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, titled “Textile Chemicals Market Size, Share & COVID-19 ImpactAnalysis, By Product 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, 2020-2027,” the market was worth USD 20.85 billion in 2019 andwill exhibit a CAGR of 3.2% during the forecast period, 2020-2027.
Source:
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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 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 Innovations to theFore
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. 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 Emerge Dominant; Presence ofMajor 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 1.55 billion and this value is projected to increase at a considerable
pace in the coming years.
