Textile Finishing Chemicals Market worth $8.2 billion by 2024 | Key players Huntsman Corporation, Wacker Chemie AG, BASF, Archroma, Solvay SA.

According to recent market research the "Textile Finishing Chemicals Market by Type (Softening Finishes, Repellent Finishes, Wrinkle Free Finishes, Coating Finishes, Mothproofing Finishes), Process (Pad-Dry Cure Process, Exhaust Dyeing Process), Application, Region - Global Forecast to 2024" The global textile finishing chemicals market is expected to grow from USD 6.2 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 5.5% during the forecast period. The major factors driving the market include the growing demand of technical textiles and functional home textile finishes. However, stringent environmental regulations regarding the disposal of textile finishing effluents serve to be a major restraint for the market.

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Among the different types of textile finishing chemicals available, the softening finishes type is the fastest-growing segment. Softening finishes are increasingly used because they help the textiles to achieve a softness (supple, pliant, sleek, and fluffy), smoothness, more flexibility and elasticity. In addition, softening finishes also help in reducing the wear and tear of apparel, provide a refreshing fragrance, reduce the risk of germ build-up, shape retention etc. The market is mainly driven by increasing use in clothing textiles and home textiles.

Among the different processes available in the textile finishing chemicals market, the pad-dry cure process is the fastest-growing segment. Almost all types of finishing chemicals are applied to the textiles using this process. This is the parent process for several different finishing treatments. It is assumed that multiple finishes may be applied to the solution bath, therefore the impacts of this stage are the same regardless the number of finishing treatments applied, thus making it the most common process of application for textile finishing chemicals.

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APAC is projected to be the fastest-growing region for the textile finishing chemicals market and is expected to offer significant growth opportunities to the overall market during the forecast period. The market in APAC is much more dynamic and competitive than its western counterparts owing to the high demand and improving economic conditions. Moreover, there is increasing competition among emerging textile markets such as Vietnam, Indonesia, and Bangladesh. The textile finishing chemicals market in APAC is projected to register the highest CAGR owing to the growing economy, increasing textile exports, presence of huge textile manufacturers, and low labor cost.

Huntsman Corporation (US), Wacker Chemie AG (Germany), The Dow Chemical Company (US), BASF (Germany), Archroma (Switzerland), Evonik Industries (Germany), Dupont (US), Solvay SA (Belgium), Tanatex Chemicals B.V. (The Netherlands), and Dystar Singapore PTE Ltd. are the leading textile finishing chemical manufacturers, globally.

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Huntsman Corporation (US) is one of the leading players in the textile finishing chemicals market. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2019, the company introduced ERIOPON E3-SAVE dying auxiliary, which significantly reduces the cost of polyester dyeing. It's an eco-friendly dyeing auxiliary that saves time, water, and energy by enabling pre-scouring, dyeing, and reduction clearing in a single bath. Also, in April 2015, Huntsman textile effects extended its HIGH IQ performance assurance program. This helps mills, brands, and retailers meet customer demands.

Wacker Chemie AG (Germany) is another major player in the textile finishing chemicals market. In November 2019, the company started up a new silicone metal production site, at Holla site in Norway, increasing the total capacity of the site by 40%. In October 2019, the company presented new polymer- and -silicone based products for the manufacture of coatings, adhesives, and sealants at ABRAFATI 2019. Moreover, in April 2017, the company concluded an agreement with STC Silicones (Brazil) on the co-branding of the ready-to-use silicone products to strengthen its position in the region.

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