Textile Chemicals Market - Size, Share, Development, Growth and Demand Forecast to 2023
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The global textile chemicals market is expected to showcase a stable growth during the forecast period (2017-2023). The growing demand for apparels in emerging economies and the increasing middle-class income are the driving force for the growth of the textiles chemicals market. With textiles being used in various fields such as medicine, construction and architecture the need to develop multi-functional smart textile products to achieve such results is increasing the potential of the textile chemicals market globally. With help from innovation and ongoing research and developments, manufacturers are coming up with finishes such as anti-microbial textiles, wrinkle-resistant textiles and stain resistant textiles which in turn, is further creating scope for growth in the textile chemicals market.
The textile chemicals market on the basis of application is segmented as apparels, automotive textiles, geo-textiles, home furnishing, industrial textiles, smart textiles and others. The home furnishing application dominated the segment, the growth of the home furnishing segment will be attributed to the remarkable growth of the construction industry in the developing economies. The various items under this segment includes curtains, toilet linen, coverings, kitchen linens, rugs, carpets and textile floors.
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The major restraints observed in the study includes increasing popularity for bio-based textiles, increasing labour cost in emerging economies and rising environmental concerns for the use of textile chemicals in developed countries. All of these factors are expected to hinder the swift flow of the global textile chemicals market during the forecast period.
The major players in the global textile chemicals market are adopting significant competitive strategies such as merger, acquisitions and joint ventures to hold a competitive stance in the global market. Manufactures in the industry are undergoing continuous R&D to come up with cutting-edge advancement in the industry. Some of the key players in the global market include OMNOVA Solutions Inc., The DyStar Group, The Dow Chemical Company and Kiri Industries Limited.
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