Textile Chemicals Market Likely to Be Worth US$ 31,860 Mn by 2026
Rising Demand for Home Furnishings and High Number of Home Textile Manufacturers in Asia Pacific
Textile chemicals are significantly used in home furnishings in the building & construction industry. Rise in expenditure on home furnishings is anticipated to propel the textile chemicals market during the forecast period. Demand for home furnishings is rising in Asia Pacific owing to a rapidly increasing middle class and a booming housing market. Moreover, fashion sensitivity toward household furnishing has improved in countries in the region.
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Home fashion has emerged as a separate segment in the consumer goods sector since consumer awareness about high quality living has increased. Therefore, in order to cater to a rise in demand, the number of retailers selling home textiles is also increasing. Major players such as IKEA and H&M are also focusing on the expansion of their businesses in Asia Pacific. Thus, these trends are expected to boost demand for home textiles, which, in turn, is anticipated to drive the textile chemicals market during the next few years.
Rising Demand for Technical Textiles
Furthermore, demand for technical textiles is also rising. Technical textiles are high-performance textiles used due to their superior properties and functionality as compared to conventional textiles. They can be utilized in several end-user industries such as automotive, environmental protection, sports equipment and sportswear, construction, packaging, health care, agriculture, and clothing. Rise in demand for technical textiles can be ascribed to favorable government policies and initiatives boosting infrastructure spending, chemical manufacturing, etc. Hence, rise in demand for technical textile is expected to boost the textile chemicals market as these chemicals impart high strength and versatility to technical textiles, making them ideal for application in their respective end-user industries.
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Stringent Environmental Regulations Likely to Hamper Textile Chemicals Market
Textile chemicals contain several substances that may pose risks to the environment and human health. Both people and the environment are exposed to these chemicals in and around cotton plantations and textile factories. The European Union implemented the Integrated Pollution Prevention and Control (IPPC) directive from January 2008, along with Emissions Trading System (ETS) and regulation on registration, evaluation, authorization, and restriction of chemicals.
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