The global Textile Chemicals Market is estimated to be valued at US$ 28.33 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Textile chemicals are used at various stages of textile production such as pretreatment, dyeing, printing and finishing. These chemicals provide qualities like wrinkle resistance, soil resistance and water repellency to fabrics. Textile chemicals enhance the aesthetic appeal and texture of fabric by providing softness, crease recovery, water absorption and durability.
Market key trends:
One of the key trends in the textile chemicals market is the growing demand for eco-friendly textile chemicals. Consumers are increasingly preferring apparels and home textiles made from sustainable fibers that are produced using non-toxic and bio-based chemicals. To cater to this demand, textile chemical manufacturers are developing product portfolios that are plant-based, biodegradable and free from harmful chemicals. For instance, Huntsman Corporation offers natural textile chemicals derived from plant/seed oils that enhance the performance and handle of fabrics in an eco-friendly manner.
SWOT Analysis
Strength: Textile chemicals provide specialized functions like protection, comfort, and care for textiles. They enhance the quality and life of fabrics.
Weakness: Stringent regulations regarding the usage of certain chemicals may restrict the market growth. High raw material prices also increase the production costs.
Opportunity: Growing demand for technical textiles and rising focus on sustainable textile production offer opportunities for eco-friendly textile chemicals.
Threats: Availability of alternatives like biomaterials poses threats. Economic slowdowns also adversely impact the textile industry.
Key Takeaways
The Global Textile Chemicals Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand for performance-improved textiles. Domestic and industrial demand for technical textiles from automotive and construction industries is driving the market.
Regional analysis- Asia Pacific dominates the global textile chemicals market and is expected to maintain its leading position during the forecast period. China, India, Indonesia, Bangladesh, and Japan are major markets in the region. Wide availability of raw materials and low manufacturing costs boost the textile industry in Asia Pacific.
Key players operating in the textile chemicals market are The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc., Solvay SA, Bayer Material Science. The key players focus on expanding their production capacities and geographical reach to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
