Increasing demand for technical textiles and preferences for better home furnishing and aesthetics driving the growth of textile chemicals market
The global textile chemicals market size is estimated at USD 26.00 billion in 2018 and is projected to reach USD 31.64 billion by 2023, at a CAGR of 4.0% between 2018 and 2023. The market is witnessing growth due to the increasing demand for technical textile in end-use industries, such as automotive, healthcare, agriculture, and packaging. Growing trends towards better home furnishing and aesthetics are also driving the consumption of textile chemicals. However, factors such as stringent environmental regulations regarding disposal of textile effluents and cyclic nature of textile industries are responsible for restraining and challenging the market, respectively.
Synthetic fiber projected to be fastest-growing segment of the textile chemicals market
Synthetic fiber is projected to be the fastest-growing segment of the overall textile chemicals market during the forecast period (2018–2023). Extensive use of synthetic fibers in fashion & apparel, electronics, healthcare, packaging, and automotive industries, coupled with its low price in comparison to natural fibers, is driving its demand in the textile industry.
Finishing agents segment projected to witness fastest growth during forecast period
The finishing agents segment is projected to be the fastest-growing product type in the overall textile chemicals market during the forecast period (2018–2023). Finishing is one of the most important procedures in textile manufacturing. This process involves a chemical treatment for stiffening, softening, moth-proofing, and imparting water repellency, antimicrobial, and fire-proofing characteristics.
Textile chemicals market projected to witness highest growth in technical textile application
Technical textile is projected to be the fastest-growing consumer of textile chemicals during the forecast period (2018–2023). High demand from automobile, construction, healthcare, packaging, and various other industries, coupled with the emergence of new technologies, is driving the market in this segment.
APAC projected to be the fastest-growing market for textile chemicals
The APAC region is projected to be the fastest-growing market for textile chemicals during the forecast period. Growth of the textile chemicals market in APAC is due to the favorable and cost-effective manufacturing environment, presence of significant consumer base, and supportive government policies.
The market size presented in this study has been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided on the basis of three categories, namely, by company type, by designation, and by region.
• By Company Type: Tier 1 - 45%, Tier 2 - 22%, and Tier 3 - 33%
• By Designation: C-Level Executives- 50%, Director Level - 10%, and Others - 40%
• By Region: APAC – 50%, Europe – 20%, North America - 10%, South America - 10%, Middle East & Africa- 10%
The report also provides company profiles and competitive strategies adopted by major market players, such as Archroma (Switzerland), Huntsman (US), Tanatex Chemicals (Netherlands), DowDuPont (US), DyStar Group (Singapore), Wacker Chemie AG (Germany), Evonik Industries (Germany), Rudolf Group (Germany), and Bozzetto Group (Italy).
The report covers the textile chemicals market and its applications across different regions. It estimates the market size and future growth potential of the various market segments, segmented on the basis of product type, fiber type, application, and region. The report also includes an in-depth competitive analysis of the key market players along with their company profiles.
Reasons To buy this report:
From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends) and company profiles, which together discuss the basic views on the competitive landscape; emerging and high-growth segments of the textile chemicals market; high-growth regions; and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on textile chemicals offered by the top players in the global textile chemicals market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the global textile chemicals market
• Market Development: Comprehensive information about lucrative, emerging markets – the report analyses the markets for textile chemicals across regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global textile chemicals market
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading players in the global textile chemicals market