Recently Published Report on “Textile Chemicals Market Revenue, Size, Share, Growth, Trends, Consumption, Production, Segment Forecasts, Regional Outlook 2020 - 2027”.
OTTAWA, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global textile chemicals market is expected to garner revenue USD 35.4 billion by 2027, with a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2020 to 2027.
Textile chemicals are the bleaching agents, colorants, surfactants, finishing agents, desizing & sizing agents, and yarn lubricants. These are used during the weaving process of yarns at various stages to provide strength and attractive feature to the apparel or textile. With technological advancement in the textile manufacturing process, industry players have introduced smart textiles that offer dynamic functionalities. Furthermore, in some industry such as defense & military, apparel are designed with integrated chips, sensors, and other advanced features.
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Rapid growth in the apparel industry drives the textile chemicals market prominently. To explore more market opportunities market players are collaborating with the stakeholders in apparel industry value chain. Furthermore, a paradigm shift in the sustainable and responsible manufacturing has upended the market trend for types of textile chemicals. Presently, green and eco-friendly textile chemicals are the most preferred chemicals in the market. Furthermore, public awareness has also triggered the use of non-toxic and green dyes and colorants to remain safe from skin allergies and other diseases.
However, governments from various regions have imposed stringent regulation for the application of harmful chemicals such as chlorine bleach, VOCs, and formaldehyde in the manufacturing process of textile chemicals. This is largely attributed to the health problems to the industry workers that are exposed to these chemicals as some of them are highly toxic in nature. Hence, manufacturers have to develop sustainable solution for the textile manufacturing along with increased attention towards cost-effective feature.
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In 2019, the Asia Pacific dominated the global textile chemicals market with magnificent revenue share. Low production and labor cost supported by new technologies has resulted in the rapid growth of the region. China is the largest producer and consumer of textile chemicals across the world. It exports most of its products to North America and Europe. Besides this, India, Bangladesh, Vietnam, and Indonesia are some of the other major textile producing nations in Asia region. For instance, apparel and clothing export business in Bangladesh raised three folds between 2008 and 2018. Further, the textile industry contributes approximately 13% to the country’s GDP. According to Bangladesh Textile Mills Association (BTMA), total number of spinning mills in Bangladesh rose from 260 to 430 between 2006 and 2018.
However, Europe and North America project lucrative growth during the forecast period. Rising demand for technical textiles in the regions is the key factor that drives the market growth. The regions being technically advanced adapt new technologies easily and primarily than other regions. Therefore, disruption in automotive industry along with other industries such as fashion, manufacturing, and others prominently drives the demand for textile chemicals in the region.
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The Asia Pacific led the global textile chemicals market with significant revenue share in 2019 owing large population and exponential growth in apparel industry. Furthermore, increasing sales of passenger and commercial vehicles in the region again contributes significantly towards the positive growth of industrial textiles in the region.
Europe and North America are the most opportunistic regions in the global textile chemicals market. The key factors responsible for their exponential growth are prominent growth of automotive industry coupled with technological advancement in the apparel and industrial fabrics. The regions are the major importers for the textile chemicals from China.
By product, coating & sizing chemicals segment acquired the maximum revenue share in the global textile chemicals market in 2019. Coating & sizing offers strength and abrasion resistance during yarn weaving. However, dyes & dyestuffs anticipated to grow with the highest CAGR due to rising preference for non-toxic colorants and dyes.
In 2019, apparel segment dominated the global textile chemicals market and expected to continue its dominance during the forecast period. Increasing investments by the apparel manufacturers to attract maximum unique selling points for its products. Besides this, technical textile offer lucrative growth opportunity during the forecast period. The prime factor behind this is introduction of smart textiles for dynamic functionalities.
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Key Players & Strategies
The global textile chemicals market is consolidated with less number of players present in the market. These are majorly large players that focus on new product development and customization. Furthermore, rising awareness among the public and water resources has forced industry participants to develop sustainable manufacturing process. For instance, Colorifix, a UK based company, developed sustainable dyestuff using synthetic biology. Similarly, other players are also focusing towards sustainable solution for manufacturing textile owing to stringent government regulations related to environment protection.
Some of the key players operating in the market are Archroma, Lonsen Inc., Evonik Industries AG, Huntsman, Solvay, and CHT Group among others.
By Product Outlook
Dyes & Dyestuff
Others (Azo Dyes and Mordant Dyes)
Coating & Sizing Chemicals
Others (Adhesives, Softening Agents, and Antimicrobial Agents)
Others (Leveling Agents, Scouring Agents, and Fixing Agents)
By Application Outlook
Others (Clothtech, Including Buildtech, and Hometech)
Home Furnishing Textiles
Carpets & Rugs
By Regional Outlook
Rest of the World
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