What is the competitive position of the Textile Chemicals Market?

Textile chemicals are compounds used in the processing and manufacturing of textiles. They enhance the manufacturing process of the textiles with specific properties and desirable look. Home furnishings, apparels, and industrial chemicals are some of the applications of the textile chemicals.

The global textile chemicals market is projected to surpass US$ 32.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.7% during the forecast period (2020 to 2027).

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Competitive Section:

Key players are operating in the global textile Chemical market are The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc., Solvay SA, Bayer MaterialScience

Drivers

Robust growth of the apparel market is primarily fueling the market growth of textile chemicals. Increasing population coupled with the growing demand for essentials and active wear is expected to foster the market growth of the textile chemicals. The rise in demand for apparels from developing countries of Asia Pacific region such as India, China, Thailand, Malaysia, and Bangladesh is again anticipated to augment the market growth of the textile chemicals over the forecast period.

Rapid urbanization and industrialization around the globe are projected to propel the market growth of the textile chemicals. Growth in the end-user industries such as automotive, construction, healthcare, packaging, and sport are again expected to augment the market growth of the textiles chemicals. Also, growth in the urban population around the globe is another major factor propelling the market growth of the textile chemicals over the forecast period.

Regionally, Asia-pacific dominated the global Textile Chemicals market in 2019, reporting 55% market share in terms of revenue, followed by North America and Europe, respectively.

Figure 1. Global Textile Chemicals Market, Revenue Share (%), By Region, 2019

Textile Chemicals | Coherent Market Insights

Market Restraints

Growing concern over the use of synthetic chemicals is driving demand for sustainably-produced chemicals. This is acting as one of the major challenges for the market. Thus, hindering the market growth of the textile chemicals over the forecast period.

Growing incidences of health risks such as pulmonary edema and other respiratory problems due to high exposure of workers to chemicals is hampering product demand. This is expected to hinder the market growth of the textile chemicals.

Growth Drivers:

Rising demand for high performance textiles from various end-user industries
Rise in demand for premium apparels and active wear in developing countries of Asia-pacific region
Expansion of the technical textiles industry around the globe

Restraints & Challenges:
Growing demand for sustainably-produced chemicals owing to rising concerns over the use of synthetic chemicals
Market Opportunities

The rising demand for high strength textile from the construction industry is projected to bring new market opportunities. Textile chemicals provide high strength and modulus to the textiles and fabrics that are ideal for the construction industry. Robust growth in the construction industry due to increasing construction activities around the globe coupled with the growing awareness regarding the workers' safety is accelerating the market growth of the textile chemicals.

Growing demand for sterilized textiles from the medical industry is projected to provide lucrative market opportunities over the forecast period. Textile chemicals play a key role in sterilizing the textiles by offering antimicrobial protection against pathogens and microorganism. Medical textiles product composed of sponges, burn sheets, sheets, and sterilization wraps. Thus, growing demand for sterilized textiles from the medical industry is propelling the market growth.

Figure 2. Global Textile Chemicals Market – Opportunity Analysis

Textile Chemicals | Coherent Market Insights

Market Trends

Increasing spending on the home furnishing product by consumers is one of the current trends in the market. This is attributed to the increasing disposable income and improving lifestyle of the consumers. Increasing demand for home decor products such as rugs, upholstery, carpets, curtains, and table linens is again anticipated to foster market growth. Also, shifting preferences for aesthetic textile products are again projected to foster market growth.

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Constantly changing fashion trends coupled with the increasing number of the working population is driving demand for fashionable clothes. This, in turn, is stimulating the market growth of the textile chemicals. Rising demand for casual wear and formals due to the growing number of working populations is again projected to bolster the market growth. Moreover, manufacturers of the textile industry are targeting kids segments with the launch of fashionable clothes. This is further expected to spur the market growth.

Figure 3. Global Textile Chemicals Market, Revenue Share (%), By Product Type, in 2019

Textile Chemicals | Coherent Market Insights

On the basis of product type, coating & sizing chemicals dominated the global textile chemicals market in 2019 with around 30% of market share in terms of revenue, followed by colorants & auxiliaries and finishing agents, respectively.

Figure 4. Global Textile Chemicals Market – Value Chain Analysis

Textile Chemicals | Coherent Market Insights

Global Textile Chemical Market - Impact of Coronavirus (Covid-19) Pandemic

The demand for textile depend on various end-use industries such as Household, Furnishing, Apparel, and automotive industries, which have faced hindrance amidst of the ongoing pandemic outbreak. This is expected to hamper the growth of technical textiles market for short period till end quarter of 2020. Also producers across the globe are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain.

Few Recent Developments

In August 2019, the manufacturer of specialty chemicals Huntsman Corp., Woodlands, TX/USA, has entered into an agreement to sell its chemical intermediates businesses to the chemical company Indorama Ventures Public Co. Ltd. (IVL), Bangkok/Thailand. The total deal was valued at US$ 2.076 billion.

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This release was published on openPR.