Textile Chemicals Market to Cross US$ 35 Billion Mark by 2028
Published | 16 February 2022
The global textile chemicals market is witnessing modest growth on account of increasing demand for textiles and apparels due to changing fashion trends, increasing population as well as rising disposable income of the consumers across the globe…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global textile chemicals market was worth USD 26.4 billion in 2021 and is forecast to reach USD 35.7 billion by the end of 2028. The global textile chemicals market is flourishing owing to the increasing demand for textiles and apparels due to changing fashion trends, increasing population as well as rising disposable income of the consumers. In addition, a growing number of small and medium-sized enterprises engaged in clothing and the development of biodegradable textile chemicals are anticipated to provide lucrative growth opportunities for the market in the forecast period. Although awareness of the hazards of textile chemicals may act as a huge restraint, the market for textile chemicals is still developing.
Rising Scope of Textile Chemistry is Driving the Global Textile Chemicals Market
The expanding scope of textile chemistry is presenting new opportunities for the textile chemicals market. Textile chemistry helps in understanding the textile and textile materials and helps in modifying and develop new chemicals and materials, such as developing safer and greener chemicals. Additionally, it helps develop chemicals that can be used in textiles so that they are resistant to water, stains, wrinkles, bacteria, and mold.
Rapid Industrialization and Expanding Textile Production Boosting the Global Textile Chemicals Market
The volume of textile production is growing rapidly, with emerging economies such as China, India and Pakistan leading the market. With an increasing population and rising disposable income, both natural fibers and synthetic clothing are in high demand. This is anticipated to fuel the demand for textile chemicals in the coming years. Furthermore, the demand for technical textiles that is used in PPE suits and equipment is also growing after the COVID-19 pandemic, which is projected to drive the market growth in the forecast period.
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Global Textile Chemicals Market - By Application
Based on applications, the global textile chemicals market is segmented into apparel, home textiles, technical textiles, and others. The apparel segment holds the largest market share. This segment is further classified into sportswear, intimates, and outerwear. With the changing fast fashion scenario and growing demand, there is an increased demand for fashion clothing. Furthermore, rapid globalization and high exposure to global fashion trends due to media influence are also driving the demand for fashion clothes, which further drives the demand for textile chemicals, driving the market growth.
Textile Chemicals Market - Regional Insights
Geographically, the global textile chemicals market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Asia-Pacific accounts for the largest share in textile chemicals. The increasing number of small and medium-sized textile manufacturing companies in emerging economies such as China and India are driving the textile chemicals market in the Asia Pacific. However, North America is projected to witness the highest CAGR during the forecast period owing to the increasing demand for apparel in the United States. Furthermore, increasing investment in R&D activities by industry players also plays a crucial factor in driving the market growth.
Impact of COVID-19 on the Global Textile Chemicals Market
The textile chemicals market was hindered by the sudden COVID-19 pandemic outbreak. As the governments of various countries imposed strict lockdowns to mitigate the virus spread, textile & chemical manufacturing, and production operations were temporarily halted, which negatively impacted the growth of the overall market. Increasing work from home cultures and restrictions in distribution channels also impacted the apparel market growth due to the pandemic. The market is also projected to face major challenges in the post-COVID-19 period as well due to stringent government regulations against chemicals.
Global Textile Chemicals Market - Competitive Landscape
The leading players in the global textile chemicals market are Achitex Minerva SpA, Archroma, Sarex, GIOVANNI BOZZETTO SpA, Rudolf GmbH, Chemipol, Nouryon, CHT Group, Kiri Industries Ltd., Covestro AG, L. N. Chemical Industries, Croda International PLC, K-Tech Limited, Dow, Kemira, Evonik Industries AG, Huntsman International LLC, Formosa Organic Chemical Industry Co., Ltd, Tanatex Chemicals BV, and other prominent players.
The global textile chemicals market is highly fragmented due to the presence of several multinational as well as regional industry players. The market offers a wide range of products with different features tailored to suit different fibers. They also significantly invest in R&D activities to develop new products and eco-friendly chemicals. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global textile chemicals market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global textile chemicals market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Textile Chemicals Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Fiber Type (Natural Fiber, Synthetic Fiber), By Product Type (Coating & Sizing Agents, Colorant & Auxiliaries, Finishing Agents, Surfactants, Desizing Agents, Bleaching Agents, Others), By Application (Apparel, Home Textiles, Technical Textiles, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Publish Date: February 2022
The global textile chemicals market is witnessing modest growth on account of increasing demand for textiles and apparels due to changing fashion trends, increasing population as well as rising disposable income of the consumers across the globe..
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