Textile chemicals market has been witnessing strong growth on account of increasing demand from home furnishing industry over the past few years. Increasing residential projects in BRICS countries is anticipated to surge the market growth over the next five years. Textile chemicals are used in textile manufacturing to improve and optimize the manufacturing process. Various types of textile chemicals include printing chemicals, finishing chemicals, antistatic agents, dying chemicals and specialty chemicals. Increasing demand for these chemical products is expected to augment the market growth in near future. In addition, growth in textile and apparel industry is further expected to complement the market growth over the next five years. Improving R&D activities by key market players to enhance the application scope of textile chemicals is anticipated to open new avenues for the market over the forecast period. However, availability of bio-based alternatives is expected to impose threat to the market growth over the next five years. High cost of finished technical textile is also a key challenge for market players.
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Coatings and sizing chemicals have been the largest market for textile chemicals over the last few years. Growing application scope of sizing chemicals in textile industry to enhance strength and abrasion resistance of yarn to avoid its breakage is the key factor to boost sizing chemicals demand over the forecast period. Growing demand for high quality textiles is the key factor to boost coating chemicals demand. Colorants and auxiliaries were the second major market in 2013, but this product segment is anticipated to lose its market share over the next five years owing to the availability of other substitute organic colors. Finishing agents witnessed significant growth in recent past on account of increasing demand from end-use industries. Other key product segments include surfactants, desizing agents and bleaching agents. Growth of this product segments is anticipated to augment the market growth to some extent.
Home furnishing has been the largest application segment for textile chemicals over the recent past, and the trend is expected to continue over the next five years. Increasing residential projects in emerging countries including India, China, Russia and Brazil is anticipated to augment the home furnishing industry growth over the forecast period. Increasing demand for home furnishing is anticipated to surge textile chemicals market growth over the foreseeable period. In addition, changing life styles coupled with increasing disposable income of consumers is motivating them to spend more on luxurious furniture, which in turn is expected to boost textile chemicals demand over the forecast period. Apparel manufacturing was the second major market for textile chemicals. Strong growth in apparel industry over the last decade has been driving the market and the trend is expected to continue over the forecast period. Increasing demand for fire retardant fabrics, green house fabrics and airbags in automobiles is expected to augment the market growth over the projected period.
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Asia Pacific has been the largest market for textile chemicals over the past few years and is expected to dominate the global market over the forecast period. Large number of end-use industries including apparel and home furnishing in this region is the key factor expected to drive the market. Rapid industrialization in emerging countries such as India and China is further expected to complement the market growth over the foreseeable period. RoW was the second major market in 2013 on account of increasing industrial applications coupled with growing apparel demand in Brazil.
The market is moderately concentrated in nature with top four players accounting around 40% of global market share in 2013. Key players in this market include Huntsman International, BASF SE, The Dow Chemical Company, Bayers AG, The Lubrizol Corporation and Kiri Industries Limited
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