Textile Auxiliaries Market to Register High Revenue Growth at 5.2% CAGR During 2016-2026
Demand will remain strong in Asia Pacific excluding Japan (APEJ) – the largest and the fastest growing market for textile auxiliaries. Textile auxiliaries sales in APEJ were valued at over 829 thousand tonnes in 2016.
Key factors fuelling demand of textile auxiliaries include,
Sustained demand from sports and medical equipment industry. Increasing applications of textile auxiliaries across a wide range of end-use industries is expected to fuel demand in the foreseeable future.
Growth of construction sector in emerging economies of Brazil, Russia, India, and China is positively influencing demand for textile auxiliaries. Demand is especially strong for Buildtex – a technical textile suitable for construction purposes.
Environmental sustainability is gaining center stage globally, influencing companies to opt for eco-friendly materials. This is promoting the use of textile auxiliaries, especially Oekotech.
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Textile auxiliaries sales are also influenced by growth of the global textile chemicals market. As per 2014 data, textile chemicals accounted for nearly 2% of the US$ 785 billion global specialty chemicals market.
In addition to aesthetics, textile and apparel companies in the U.S. and Europe are focusing on boosting functionality of their products. As a result, demand for functional finishes is witnessing an increase. Growth in the parent market is expected to fuel demand for textile auxiliaries market.
Surging demand for mobiltech textile auxiliaries in automotive sector is also contributing to the growth of the market.
Although Future Market Insights maintains a positive outlook on the global textile auxiliaries market, high price of finished products and toxic waste production have remained longstanding challenges. Production innovation and R&D can mitigate the impact of these challenges, and top players are working toward addressing these.
By product type, the global textile auxiliaries market is segmented into,
Among these, pre-treatment agents is the highest-selling product type, selling over 660 thousand tonnes in 2016. Corrosion inhibitors accounted for the lowest demand among all product type segments.
By end-use, the global textile auxiliaries market has been segmented into,
Home and institutional
Apparels account for the bulk of demand for textile auxiliaries – in 2016, demand for textile auxiliaries from the apparel segment was worth 1.25 million tonnes. Technical textiles is the smallest segment in terms of volume sales.
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APEJ is projected to remain the largest market for textile auxiliaries globally. The market in the region is anticipated to grow at 5.1% CAGR and surpass 1.37 million tonnes in volume by 2026. In terms of value, the APEJ textile auxiliaries market is expected to surpass US$ 4.5 billion by 2026.
Leading companies in the global textile auxiliaries market include Huntsman International, Tata Chemicals, Dow Chemicals, Evonik Industries, Archroma Limited, DyStar, Oleon, Rudolph GmbH, Zschimmer and Schwarz Gmbh & Co KG, and ChemDyes Sdn Bhd.
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