Textile chemicals Market, Industry Segments, Growth, Trends, Demand, Outlook by 2023

Market Overview:
Textile chemicals are used in the manufacturing process of textiles, starting from pre-treatment to finishing of textiles, to enhance and optimize the textile manufacturing processes for specific functionalities, texture, and appearance.

The global textile chemicals market was valued at USD 26.5 billion in 2018 and is projected to register a CAGR of 4.5%, reaching a value of USD 36 billion by the end of 2025. The growth of the global textile chemicals market is primarily driven by the significant demand for home furnishing and technical textiles across the globe. The rising disposable income of the consumers has resulted in an increased home renovation activity, which is driving the demand for home textiles, thereby the demand for textile chemicals. The rising demand for commercial spaces due to the growth of the service industries such as information technology and telecommunications, banking, financial services, and insurance is leading to increased construction activities, which, in turn, is driving the demand for technical textiles such as upholstery, curtains, rugs, carpets, and table linens and contributing to the growth of the global textile chemicals market. The rise in the demand for technical textiles is attributed to the favorable government policies and initiatives boosting infrastructure spending, chemical manufacturing, and others. For instance, according to the US Census Bureau, the overall construction spending in the US stood at USD 1,246,000 million as of 2017, of which USD 276,510 million was spent on non-residential construction. Technical textiles are used in major end-use industries such as automotive, construction, packaging, health care, and agriculture. The growth of these industries owing to rapid industrialization, infrastructure development, as well as consumer spending is expected to be one of the major drivers of the global market growth. Moreover, the constantly changing fashion trends and growing population coupled with the high disposable income of consumers are likely to drive the demand for casualwear and apparel during the forecast period. The introduction of advanced technologies, e.g., smart clothing, as well as growing adoption of low VOC and biodegradable materials in textile manufacturing,  are likely to offer lucrative opportunities for the manufacturers of textile chemicals.

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Key Players:

Some of the prominent players operating in the global textile chemicals market are Archroma (Switzerland), Huntsman International LLC (US), DowDuPont (US), Wacker Chemie AG (Germany), Evonik Industries (Germany), TANATEX Chemicals B.V. (Netherlands), Rudolf GmbH (Germany), GIOVANNI BOZZETTO S.p.A. (Italy), AkzoNobel NV (Netherlands), Kemin Industries (US), Covestro (Germany), OMNOVA Solutions Inc (US), FCL (India), Croda International Plc (UK), and Indofil (India).

Intended Audience:

Textile Chemicals Manufacturers

Traders and Distributors of Textile Chemicals

Research and Development Institutes

Potential Investors

Raw Material Suppliers

Nationalized Laboratories

Segmentation:

The global textile chemicals market has been segmented by fiber type, product type, application, and region.

By fiber type, the global market has been segmented into natural fiber and synthetic fiber. The natural fiber segment is further categorized into cotton, wool, and others, while the synthetic fiber segment is classified into polyester, polyamide, viscose, and others.

On the basis of product type, the global market has been divided into coating & sizing agent, colorants & auxiliaries, finishing agents, surfactants, de-sizing agents, bleaching agents, flame retardants, softening agents, and others.

Based on application, the global textile chemicals market has been segregated into apparels, home textiles, technical textiles, and others. The apparels segment has been further segmented into sportswear, intimates, and outerwear. The home textiles segment has been categorized into bed linens, carpets, curtains, and others.

Regional Analysis:

The global textile chemicals market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for the largest market share in 2018 on the backdrop of high consumption of textile chemicals as the region is a leading textile manufacturer. Moreover, rapid industrialization, improving economic conditions, supportive government policies, availability of cheap labor, and increasing exports coupled with a growing population and changing lifestyles in the region are driving the textile industry, which in turn is expected to fuel the demand for textile chemicals in the region. For instance, according to India Brand Equity Foundation, the country’s overall textile exports during 2017–2018 stood at USD 39.2 billion.

The large industrial base in European and North American regions coupled with the high demand for technical textiles in automotive, healthcare, and construction industries is expected to drive the regional market growth during the review period.

Industrialization in emerging economies such as Brazil and Chile are expected to drive the product demand in Latin America during the forecast period. The presence of infrastructural hub in GCC, UAE, and Saudi Arabia is likely to propel the demand for technical textiles used in the construction industry in the region, which, in turn, is expected to drive the demand for textile chemicals.

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