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Textile Chemicals Market Size, Share, Demand, Insights, Opportunities: Market Report 2024-2033
Textile Chemicals Market Size
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According to The Business Research Company's, The textile chemicals market size has grown strongly in recent years. It will grow from $23.98 billion in 2023 to $25.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to textile industry growth, consumer demand for diverse textiles, global fashion trends, environmental and regulatory compliance, textile manufacturing innovations.
The textile chemicals market size is expected to see strong growth in the next few years. It will grow to $32.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to sustainable textile production, technical textile applications, rising disposable income, globalization of textile supply chains, stringent quality standards. Major trends in the forecast period include development of textile chemicals for digital printing, focus on antimicrobial textile treatments for hygiene and health, introduction of specialty chemicals for technical textiles, collaborations for research on sustainable textile chemistry, adoption of textile chemicals for circular fashion initiatives.
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Market Drivers and Trends:
The increasing demand for textiles is expected to boost the demand for textile chemicals during the forecast period. The textile industry encompasses the research, design, development, manufacturing, and distribution of textiles, fabrics, and clothing. Textile chemicals enhance textile manufacturing processes at several stages of fiber production, yarn processing, fabric dyeing, and finishing. These compounds increase efficiency, decrease processing time, and improve product quality. For instance, according to India Brand Equity Foundation, a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, India's textile and apparel exports (including handicrafts) were US$ 44.4 billion in FY22, representing a 41% rise year on year. Hence, the growing demand for textiles is expected to boost the demand for textile chemicals to manufacture better quality products.
Technological development is a key trend gaining popularity in the textile chemicals market. Companies in the textile chemistry market are focusing on developing textiles with the latest technologies like non-fluorinated durable water repellence and eco-friendly digital printing. For instance, in September 2021, India-based specialty chemicals company, Cosmo Specialty Chemicals, launched Superwash POL, a dye transfer inhibitor to prevent textiles from bleeding and staining. The specially formulated agents provide the amphiphilic character with polar groups and hydrophilic properties with un-polar groups, which prevent textiles from dye bleeding and redepositing on different colored textiles and white.
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Major Key Players of the Market:
BASF SE, Dow Inc., Evonik Industries AG, Covestro AG, Solvay SA, Formosa Organic Chemical Industry Co Ltd., Arkema SA, AkzoNobel NV, Wacker Chemie AG, The Lubrizol Corporation, Kemira Oyj, Croda International plc, Huntsman Corporation, CHT Group, Kemin Industries Inc., NICCA Chemical Co Ltd., Giovanni Bozzetto SpA, Pulcra Chemicals GmbH, DIC Corporation, Kiri Industries Limited, Archroma India Pvt Ltd., Indofil Industries Ltd., Fineotex Chemical Limited, Tanatex Chemicals BV, Chemipol SA, Achitex Minerva SpA, Jintex Corporation Ltd., Sarex Chemicals, Lonsen Inc., Tata Chemicals Ltd.
Textile Chemicals Market 2024 Key Insights:
• The textile chemicals market size is expected to see strong growth in the next few years. It will grow to $32.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Textile Industry Fuels Demand For Textile Chemicals In Manufacturing
• Innovative Technological Advancements Reshaping The Textile Chemicals Market
• Asia-Pacific was the largest region in the textile chemicals market in 2023
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