeing and finishing industry is expected to hinder demand growth during the forecast period.

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Textile chemicals are the chemicals which are used in dyeing and processing of textiles to attain desired properties like color, mechanical strength etc. Textile chemicals are of several types including colorants and auxiliaries, coating, and sizing, desizing agents, finishing agents, surfactants, and bleaching agents. Textile chemicals find application in various types of textiles including apparel, home textile, technical textile etc. they impart several properties to the textile such as desired shade, tensile strength, shear strength, bleaching etc.

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Textile chemicals can be segmented into types based on their functionality. Based on functionality they are colorants and auxiliaries, coating, and sizing, desizing agents, finishing agents, surfactants, and bleaching agents all having their own functionalities. For example, bleaching agents are used for bleaching of the textile before coloration. Out of the following colorants and auxiliaries dominate the global market share for textile chemicals. They provide the textile the necessary shade and texture.

Textile chemicals are related to textiles hence their price is directly linked to the fluctuations in the demand of textiles including apparel, home textile, and technical textile. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of textiles rendered a major downfall in the global textile chemicals, hence the prices remained low for textile chemicals during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.

Regionally, Asia Pacific dominates the Global textile chemicals market and holds the largest market share in FY20. Asia’s textile chemicals market is anticipated to grow in the economies like China due to increasing demand of textiles. Moreover the growing population and fashion industry is another factor propelling demand growth in the Asia Pacific.

According to ChemAnalyst report, Global Textile chemicals Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global textile chemicals market are Achitex Minerva S.p.A., Arkema Inc., Chemipol, Covestro AG, Dow, Formosa Organic Chemical Industry Co Ltd, Kemira, L. N. Chemical Industries, Nouryon, Sarex, Tanatex Chemicals B.V., The Lubrizol Corporation, Wacker Chemie AG.

 “Being linked to the textile industry, the global textile chemicals industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities for textile chemicals.  With new competitors emerging across the Asia Pacific textile chemicals market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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