The global textile chemicals market has been witnessing sluggish expansion since the last few years. The rise in concerns over the harmful impact of textile chemicals on the environment has limited the growth of this market significantly. Even the future prospects of this market do not indicate much of an improvement in this situation. The declining application of synthetic textile chemicals is likely to create more troubles for the market in the coming years.
A research report by Transparency Market Research (TMR) estimates the global market for textile chemicals to register a moderate CAGR of 3.70% during the period from 2016 to 2024, reporting a modest rise from US$21.0 bn in 2015 to US$29.2 bn by the end 2024.
Although the current performance of this market shows a shaky future, the increasing need for clothes, propelled by the growing population is likely to fuel the demand for textile chemicals significantly in the global arena. Apart from this, some of the current trends in the apparel industry are also expected to aid the market’s growth in the near future.
What are the trends that can boost the global textile chemicals market?
The rise in disposable income has propelled the trend of designer apparels across the world, which has emerged as a prominent driver for the worldwide market for textile chemicals. The increasing trend of smart apparel, stimulating the production of smart textile, is also providing ample opportunities for the growth of this market.
In addition to these, the soaring demand for eco-friendly fabrics for apparel and other merchandises is anticipated to promote the trend of bio-based textile chemicals, boosting this market in the coming years.
What are the factors fueling demand for textile chemicals in Asia Pacific?
Asia Pacific has emerged as the leading consumer of textile chemicals. The high demand for coating and sizing chemicals in India and China has added significantly to the growth of this market in Asia Pacific.
Along with this, the growing demand for functional finishes such as anti-bacterial finish, water repellents, and soil release finish is also driving the demand for textile chemicals in this region.
What are the key strategies adopted by players for business expansion?
Mergers, acquisitions, and partnerships are the key strategies adopted by major market players for the expansion of their businesses. Recently, DyStar, one of the leading textile chemical manufacturers, acquired five specialty chemical units of Emerald Performance Materials, a U.S.-based manufacturer and marketer of specialty chemicals. The company is highly optimistic about the growth the acquisition is likely to foster. Experts project this alliance to strengthen the company’s position in the specialty chemicals industry.
Other prominent companies functional in the global textile chemicals market are OMNOVA Solutions Inc., The Dow Chemical Co., Lonsen Inc., The Lubrizol Corp., Solvay SA, Archroma, Kiri Industries Ltd., Covestro AG, Huntsman International LLC, and Pulcra Chemicals GmbH.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.