The rising need for better and smarter textiles in various industrial applications is supporting the expansion of armamentarium of advanced and enhanced textile. This is prompting players in the global textile chemicals market to invest in research and development activities to cater to the changing consumer demands, observes Transparency Market Research (TMR) in a new study. For instance, companies such as The Dow Chemical Company are launching antimicrobial technology that restricts the growth of harmful bacteria on textiles.
Other prominent participants in the market are The DyStar Group, Kiri Industries Limited, Huntsman International LLC, Solvay SA, Covestro AG, The Lubrizol Corporation, and Pulcra Chemicals GmbH. “These players are focusing towards mergers and acquisitions to expand their market shares. This strategy is also helping them in expanding their existing product portfolio and augmenting expertise,” says the author of the report.
TMR analysts have pegged the opportunity in the global textile chemicals market at US$21.02 bn in 2015. The market is expected to be worth US$29.15 bn by the end of 2024, progressing at a CAGR of 3.7% between 2016 and 2024.
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On the basis of application, the home furnishings segment will be at the forefront of growth throughout the forecast period, reaching a valuation of US$10.22 bn by 2024. The improving economic conditions along with the increasing number of residential construction projects, especially in emerging nations, are supplementing the growth of the segment. The growing sales of various home furnishing products, including towels, curtains, toilet linen, carpets, and rugs are augmenting the demand for textile chemicals. The segment is anticipated to expand at a CAGR of 3.1% during the same period.
Geographically, Asia Pacific will continue to be the most prominent segment in terms of volume until 2024, owing to the snowballing demand for textile chemicals from the home furnishings and apparel sectors. The region is poised to post a CAGR of 4.5% during the review period.
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Increasing Spending on Clothing and Textiles to Trigger Demand for Textile Chemicals
The rising disposable income of the people worldwide is resulting in increased spending on clothing and textiles. This, in turn, is creating a staggering volume of demand for textile chemicals. The strengthening economic conditions are allowing end-user sectors such as industrial, textile, packaging, and pharmaceutical to gain traction, which is working in favor of the global market for textile chemicals.
“The ability of these chemicals to improve the characteristics of textiles by adding versatility and strength to them is boosting the overall revenue of the market,” says a TMR analyst. Apart from this, the development of technical textiles along with their soaring demand among industries such as healthcare, sports equipment, agriculture, and environmental protection gears is stoking the growth of the market.
Harmful Effects of Textile Chemicals on Environment and Human Health to Take Toll on Market Growth
The repercussions of the usage of chemicals on the environment and the human health are limiting the global textile chemicals market from realizing its utmost potential. The untreated disposal of waste from textile chemical manufacturing plants is not only leading to water pollution but also a considerable water shortage. Besides that, it has an adverse effect on the quality of soil, which creates a critical impact on the surrounding lives. However, the spiraling demand for textiles across the construction industry and the increasing adoption of sterilized textiles among health conscious people are offering immense opportunities for the growth of the global textile chemicals market.
The report segments the global textile chemicals market as follows:
Global Textile Chemicals Market, by Product
Coating & Sizing Chemicals
Colorants & Auxiliaries
Global Textile Chemicals Market, by Application
Industrial & Other
The information presented in this review is based on a TMR report, titled, “Textile Chemicals Market (Product - Coating and Sizing Chemicals, Colorants and Auxiliaries, Finishing Agents, Surfactants, and Desizing Agents, Bleaching Agents, and Yarn Agents; Application - Home Furnishing, Apparel, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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