The global textilechemicals market was valued at USD 20.67 billion in 2019 and is projectedto reach USD 26.97 billion by 2027, growing at a robust CAGR of 3.5% from 2020
to 2027. The increasing applications of the product across diverse industryverticals will emerge in favor of the growth of the market. According to a
report published by Fortune Business Insights, titled “Textile Chemicals Market Size, Share & Industry Analysis, ByProduct Type (Coating & Sizing Chemicals, Colorant & Auxiliaries,
Finishing Agents, Surfactants, De-sizing Agents and Others), By Application
(Apparel, Home Furnishing and Technical Textiles) and Regional Forecast, 2024-2032,”the market was worth USD 20.67 billion in 2019 and will exhibit a CAGR of 3.5% during the forecastperiod, 2020-2027.
Textile chemicals are products thatare used 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 thedevelopment 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-reductionNeeds have put Innovations to the Fore
The report encompasses severalfactors that 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. The company
introduced ‘Eriopon E-3 SAVE’ dyeing; a product with the ability to shorten the
dyeing cycle of the polyester. The product will combine pre-sourcing,
reduction, and dyeing in a single bath. This will significantly reduce the time
as well as the cost associated with the product. Huntsman’s latest product is
not the only progress that the company has made and recent activities will help
the company gain a formidable stand in the market.
Asia Pacific Likely to EmergeDominant; Presence of Major Textile Manufacturers will Bode well for Market
Growth
The report analyses the latest market trends acrossfive major regions, including North America, Latin America, Europe, Asia
Pacific, and the Middle East and Africa. Among all regions, the market in Asia
Pacific is projected to emerge dominant in the coming years. Asia Pacific is
the hub for leading textile manufacturers. The region is home to companies such
as DIC Corporation, Sarex Chemicals, and Kiri Industries. The favorable
climatic conditions have led to an ease of availability of raw materials in several
countries across this region. As of 2019, the market in Asia Pacific was worth 1.54 billion and this value isprojected to increase at a considerable pace in the coming years.
The market in North America will rise considerablydriven by the rise of the textile industry in this region. The country is
constantly engaging in developing efficient textile apparels for use in the defense
sector as well as the healthcare industry.
