According to Precedence Research, the global textile chemicals market is expected to drive growth at a CAGR of 4.3% over the forecast period and projected to reach over US$ 35.4 billion by 2027.
Rapid growth of the apparel industry along with increasing penetration of online retail shops has bolstered the textile chemicals market growth. These chemicals are added in the fabric during its processing to impart specific characteristics to the apparel. Some of the specific features imparted by textile chemicals to the apparel include antimicrobial properties, sweat absorbent, stain resistance, wrinkle resistance, finish to the fabric, and desired texture.
However, release of harmful chemicals in the environment during the manufacturing process negatively impact human health, thereby restricts the market growth. Further, various regulations imposed by the government on the usage of textile chemicals expected to hinder the growth of the market. Nonetheless, a shifted focus of the manufacturing companies towards green chemicals i.e. bio-chemicals anticipated to open up new opportunities for the market growth in the coming years. These bio-chemicals are environmental-friendly as well as cost-efficient as they are made from plant and animal fat oil.
Coating & sizing chemicals dominated the global textile chemicals market in terms of revenue share in 2019 and projected to continue its dominance during the forecast period. Coatings materials are generally thermoplastic polymers that provide strength to the yarns and improve the abrasion resistance while weaving. This reduces the risk of breaking and fraying of yarn during weaving process. The aforementioned factors are the key contributors behind the significant growth of the segment.
On the other hand, rising preference for non-toxic dyes & dyestuffs anticipated to fuel the segment growth prominently during the forecast period. Apart from this, innovations and technological advancement in color production technique to develop eco-friendly colorants are the other major factors accelerating the market growth. Natural dyes are significantly used for coloring leather and fibers such as silk, cotton, and wool. Demand for eco-friendly dies anticipated to flourish in the near future owing to increased consumer preference for organic and non-allergic printed fabrics.
In 2019, apparel industry encountered significant revenue share in the global textile chemicals market and project stagnant growth of nearly 1% during the forecast period. Rising investments by the apparel industry participants to capture unique selling points (USPs) such as stain resistance, soft finish, wrinkle resistance, and antimicrobial properties for additional performance and comfort is the key factor that drives market growth. Besides this, improved standards of living, modernization of the apparel industry, rise in disposable income, and increase in population are some of the major factors projected to propel the apparel segment growth in the near future.
On the contrary, technical textile segment exhibits lucrative growth during the forecast period owing to rising demand for smart textiles. Smart textiles were introduced to produce products with dynamic functionalities, by integrating computing power and smart materials. Further, increasing application and innovations in automotive textiles, and other industrial textiles offer new business opportunities for the technical textile segment during the forecast period.
Being largest textile producer in the world, the Asia Pacific held attractive revenue share in the global textile chemicals market in 2019 and expected to offer substantial growth in the near future. China collective accounts for more than 60% of the regional share and nearly 35% of the global share. Prime factor attributed to the significant growth of the region is large production capacity of textiles. Total revenue conquered by China through textile export business was USD 206 Billion in 2016.
However, rising demand for apparels in North America expected to raise the consumption of textile chemicals during the forecast period. In addition, rising number of vehicle production along with increasing trend for advanced vehicles trigger the growth of automotive textiles in the region. The region is an industrial home for different types of industries that too promotes the use of technical textiles in the region.
Key Companies & Market Share Insights
The global textile chemicals market offer significant opportunities for new development and product customization owing to rapid change in consumer preference. Major market players have opted sustainable solution to gain long-term benefit. Further, they are largely focused towards the procurement of good-quality raw materials. The raw materials decide the quality of the finished product as per the required standard.
Some of the prominent players in the textile chemicals market include:
Report Scope of the Textile Chemicals Market
|Market Size||USD 35.4 Billion by 2027|
|Growth Rate||CAGR of 4.3% from 2021 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2027|
|Segments Covered||Product Type, Application Type, Region Type|
|Companies Mentioned||Archroma, Lonsen Inc., Evonik Industries AG, Huntsman, Solvay, CHT Group|
Segments Covered in the Report
This research study analyzes and predicts revenue and growth trend of the market at global, regional, and country levels and offers an assessment of the newest industry trends in all of the sub-segments from 2016 to 2027. This report offers breakdown of global textile chemicals market on the basis of product, application, and region as follows:
By Product Outlook
By Application Outlook
By Regional Outlook
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