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Textile Chemicals Market will Reach at a CAGR of 4%, USD 25.5 Billion by 2020
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Textile industry requires various chemicals right from pretreatment to finishing of textile. Thus textile chemicals are indispensible part of textile industry. Textile chemicals can be a compound, intermediates or chemicals used at any stage of textile production. With the use of textile chemicals, manufacturers of textile can attain desired color, appearance, texture and properties in the final product. Some of the important chemicals used at different level of textile manufacturing include pretreatment chemicals, textile dyeing chemicals, dyeing and printing chemicals, finishing chemicals, antistatic agents and other specialty chemicals.
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The textile chemicals market has been segmented based on product types such as coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, and yarn lubricants. Coatings and sizing chemicals dominated the global textile chemicals market with around 30% share fo the total volume consumed in 2014. Colorants & auxiliaries is the second largest product segment of global textile chemicals market. Desizing agents are expected exhibit fastest CAGR during the forecast period.
The textile chemicals market has been segmented based on applications that include home furnishing, apparel and industrial & other applications. Home furnishing is one of the largest applications for textile chemicals. It accounted for over 35% share of the textile chemicals market. However, apparel is expected to be one of the fastest growing end-user industry for textile chemicals during the forecast period.
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Asia Pacific dominated the global textile chemical market with over 50% share of the total volume consumption in 2014. It is also expected to be one the fastest growing market for textile chemicals. Strong demand for textile in Asia Pacific region owing huge population is the major driving factor for this industry. Strong growth of industrial sectors such as home furnishing and automotive which are leading end markets for textile are growing at a rapid pace in the region. Moreover, increase in disposable income as a result of growing industrial activity and economical activity in the region leading to growth of this industry. Asia Pacific was followed by North America and Europe respectively.
The key players in textile chemical includes Huntsman Corporation (Singapore), BASF SE (Germany), The Dow Chemical Company (U.S.), Bayer Material Science AG (Germany), and Lubrizol Corporation (U.S.), Lonsen (China), Archroma (Switzerland).
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