Textile chemicals are used to enhance or impart various properties to fabrics and textiles. They provide functions like stain repellency, anti-microbial properties, softness, color fastness, and wrinkle resistance to textiles. Continuous product innovations focused towards sustainability by major market players are accelerating the demand for textile chemicals.
Market key trends:
Major players in the global textile chemicals market are engaged in extensive R&D activities to develop innovative and sustainable textile chemical products. Product innovations mainly focus on utilizing bio-based and recycled raw materials to manufacture various textile chemicals like dye stuffs, printing pastes, softeners and others. For instance, Huntsman Corporation launched biological softeners made from plant-derived materials for cotton and other fabrics in 2021. Such sustainable product offerings are increasing consumer preference for eco-friendly textile products which is propelling the demand for textile chemicals worldwide. Growing focus of key players on sustainability will continue to accelerate the market growth over the forecast period.
Segment Analysis
The global textile chemicals market is segmented into home furnishings, apparel, industrial and others. The apparel segment dominated the market in 2021 and is expected to continue its dominance during the forecast period. This is owing to the growing fashion consciousness among people globally and rising demand for a variety of apparel types from athletic to formal wear. Further, changing fashion trends have increased the demand for new designs and materials, thereby driving the consumption of various textile chemicals in this segment.
Key Takeaways
The Global Textile Chemicals Market Size is expected to witness high growth during the forecast period. The market size for 2024 is expected to reach US$ 32.64 Bn.
Regional analysis: Asia Pacific region is expected to dominate the global textile chemicals market during the forecast period. This is attributed to the presence of major textile industries and the massive production of textiles in countries such as China and India. Further, cheap labor costs and lenient environmental regulations have attracted several textile manufacturers to set up production bases in Asia Pacific region.
Key players operating in the textile chemicals market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. The major players are focusing on new product launches and mergers & acquisitions to strengthen their market position and capitalize on growth opportunities in emerging markets.
Explore more information on this topic, Please visit -
https://www.trendingwebwire.com/textile-chemicals-market-size-and-trends-analysis/
Comments
0 comment