The global textile chemicals market was valued at USD 20.67 billion in 2019 and is projected to reach USD 26.97 billion by 2027, growing at a robust CAGR of 3.5% from 2020 to 2027. Rising popularity across textile and apparel industries and robust adoption of sustainable products may propel market growth. Fortune Business Insights™ presents this information in its report titled “Textile Chemicals Market, 2024-2032.”
Segmentation
Colorant & Auxiliaries Segment to Dominate Owing to Extensive Consumption
By product type, the market is classified into coating & sizing chemicals, colorant & auxiliaries, finishing agents, surfactants, de-sizing chemicals, and others.
The colorant & auxiliaries segment is expected to dominate owing to its increasing applications. This factor is expected to dominate segmental growth.
Apparel Segment to Dominate Owing to Increasing Apparel Production
Based on application, the market is trifurcated into apparel, home furnishing, and technical textiles.
The apparel segment is expected to dominate owing to rising apparel production. Further, the growing demand for textiles from the geriatric population may enhance market progress.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Awareness Regarding Textile Chemistry in Manufacturing Sector to Foster Growth
Textile chemicals are utilized to treat textile materials at various manufacturing stages such as washing, scouring, mercerizing, dyeing, printing, and finishing. Increasing awareness regarding textile chemistry in manufacturing is expected to foster the demand for textile chemicals. Furthermore, rising consumer demand for enhanced functionality and quality is expected to boost textile chemicals’ sales. Moreover, the increasing awareness regarding the importance of textile chemistry is expected to drive the textile chemicals market growth.
However, the chemical's human health and environmental effects are expected to hamper the market growth.
Regional Insights
Presence of Leading Textile Manufacturers to Propel Market Progress in Asia Pacific
Asia Pacific is projected to dominate the textile chemicals market share because of the presence of several leading textile manufacturing companies in India, Vietnam, Bangladesh, Indonesia, and China. The market in Asia Pacific was valued at USD 1.55 billion in 2019 and is expected to gain a huge portion of the global market share in the upcoming years. Moreover, China's substantial production volume and value are expected to foster industry growth.
In Europe, the presence of a huge manufacturing base is expected to foster the demand for textile chemicals. The region houses nearly 1,71,000 manufacturing industries and may allow manufacturers to elevate their supply chain. This factor may propel market progress.
The market in North America is expected to dominate owing to the large export volume of textiles in the U.S. The textile industry supplies nearly 8,000 textile products to the defense sector and is responsible for market growth in the region.
Competitive Landscape
Companies Enter Agreements to Expand Market Presence
The prominent companies operating in the market enter agreements to expand their market presence. For example, Croda International entered an agreement with Microban to provide odor control and antimicrobial technologies to Indonesia and Indian industries in June 2019. Microban’s product offering includes Scentry, Scentry Revive, AEGIS, and SilverShield. The companies may explore new opportunities and expand their market presence through this development. Further, companies devise acquisitions, mergers, novel product launches, innovations, research and development, and industrial automation to enhance their annual revenues and reinforce their stance in the global market.
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Key Industry Development
- July 2022- As per the information provided by Swarajyamag.com, manufacturing exports are likely to touch USD 1 trillion in India. The chemical sector is the leading sector responsible for this spike in exports.
List of Key Players Profiled in the Market Report
- Archroma (Switzerland)
- Huntsman Corporation (U.S.)
- DIC Corporation (Japan)
- Kiri Industries Ltd. (India)
- Covestro AG (Germany)
- Omnova Solutions Inc. (U.S.)
- Lubrizol Corporation (U.S.)
- Solvay S.A. (Belgium)
- Evonik Industries AG (Germany)
- Tanatext Chemicals (Netherlands)
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