The global textile chemicals market size is projectedto reach USD 26.40 billion by the end of 2027. The increasing applications of
the product across diverse industry verticals will emerge in favor of the
growth of the market. According to a report published by Fortune Business
Insights,” the market was worth USD 20.85 billion in 2019 and will exhibit a
CAGR of 3.2% during the forecast period, 2020-2027.
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Textile chemicals are products that areused in the treatment of textile material at various stages in the
manufacturing process. The product plays an important role in obtaining
favorable textile properties. The rising applications of textile chemicals
across diverse industry verticals will emerge in favor of the growth of the
overall market in the forthcoming years. The massive investments in the
development of efficient textile chemicals by major companies across the world
will contribute to the growth of the market. Accounting to the rising awareness
regarding the use of harmful chemicals and their adverse effects on the quality
and durability of textiles, there is an increasing demand for green textile
chemicals across the world. The increasing R&D activities will play a
crucial role in the development of green textile chemicals in the coming years.
Cost-reduction Needs have put Innovationsto the Fore
The report encompasses several factorsthat have contributed to the growth of the overall textile chemicals market in
recent years. Among all factors, the increasing number of product innovations
driven by rising need for low-cost products will have a huge impact on the
growth of the market. Several companies are focusing on manufacturing methods
with the view to minimizing the total product cost. In October 2019, Huntsman
Corporation, a leading textile chemical manufacturer, announced that it has
launched a new dyeing auxiliary that will save the total cost of polyester
dyeing.
