Press release
Textile Chemicals Market is expected to grow at a CAGR of 3.2% during forecast period
Textile Chemicals Market
BASF SE(Germany), Bayer AG (Germany), The Dow Chemical Company (United States), Huntsman International LLC (United States), Sumitomo Chemicals Co., Ltd. (Japan), AkzoNobel N.V. (the Netherlands), Arkema Group (France) , Kiri Industries Limited ( India), Lubrizol Corporation (United States), OMNOVA Solutions Inc. (United States), Fashion Chemicals GmbH & Co. KG (Germany), and Evonik Industries AG (Germany) among others are some of the prominent players at the forefront of competition in the Global Textile Chemicals Market and are profiled in MRFR Analysis.
Textile Chemicals Market – Market Overview
Textile Chemicals are employed to efficient manufacturing process by providing desired design and aesthetics to textile in the industry. The chemical used in textile composed of surfactants, sulfonated oils and starch which imparts desired specifications to fabric. The growth of apparel industry owing to innovative, styled clothing products are expected to augment the product penetration in the Global Textile Industry.
Textile Chemicals products comprise of finishing agents, coating & sizing, surfactants, designing agents, bleaching agents and yarn lubricants among other. Coating & sizing chemicals dominated the product segment. Coating & sizing formulation improves abrasion resistance and strength of yarn. The colorant auxiliaries are expected to witness sluggish growth owing to replacement of this product with pigments. The factors responsible to finishing of the fabric are anticipated to drive the demand of finishing agents in Textile Chemicals Market.
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Rising population and high living standard are expected to drive the demand of apparel which in turn triggered demand of Textile Chemicals Market. Growing disposable income along with increase in expenditure on home furnishing products is anticipated to boost the demand of textile chemical market. Industrial textile application is expected to gain momentum over forecast period. Consumer awareness towards health and safety providing protection is expected to augment the product demand in industrial application. Growing Speciality Chemicals in application such as construction and Medical Textile is also expected to fuel the market growth.
Additionally, rising environmental concern regarding side effects of chemicals and stringent government regulation for intake of chemicals may restrict the market growth. Manufacturer are under continuous scrutiny to reduce wastage of water and minimise external pollutants. For instance, Integrated Pollution Prevention and Control (IPPC) are authorised to restrict the over usage of chemicals. Adoption of high technology with continuous innovation to meet the growing clothing demand is anticipated to drive the Textile Chemicals Market.
Asia Pacific region is expected to generate huge revenue owing to presence of major manufacturer and growing consumption of textile to meet rising population is anticipated to drive the market and maintain the dominance over the forecast period. Increasing production of textile in China, India, Vietnam and Malaysia is expected to boost the product market growth. China and India are inclining towards developing of textile industry and this factor is expected to have positive impact to the market. The application industries in this region are focusing on increasing production capacity with effective work process and investing in research and development. Moreover, rapid growth of residential and commercial construction due to implementation of National Infrastructure Plan (NIP) by Mexico government is expected to open lucrative opportunities to key players in this market.
Textile Chemicals Market – Competitive Analysis
Textile Chemicals Market appears to be highly fragmented and competitive owning to the presence of tier 2 and small player’s active in regional market. The strategies used in competitive market include product launch, agreement & partnership, acquisition and expansion. Merger & acquisition is key strategies adopted by global players. With increasing production capacity and dense distribution network, manufacturer is able to maintain cost across value chain. Through technological advancement in production of Textile Chemicals along with emphasis on quality of textile products are expected to upsurge competition among players over the long term. The manufacturer strives to deliver improve designed techniques along with easy processing to minimize time and deliver fast solutions.
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Industry/ Innovation/ Related News:
September 25, 2017 – BASF expand production facility of speciality amines in Nanjing, China. The new production facility has 21,000 metric tons per year capacity. With this expansion, BASF is strengthening its production of chemical intermediates products coupled with support growth of Asia Pacific region.
October 27, 2016– The Huntsman Corporation and Jihua Group (China) entered into strategic partnership to capitalize the growing need of dye and chemicals solutions in China market. This partnership helping the company to maintain sustainable supply chain. Additionally, this alliance is strengthening its presence in emerging market.
June 2016 – BASF is expanding at rapid pace in product portfolio and investing in transportation management system (SAP) to inline the supply chain and logistic processing activities. This would help the company to reduce cost and transit goods in real time.
October 18, 2016 – Dow Chemical Company introduced Dow Filmtec Fortilife product designed for challenges in industrial waste water. The design is expected to streamline the water strained industries such as textile and power to comply with regulatory standard. This technology would help the water and its application industries to achieve sustainability.
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