According to a new market research report published by Credence Research, Inc. “Textile Chemicals Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” textile chemicals market was valued at US$ 21.80 Bn in 2016, and is expected to reach US$ 30.23 Bn by 2025, expanding at a CAGR of 3.7% from 2017 to 2025.
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The production and demand of textile products is growing at rate of more than 3% yearly owing to increasing demand from apparel industry due to rising population The market is also affected by factors such as growth in the demand for textile chemical from home furnishing products, development of eco-friendly chemicals for textiles industries, and evolution of packaging industries, require large textile chemicals.
Home furnishings was the dominating segment in the textile chemicals market in 2016, owing to the increase in spending capacity and rising disposable income of consumers in developing economies such as China and India. Apparel segment is the fastest growing applications segment of textile chemicals market, due to the change in the lifestyle of people and consumer choice in emerging economies. Industrial and other application segment include medical gloves, workshop clothing, geotextiles, and any more. Industrial and other application segment is expected to grow at a moderate rate in the forecast period.
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Asia Pacific was the largest market of textile chemicals in 2016, owing to the significant demand for textile chemicals in various applications industries. Asia Pacific had a share of more than 50% of the global textile chemicals market in 2016. Europe was another lucrative market for the textile chemicals in 2016, due to the rise in demand for textile chemicals in technical textile applications majorly in Germany and Turkey. North American market for textile chemical is expected to expand at a moderate growth rate during the forecast period.
Apprehension of governing bodies concerning about unfavorable effects of textile chemicals on environment and development of new bio based textile chemicals is restricting the growth of the textile chemical market. . Whereas, development in technological innovation for making new textile chemicals is anticipated to create a new opportunity for the manufacturers of textile chemicals in the near future. Moreover, growing number of products of textile chemicals in various applications is expected to be major opportunity for the growth of textile chemicals market.
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Global textile chemicals market is consolidated and tremendously competitive, with large number of major players. To sustain in the strongly competitive market, several players are making new varieties of textile chemicals to enhance the comfort, durability, and functional benefits of textile products. Some of the major companies operating in the market include Archroma, BASF SE, Bayer AG, Covestro AG, Dow Chemical Company, DyStar Group, Fibro Chem, LLC, German Chemicals Ltd., Huntsman International LLC, Kiri Industries Limited, Omnova Solutions, Inc., Omya United Chemicals, Pulcra Chemicals, Sumitomo Chemicals Co., Ltd., and The Lubrizol Corporation.
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