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 and will exhibita CAGR of 3.2% during the forecast period, 2020-2027.
Source:
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Textile chemicals are products that are used in the treatment oftextile 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 the Fore
The report encompasses several factors that have contributed tothe 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 of Major TextileManufacturers will Bode well for Market Growth
The report analyses the latest market trends across five majorregions, 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.
