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:
Covid-19 Impact
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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.
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.
Asia Pacific Likely to Emerge Dominant;Presence of Major Textile Manufacturers will Bode well for Market Growth
The report analyses the latest markettrends 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, 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.
The market in North America will riseconsiderably driven 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.
