The textile chemicals market consists of various chemical products such as coating & sizing agents, finishing agents, surfactants, bleaching agents and others that are used for processing of fibers, yarns and fabrics during manufacturing processes such as pretreatment, dyeing, printing and finishing. Textile chemicals help enhance the functionality and appearance of textiles by making them wrinkle-free, flame retardant and protects against UV damage. Textile chemicals also improve colorfastness and durability of textile products.
The global textile chemicals market size is expected to reach US$ 41.40 Bn by 2031, from US$ 31.32 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period.
Key Takeaways
Key players operating in the textile chemicals 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 rising demand from the apparel industry due to growing population and increasing consumer spending on fashion products is driving the textile chemicals market. Furthermore, the major textile producing regions including Asia Pacific, Europe, North America and Central & South America are expanding their textile manufacturing facilities which is propelling the market growth.
Growing Demand:
The global Textile Chemicals Market Demand is witnessing significant growth owing to the rising demand for textiles from end-use industries such as apparels, automotive and home furnishings. Additionally, factors such as rapid urbanization, increasing disposable income and growing working population are augmenting the demand for textiles. For instance, the apparel industry accounted for over half of the global textile market in 2020. This rising demand from the textile industry is fueling the consumption of textile chemicals during manufacturing processes.
Global Expansion:
The key players in the textile chemicals market are expanding their production facilities globally especially in Asian countries to leverage the availability of raw materials and low manufacturing costs. For example, W.R. Grace & Co. expanded its textile chemicals manufacturing plant in Indonesia in 2020. Moreover, several textile manufacturers have shifted their production bases to Asia and Central & South America resulting in growth of textile chemicals market in these regions.
Market key Trends:
One of the major trends gaining traction in the Textile Chemicals Market Size And Trends is the growing demand for sustainable and eco-friendly products. With rising environmental awareness, textile manufacturers and brands are focusing on decreasing the environmental footprint of textile production. This has urged textile chemicals manufacturers to develop bio-based and recycled chemical formulations. For instance, DuPont launched plant-based textile finishing range in 2021 made from renewable raw materials.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult to enter the market due to high capital requirements for setting up manufacturing units. Bargaining power of buyers: Large buyers such as manufacturers of textiles and apparels can negotiate low prices due to bulk purchases. Bargaining power of suppliers: The market has a large number of suppliers, so individual suppliers have weak bargaining power. Threat of new substitutes: New sustainable and eco-friendly substitutes pose a threat to established chemical products. Competitive rivalry: Players compete based on product properties and innovation.
Geographical Regions
Asia Pacific accounts for the largest share of the global textile chemicals market in terms of value owing to high production and demand for textiles and apparel in countries such as China and India.
The textile chemicals market in South America is expected to grow at the fastest CAGR during the forecast period driven by growth in textile and apparel industries in Brazil and Columbia. Rapid urbanization and rising disposable incomes are fueling demand.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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