Global Textile Chemicals Market Valued at US$ 26.5 Bn in 2021
28 June 2022: As per the recent report of Transparency Market Research, Demand for textiles and apparel is expected to increase during the forecast period owing to the rise in global population and increase in spending capacity of the people. Manufacturers in the global textile chemicals market are focusing on increasing the production of textile chemicals in Asia Pacific due to the abundant availability of raw materials and lower manufacturing costs in the region. The textile sector is highly fragmented, with the presence of small and medium sized enterprises. Manufacturers should target these enterprises for market development and diversification.
The apparel segment dominated the global textile chemicals market with 42.2% share in 2021. Furthermore, the segment is projected to grow at a moderate CAGR of 3.7% during the forecast period. Apparel products include active wear, children and adult personal clothing, casual wear and formal wear, lingerie, undergarments, sportswear, and fashion accessories (scarfs, belts, socks, etc.). Demand for apparel products is rising at a rapid pace owing to the increase in population and rise in disposable income of the people across the globe. The global textile chemicals market is expected to reach US$ 38.9 Bn by the end of 2031
Growth in awareness about health, hygiene and safety is a key factor that is likely to propel the demand for apparel in the near future. China and India have been prominent markets for apparel production and usage. High economic growth is anticipated to be a major driver of the apparel market in both these countries during the forecast period. Growth of end-use industries is expected to lead to a trickle-down effect in the local manufacturing value chain, thus benefitting national manufacturers.
Home furnishing is a key application of textile chemicals. Advent of e-commerce in home furnishing is likely to propel the home furnishing segment. Rise in expenditure on home furnishing in developing economies such as India, China, and Thailand is expected to drive the textile chemicals market, as textile chemicals are widely used in the manufacture and spinning process of home textiles. North America and Europe are the prominent markets for home furnishing. Leading players such as IKEA and H&M Home are adopting expansion strategies to tap revenue opportunities in the home textile industry in Asia Pacific. Textile chemicals are also used in the manufacture of furniture upholstery. Increase in demand for new house construction and rise in urbanization are factors contributing to the rising demand for textile chemicals.
In terms of type, the global textile chemicals market has been classified into coating & sizing agents, dyes & dyestuff, finishing agents, surfactants, desizing agents, bleaching agents, yarn lubricants, antimicrobial agents, textile chemical dyes, and others. The coating & sizing agents segment accounted for major share of 30.1% of the global market in 2021. The segment is estimated to grow at a CAGR of 4.1% during the forecast period. Coating and sizing agents provide a uniform and consistent surface to yarn. Coating and textile sizing chemicals possess various properties such as excellent resistance, friction, and tension to yarn. They can reduce hairiness and increase smoothness. Textile auxiliaries are also widely used for washing and dying of yarns and fabrics.
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