The global textilechemicals market size was valued at USD 20.67 billion in 2019 and isprojected to 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,”
Textile chemicals are products that are used in thetreatment 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 ofefficient 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 several factors that havecontributed 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.
Asia Pacific Likely to EmergeDominant; Presence of Major Textile Manufacturers will Bode well for Market
Growth
The report analyses the latest market trends across five 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, SarexChemicals, 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 is projected to increaseat a considerable pace in the coming years.
The market in North America will rise considerably driven by the rise ofthe 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.
