The need for better and smarter textiles to support the evolving industrial applications will encourage the introduction of enhanced textiles using innovative textile chemicals, finds Transparency Market Research in a new study. From airbags to fire resistant textiles, top players in global textile chemicals market are focusing on enhancing their facilities and investing in research and development to cater to the changing consumer demands. Players such as The Dow Chemical Company, for instance, are launching antimicrobial technology that protects textiles against the growth of harmful bacteria, thus earning new target markets.
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Looking forward, companies will have to strategize for meaningful mergers and acquisitions to grab better shares in the market. This move will also help them add to their existing portfolio of products and improve their knowledge base.
Demanding End Users Boost Textile Chemicals Market
A TMR analyst says, “Strengthening economies and rising agricultural activities, increasing healthcare infrastructure, expanding clothing industries, growing number of participants in the sporting activities, and other industries that employ skilled human resource are driving the demand for textiles, thereby augmenting the textile chemicals market.” The demand for textile chemicals will skyrocket in the coming years due to their ability to enhance the characteristics of textiles by adding strength and versatility as may be demanded by the end user industry. The rise of the packaging industry is also anticipated to boost the global textile chemicals market in the near future.
Environmental Concerns Pose Tough Challenge
The upward climb of this market is being marred by certain restraints such as harmful effects of chemicals on the environment and most importantly to the human health. The unfortunate disposal of water from textile chemical industries into the local water bodies has created not just polluted water bodies but also a tremendous water shortage. Furthermore, the quality of the soil is being degraded by these chemicals, thereby creating a severe impact on the surrounding lives.
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Construction Industry Opens Up New Opportunities
Despite the tug of war created by these market drivers and restraints, the global textile chemicals market has a bright future ahead with ample of opportunities. For example, the usage of chemicals to add to the strength of the textiles will make textiles a worthy option to replace conventional construction materials such as wood, concrete, and glass amongst others. The increasing awareness amongst consumers about health is also anticipated to boost the demand for sterilized textiles in the near future.
TMR analysts have estimated that the opportunity in the global textile chemicals market will be worth US$ 29.15 bn by 2024 rising from US$ 21.02 bn in 2015. The steady growth of 3.7% in this market from 2016 to 2024 will be attributable to the soaring demand for home furnishings. Geographically, Asia Pacific holds the biggest share in the overall textile chemicals market in terms of volume.
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