Textile Chemicals Market - Forecast(2020 - 2025)
Textile Chemicals Market Overview:
According to the Textile Exchange, the apparel industry, a subset of the textile industry, contributes a remarkable $2.5 trillion to $3 trillion to the global cash flow each year. Furthermore, the figure is estimated to escalate in the future in order to fulfill the sustainable development goals (SDGs) of the United Nations (UN). This is to say that the future foresees an augmented demand for clothing and apparel. Perceptibly, industries such as the dye manufacturing industry and other chemicals that are associated with the textile industry will be benefited by this growth in demand which will colossally have a positive impact on the textile chemicals market that was valued to be $26.2 billion as of 2018. Furthermore, the demand for textile chemicals is projected to grow at a compound annual growth rate (CAGR) of 4.50% during the forecast period of 2019 to 2025.
The China Energy Group has assessed China as the world’s top exporter with 40% of the global textile and clothing exports with 24,000 enterprises in the textile business. Furthermore, the Indian government has made huge investments under the Scheme for Integrated Textile Parks (SITP) for further growth. The Indian Brand Equity Foundation has estimated the Indian textile industry at around $150 billion. Additionally, fashion technology is making strides in most of the APAC countries such as Taiwan, Malaysia, Indonesia, and the Philippines. The growth of the textile sector in APAC has a direct impact on the revenues of textile chemicals, and the region had the maximum textile chemicals market share that was gauged to be 53%.
Textile Chemicals Market Outlook:
Textile chemicals are specialty chemicals such as textile finishing chemicals that are used in the textile industry for a gamut of purposes such as dyeing, coloring, and finishing. These chemicals find applications in various divisions of the textile sector that include home furnishing, industrial, and others.
Owing to the changing trends in the fashion technology coupled with the growth of the apparel section of the textile industry, the key application of textile chemicals is found to be in apparels. Furthermore, the application of textile chemicals in apparels is foreseen to grow at a CAGR of 5% through to 2025.
Textile Chemicals Market Growth Drivers:
· Increased Demand from the Packaging Industry –
The advent of e-commerce and the subsequent increase in trade of various products that are bought and sold online has had a positive impact on the packaging industry which can also be conceived from the evident growth prospects in the packaging machinery market. This demand influx for packaging goods is leveraged by the textile industry as a lot of packaging material is made of textile products. Evidently, textile chemicals are used as colorants and finishing agents in these packaging materials, which is further flourishing the market.
· The Cotton Production Across the Globe –
According to the findings in the Cotton Outlook white paper compiled by the United States Department of Agriculture (USDA), the world’s cotton production was estimated to rise by 14% in the year 2017-18. Furthermore, the organization projected that global cotton consumption will exceed production in the future. Incremented consumption is partly attributed to the utilization of cotton in the textile industry to manufacture apparels and home furnishing products that will lead to an increased demand for textile chemicals.
· Home Furnishing Textiles Creating a Sustainable Marketplace –
The booming economy has led to an increase in disposable personal income in most parts of the world that has enabled people to splurge on expensive home furnishing textiles and floor coverings such as carpets. Subsequently, there is a perceptible growth in production of these textile products which is significantly supporting the textile chemicals market.
Textile Chemicals Market Trends –
· Smart Technical Textiles – The textile chemicals market is influenced by the demand for smart technical textiles that uses chemicals such as cyclodextrin which are encapsulated in them. These chemicals impart fragrance and relieving effects.
· Latest Development – In 2017, Huntsman Textile Effects introduced PHOBOTEX RSY which is a non-fluorinated, durable and has water repellent properties. It was developed to meet extreme protection, comfort, and durability.
Textile Chemicals Market Challenges –
The “chemicals of concern” have been the major challenge in the textile chemicals market. The governments across the globe have incorporate stringent regulations regarding the use of harmful chemicals such as VOCs, chlorine bleach, and formaldehyde in the textile industry. This is majorly attributable to the health issues caused due to the exposure of workers to these chemicals as some of them are toxic. Hence, the manufacturers are facing stringent regulations pertaining to the usage of textile chemicals in the textile industry, which is reducing the market size. However, the textile industries are incorporating advanced safety techniques in order to reduce incidents or accidents due to textile chemicals.
Textile Chemicals Market Key Players Perspective –
The major players crusading for textile chemicals market share are Archroma, Huntsman, Tanatex Chemicals, DowDuPont, DyStar Group, Wacker Chemie AG, Evonik Industries, Rudolf Group, Bozzetto Group, Kemin Industries, Covestro, Croda Chemicals, and CHT Group.
Textile Chemicals Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the textile chemicals market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The textile chemicals market research report also analyses the application of various catalysts based on their components that include zeolites, metals, and chemicals. The report also documents the scope for textile chemicals on the basis of type that include pre-treatment chemicals, textile dyeing chemicals, dyeing and printing chemicals, finishing chemicals, and others.
Textile Chemicals Market Report: Industry Coverage
The report also documents that applications of textile users in the industries such as home furnishing, apparel, industrial, and others.
The textile chemicals market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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