Press release
Global Textile Chemicals Market Likely to Be Worth US$ 31,860 Million by 2026
In the textile manufacturing processes, textile chemicals play an important role at each processing stage, starting from pre-treatment to finishing of textiles. Textile chemicals improve and optimize the textile manufacturing processes for final specific function, texture, and appearance.
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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. 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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Top Three Players Account for Nearly 30% Share of the Global Textile Chemicals Market
In the global textile chemicals market, the top three players accounted for nearly 30% share of the market in 2017. Key players in the textile chemicals market include Covestro AG, Lonsen Inc., Archroma, Huntsman Corporation, DyStar Singapore Pte Ltd, Tata Chemicals Ltd., Fibro Chem LLC, OMNOVA Solutions Ins., and Solvay S.A. Archroma held major share of the textile chemicals market in 2017. Lonsen Inc. and Huntsman Corporation also accounted for key share in 2017.
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