The global textile chemicals market provides chemical products such as coatings and finishing agents to the textile industry which enhance the feel, appearance, durability, and other properties of textiles. Textile chemicals including finishes, colorants, surfactants, softeners, thickeners are essential for functionality and meet the demands of quality fabric for apparel, home furnishings and other industrial uses. The textile chemicals impart properties like wrinkle resistance, soil and stain resistance, softness, water and flame retardancy.
The Global Textile Chemicals Market is estimated to be valued at US$ 32.64 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 To 2031.
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., and Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. The growing demand for finished and refined textile products from various end-use industries including clothing, home furnishing has been fueling growth in textile chemicals market. Additionally, growing population and rapid urbanization along with rising disposable incomes in developing economies are supporting the global expansion of textile chemicals market.
Market Drivers
Rapid urbanization has been one of the key drivers for Textile Chemicals Market Size The surging demand for apparels and home furnishing due to rising population and increasing living standards has augmented the consumption of textiles. This has significantly propelled the demand for textile chemicals to provide specialized features and embellish textile products. According to United Nations projections, approximately 68% of the world population will live in urban areas by 2050 which will continue to drive the sales of textile chemicals globally over the forecast period.
Impact of geopolitical situation on Textile Chemicals Market growth
The current geopolitical situation has impacted the growth of the Textile Chemicals market significantly. The ongoing Russia-Ukraine conflict has disrupted global supply chains and increased input costs for textile chemicals. Both Russia and Ukraine are major suppliers of raw materials like natural gas, soda ash, titanium dioxide, and specialty chemicals used in textile processing. Restrictions on Russian exports and port closures in Ukraine have led to raw material shortages and price volatility. This has negatively impacted textile chemical production across major manufacturing hubs. Additionally, trade barriers and economic sanctions on Russia by western nations have dampened demand from the textile industry in the country. Textile chemical companies will need to diversify their supplier base, focus on alternate sources, and look at substituting costly raw materials to mitigate supply chain risks in the future. Investing in renewable technologies to reduce dependency on natural gas will also help ensure long term sustainable growth.
Geographical regions where Textile Chemicals market
The Textile Chemicals market in terms of value is highly concentrated in Asia Pacific and Europe. Asia Pacific currently accounts for over 50% of global market value led by large textile industries in China, India, Pakistan, Bangladesh, and Indonesia. China alone contributes to more than 30% of worldwide textile chemical demand due to its massive textile manufacturing sector. In Europe, Turkey, Italy, Germany, and Spain are major consumers due to their prominent positions in apparel, home textiles, and technical textiles production. Other regions like North America and Latin America are also sizable markets driven by their fiber, yarn and fabric needs. However, their combined share is less than Asia Pacific and Europe where textile chemical consumption remains heavily centered.
Fastest growing region for Textile Chemicals market
The fastest growing regional market for textile chemicals is expected to be Asia Pacific over the forecast period. This growth can be attributed to factors like rising disposable incomes, increasing population, rapid urbanization, emerging fashion trends and rising textile exports from nations like India, Vietnam and Indonesia. There is also a massive shift of textile production from China to other Asian countries to benefit from relatively lower costs and government subsidies. This production migration within the region will continue driving incremental chemical demand from fibers & fabric processing. Additionally, focus on high-value textiles like synthetic materials, technical and performance fabrics will support the need for specialized textile chemicals in Asia Pacific. Overall, the immense size and anticipated expansion of Asia's textile sector make it the most promising future market for textile chemicals globally.
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