The global textile chemicals market is expected to reach at a value of USD23.94 billion in 2027 growing at a CAGR of 5.85% due to increasing capacity utilization in apparel industry.
Since the beginning of the textile industry, efforts have been made to create long-term value in the lives of people. The expansion of the textile chemicals market has been fueled by increasing consumption across the globe. Textile chemicals are in huge demand due to their seamless applications across a wide range of industries. Textile industry is also benefitting from the emergence of modern technologies required to manufacture textile chemicals.
Home textile industry and apparel industry has witnessed higher demand which is driving the growth of textile chemicals market. Governments of various countries are levelling up their trade potential in textile chemicals market. With the inclusion of modern low-impact materials and technologies, as well as strategies based on circular economy, sustainability has remained a significant concern for global textile chemicals market.
Growing population and increasing consumption
One prominent factor behind the growth of consumerism of textile chemicals market is the population and people across the world seems to be heavily dependent on textile chemicals and their end applications. Population, in general, is increasing across the world and will follow the same trend in the upcoming years. Population and consumption usually go hand in hand. So, it is plausible that growing population across the globe will help the market escalate as demand will increase with the rise in population.
Development in the infrastructure facilities in APAC region
Historically, limited regions across the globe had enough potential to produce the textiles that could satisfy the needs of the consumer. Prices were dynamic as installation of manufacturing facilities was happening in very few parts of the globe, eventually making the market more anticompetitive. However, with time, technology penetrated the market and new players begun setting up their plants to manufacture textiles. With the boom in manufacturing of textiles, textile chemicals market started getting the traction from investors across the globe.
APAC has pioneered in the manufacturing of textile chemicals and supplying to the other regions of the world which have either shut down their production sites or cannot economically afford running the machineries to produce the textiles. China, the leading country in the APAC region is a leading player in the Global Textile chemicals Market. In fact, during economic crises, the textile industry in China witnessed a slight growth due to the dominance which is attributed to cheap labor availability and flexible environmental and government legislations enforced to produce textiles and apparels.
Rising standard of living is aiding the growth of the market
Gradual improvement in the standard of living has led to a remarkable change in people’s fashion habits which has contributed to the growth of global textile chemicals market. Over time, people have come to realize the usefulness of textile products and they have become more concerned about their health, and are preferring eco-friendly textile products along with superior quality textiles and so they have begun utilizing them at a major scale across various applications, which subsequently have raised the overall market size of global textile chemicals market.
Free Trade Agreements positively impacting the market growth
Over the past few years, various free trade agreements have been signed between different countries worldwide. Additionally, major trade pacts such as the Trans-Pacific Partnership (TPP) are currently being studied. As a result of these free trade agreements, different taxes on textile items have been decreased or repealed, which has resulted in a substantial rise in the import and export of textiles, which is projected to strengthen the textile market.