In 2021, the Textile Chemicals Market size stood at US$ 26.5 Bn. The global market is estimated to develop at 3.9% CAGR during the forecast period, from 2022 to 2031. By 2031, the global Textile Chemicals Market is anticipated to touch the value of US$ 38.9 Bn. Due to the growing world population and people’s higher purchasing power, it is anticipated that demand for clothing and textiles will rise during the forecast timeline. Since raw materials are readily available in large quantities and manufacturing cost is low, companies in the global textile chemicals market are concentrating on raising the output of textile chemicals in the Asia Pacific.
With the prevalence of small and medium-sized businesses, the textile industry is extremely fragmented. Market players are expected to concentrate on such textile firms to expand and diversify their markets. In order to take advantage of lucrative market prospects, top manufacturers are expected to concentrate on creating non-hazardous textile chemicals.
Textiles benefit from the excellent features that chemicals utilized in the textile industry offer and this is one of the key textile chemicals market growth factors. Increase in the demand for clothing, the rise of the home furnishings industry, and the profitable existence of textile chemical producers throughout the world are likely to drive the global market for textile chemicals.
With a 42.2% textile chemicals market share, the apparel category led the global market by application in 2021. Lingerie, sportswear, undergarments, formal dress, casual wear, children’s and adult personal clothes, and fashion accessories are all types of apparel items. Due to global expansion of population and rising disposable income, there is an increasing need for apparel items.
Increasing use of textile chemicals in home furnishings is estimated to be one of the key textile chemicals market trends. The introduction of e-commerce in the home furnishings industry is anticipated to boost this industry. The market for textile chemicals is anticipated to grow as home furnishings spending increases in emerging nations like Thailand, China, and India. Textile chemicals are extensively employed in the making and spinning procedure of home textiles.
Based on type, the coating & sizing agent’s category accounted for a significant share of the global market in 2021, accounting for 30.1% of it. It is predicted that throughout the forecast period, the category is expected to expand at 4.1% CAGR during the forecast timeline. In order to provide yarn a smooth, consistent surface, coating and sizing chemicals are used. Chemicals used in textile coating and sizing have a number of desirable characteristics, including superior friction, resistance, and tension to yarn. Both hairiness and smoothness can be improved by them. The washing and dyeing of yarns and textiles is another common usage for textile auxiliary materials.
Asia Pacific accounted for 65.3% of the global market for textile chemicals based on the region in 2021. Asia Pacific’s textile chemicals market is anticipated to be driven by the abundance of natural resources, raw materials, and low cost of production.
Global Textile Chemicals Market: Key Competitors
- The Dow Chemical Company
- Huntsman International LLC
- The Lubrizol Corporation
- CHT Switzerland AG
- OMNOVA Solutions Inc.
- Tata Chemicals Ltd
Source: Transparency market research
