Global Textile Chemicals Market Likely to Be Worth US$ 31,860 Mn by 2026

Transparency Market Research has released a new market report titled “Textile Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global textile chemicals market is projected to be worth US$ 31,860 Mn by 2026, expanding at a CAGR of 3.7% from 2018 to 2026. Textile chemicals are employed as a part of textile manufacturing processes. They are utilized in spinning, pretreatment, dyeing, finishing, and other textile processes.
global textile chemicals market

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Shift in Textile Manufacturing Facilities to Developing Regions and Rise in GDP and Per Capita Spending on Apparel

Demand for textile chemicals is primarily related to the production of textiles and apparels. It also related to the demand for textiles and apparels as end products. Textile manufacturers are shifting their manufacturing facilities from developed countries such as the U.S., Japan, and those in Europe to developing economies such as China and those in Southeast Asia. Abundant availability of raw materials and low-cost manpower in Asia Pacific are some of the major factors responsible for the shift in focus toward developing regions. The growth rate of apparel consumption is expected to be higher in an emerging or developing country than that in a developed country due to the increase in disposable income of the people in developing countries. This is anticipated to drive the textile chemicals market in the next few years.

Rising Demand for Smart Technical Textiles

The next generation smart technical textiles are used in several furnishing, technical textiles, and apparel applications. They demonstrate dynamic functionalities by combining smart materials and integrated computing power. These smart textiles are capable of sensing and adapting to environmental conditions, and sensing electrical, thermal, and other stimuli. Demand for smart textiles is expected to rise significantly around the world on account of innovations and technology developments. The increasing popularity of sophisticated gadgets, decreasing manufacturing costs of electronic components as well as fabrics and miniaturization of electronics are expected to provide lucrative opportunities for the textile chemicals market during the forecast period.

The global textile chemicals market can be segmented based on product type and applications. Based on product type, the textile chemicals market can be divided into coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, bleaching agents, yarn lubricants, and others. The coating & sixing chemicals segment can be further calssified into wetting agents, defoamers, and other coating & sizing chemicals. The coating & sizing chemicals segment constituted a dominant share of the textile chemicals market, followed by colorants & auxiliaries segment, in terms of volume and revenue, in 2017. In terms of application, the textile chemicals market can be segmented into home furnishing textiles, technical textiles, apparel, and industrial textiles. Home furnishing textiles can be sub-segmented into carpets & rugs, furniture, and other home furnishing textiles. Technical textiles can be further categorized into agrotech, geotech, meditech, and other technical textiles. Textile chemicals were primarily used for home furnishing in 2017. The trend is anticipated to continue during the forecast period.

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Asia Pacific Anticipated to Dominate the Textile Chemicals Market in 2026

In terms of revenue, Asia Pacific led the textile chemicals market in 2017 and is expected to continue its dominance during the forecast period. Rising population and increasing consumer profiles are driving the textile chemicals market in the region. China accounted for a major share of the textile chemicals in Asia Pacific in 2017 owing to the strong distribution network in the country. Rapid industrialization and large textile manufacturing capacities in developing countries such as India and Vietnam are projected to boost the textile chemicals market during the forecast period. Asia Pacific was followed by Europe, which has a mature textile chemicals market. Turkey and Germany are expected to be major consumers of textile chemicals in Europe in the near future. The U.S. dominated the textile chemicals market in North America in 2017. In Latin America, Brazil was a major country of the market for textile chemicals in 2017. The country is expected to retain its position during the forecast period. The textile chemicals market in Middle East & Africa is likely to expand at a sluggish pace during the forecast period. Demand for home furnishing textiles in the region is expected to be high in the next few years.

Moderately Consolidated Textile Chemicals Market

The global textile chemicals market is moderately consolidated. Companies consistently develop new strategies to expand their capacity and product portfolios through joint ventures and research & development. In 2016, Huntsman Corporation signed a partnership agreement with Jihua Group, China. The move was anticipated to strengthen the portfolio of dye and chemical products of Huntsman Corporation in China’s textile industry. In the same year, DyStar announced its acquisition of three specialty chemicals units of a U.S.-based company, Emerald Performance Materials LLC. Archroma, Lonsen, and Covestro AG are some of the prominent players in the textile chemicals market. Other key players in the textile chemicals market include Huntsman Corporation, DyStar Singapore Pte Ltd, Tata Chemicals Ltd., Fibro Chem LLC, OMNOVA Solutions Ins., and Solvay S.A.

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This release was published on openPR.