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The market for textile chemicals is expected to register a CAGR of less than 5%, during the forecast period. One of the major factors driving the market studied is the robust growth of the apparel market in developing economies. However, the growing popularity of bio-based alternatives is likely to restrain the market.
- Rising demand for industrial fabrics in North America is also likely to boost demand, during the forecast period.
- Development of smart textiles is likely to act as an opportunity for the growth of the market, in the future.
- Asia-Pacific is likely to dominate the market during the forecast period.
Key Market Trends
Home Furnishing Application to Dominate the Market
- Home furnishing applications accounted for the major market share globally.
- Increasing the construction market across the world, primarily in countries, such as China and India, is boosting the demand for home furnishing applications.
- Some of the major home furnishing applications include bed sheets, towels, upholstery, curtains, rugs, carpets, table linen, window treatments, etc.
- Shifting trend toward soft furnishings in homes is likely to further boost the fabric softeners in the home furnishing applications, during the forecast period.
- Hence, owing to the aforementioned factors, home furnishing application is likely to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific was the leading market shareholder, followed by North America and Europe.
- Asia-Pacific has become an area of immense potential and opportunities, due to the extensive demand for textiles in countries, such as India and China, from the apparels and home furnishing sectors.
- China has been the biggest textile and apparel exporter in the world since 1994. The country dominates the global, low-to-medium end market by mainly engaging in OEM manufacturing and processing, while the EU continues to dominate the global upmarket and high-quality textiles, clothing, and footwear demand.
- One of the major drivers of the textile chemicals market is the growing e-commerce sales of textiles and apparels in the country.
- Hence, owing to the above-mentioned factors, the Asia-Pacific region is likely to continue dominating the textile chemicals market.
The textile chemicals market is fragmented in nature, owing to the presence of numerous players. Key players in the market studied include Solvay, Arkema Group, Honeywell International Inc., and Huntsman International LLC, Dow, among others.
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