Textile Chemicals Market Aims for Remarkable Growth, Targeting USD 37.58 Billion by 2030 at 4.5% CAGR
According to The Brainy Insights, the global textile chemicals market size was valued at USD 24.20 billion in 2020 and it is expected to be worth around USD 37.58 billion by 2030 with a CAGR of 4.5% from 2021 to 2030. The need for technical textiles is predicted to expand fast as a result of their use in a wide range of industries, including chemical, manufacturing, and medical.
Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 24.20 Billion in 2020 textile chemicals market will reach USD 37.58 Billion by 2030. When dyeing and processing textiles, speciality chemicals called textile chemicals are employed to give the final product certain characteristics. Clothing, textiles, furniture, and other things all employ textile chemicals. These compounds all have different surfactants, colours, and finishing qualities. Both synthetic and organic fabrics frequently include textile chemicals. These substances provide materials with the desired texture, finish, antibacterial characteristics, wrinkle and stain resistance, and sweat absorption.
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Key Insight of the Textile Chemicals Market
The Asia Pacific region gained the largest market with a 38.4% revenue share in the global textile chemicals market in 2020.
The Asia Pacific region emerged as the largest market for global textile chemicals in 2020, accounting for 38.4% of market value. As the region’s demand for apparel develops, so will the use of textile chemicals at various fabric production phases. The need for textile chemicals is expected to grow rapidly due to their use in various industries, including chemical, manufacturing, and medical. Imported textiles made with low-cost labour and infrastructure pressure the textile industry.
In 2020, the synthetic segment led the textile chemicals market, accounting for approximately 58.1% of the market.
The synthetic segment dominated the textile chemicals market with a market share of around 58.1% in 2020. This is because there is an increasing inclination towards synthetic apparel, contributing to the segment’s growth.
With a market share of around 28.1% in 2020, the coating & sizing segment dominated the textile chemicals market.
With a market share of around 28.1% in 2020, the coating & sizing segment dominated the textile chemicals market. Sizing chemicals are generally used in weaving to improve yarn abrasion resistance and strength. Sizing chemicals reduce weaving risks such as yarn fraying and breakage during the weaving process. Ingredients that improve the abrasion resistance and flexibility of yarn are projected to witness a significant increase in demand throughout the projection period.
In 2020, the apparel segment dominated the textile chemicals market, accounting for around 46.1% of the market.
The apparel segment dominated the textile chemicals market with a market share of around 46.1% in 2020. Shirts, t-shirts, suits, coats, trousers, skirts, shorts, children’s wear, and swimwear are garment products. Increased garment manufacturing to meet rising demand from an expanding population is the primary driver of segment expansion. The garment industry moves quickly and is driven by shifting consumer demands. To compete in a highly competitive climate, apparel manufacturers focus on preserving product quality and adopting cutting-edge manufacturing techniques and raw materials. Textile chemicals are commonly employed in the garment sector.
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Driver: Increasing awareness of textile chemistry’s benefits in manufacturing to boost growth
Textile chemistry is a highly specialist field that applies chemistry ideas throughout the textile and apparel manufacturing processes. Dyeing and finishing, fibre and polymer, and the more important combination of material science and textile materials are all subsets of textile chemistry. Textile chemistry is becoming increasingly important in the textile and garment industries as customer demand for higher quality and functionality grows.
Restraint: Fluctuating raw material prices
Price fluctuations in phenol and surfactant raw materials are expected to make it difficult for industry participants to achieve profitability and economies of scale. Esters, which have good lubricant properties and are utilised as surfactants, are one of the most commonly used raw materials in producing numerous industrial textile auxiliary products. Softeners, emulsifiers, and antistatic agents are all examples of potential applications.
Opportunity: Textile manufacturers’ adoption of sustainable products
As a result of severe environmental regulations and a commitment to long-term goals, most textile and chemical companies are transitioning to green chemicals. In advanced nations, environmental regulations are aggressively enforced. Developing countries are likewise working out their long-term goals. As a result, the green textile chemical segment has potential growth opportunities in established and emerging nations over the projection period.
Challenge: COVID-19 impact
COVID-19 has greatly impacted the worldwide garment business and textile chemicals industry due to the shutdown in various countries. The global textile and garment industry strongly relies on China as a manufacturing base because the unique COVID-19 virus was discovered and spread to other countries there. This resulted in store closures and lower textile demand, which harmed the market. After the situation improved, it took some time for the market to recover, which significantly impacted the demand for textile chemicals.
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Some of the major players operating in the textile chemicals market are:
• Kiri Industries Limited
• Omnova Solutions Inc.
• Sumitomo Chemicals Co. Ltd.
• Tata Chemicals Ltd.
• The Lubrizol Corporation
Key Segments cover in the market:
By Product Type:
• Coating & Sizing
• Finishing Agents
• Colorants & Auxiliaries
• Desizing Agents
• Bleaching Agents
• Technical Textile
• Home Furnishing
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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