The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global functional textile finishing agents market value is anticipated to exceed USD 4.52 billion by 2025, according to a new report by Grand View Research, Inc. The rising consumer demand for protective fabrics due to growing health awareness and hygienic concerns is expected to steer the market growth in the coming years.
Increasing purchasing power and disposable income in the emerging economies including China, Russia, Brazil, and India is projected to increase the demand for functional textile finishing agents in the next nine years. However, strict regulatory guidelines adopted in the usage of chemicals due to its toxic impacts on human health and environment, it is anticipated to remain a vital challenge for the global manufacturers.
Repellant and release agents dominated the textile furnishing finishing agents market in 2015, with demand exceeding 250 kilo tons for the same year. It is projected to grow at an estimated CAGR of 4.8% from 2016 to 2025. Flame retardant chemicals accounted for over 22% of global consumption in 2015. Increasing usage of performance finishing agents to discover innovative value-added fabrics so as to strengthen existing product lines and diversify into new horizons is expected to further boost the industry growth over the forecast period.
Further key findings from the report suggest:
The global functional textile finishing agents demand was 1,114.2 kilo tons in 2015 and is anticipated to grow at a CAGR of 5% over the forecast period
Temperature regulation agents market is anticipated to reach a net worth exceeding USD 480 million by 2025
Asia Pacific market is expected to grow at an estimated CAGR of 5.5% from 2016 to 2025. Asian manufacturers are launching innovative performance finishing products to increase their customer base.
Expansion of multinational players in the region, along with growing local consumption and stable economic conditions is projected to support the regional growth in the coming years.
Market dynamics including strict regulatory amendments, technological advancements, and changing consumption and demand patterns are anticipated to impact the industry growth.
The global functional textile finishing agents market is consolidated with the top five companies to account for over 45% of the share in 2015. Major companies identified in this industry include Dow Chemical Company, BASF, Bayer AG, Sumitomo Chemicals Co. Ltd. and Huntsman International LLC.