According to the research report, the global textile chemicals market was valued at US$ 21.02 Bn in 2015 and is expected to reach US$ 29.15 Bn by 2024, expanding at a CAGR of 3.7% between 2016 and 2024.
Textile chemicals are intermediates, compounds, chemicals, etc. that are used during the process of fabric processing or yarn manufacturing. These include pretreatment chemicals, textile dyeing chemicals, printing chemicals, finishing chemicals, antistatic agents, and other specialty chemicals. Textile chemicals aim to bestow the yarn or fabric with specific functions to improve and optimize the manufacturing process. There has been a sustained shift in the geographic location of the world's textile production, from Southeast Asia to China and India since the last 30 years. Different types of textile chemicals provide different functions. For instance, coating & sizing chemicals are used to provide inflammable characteristics to furniture fabrics, vehicle airbags, etc. Colorants and auxiliaries provide color to the textile. More than 60 different classes of functional chemical products are utilized in coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, yarn lubricants and other miscellaneous applications.
In terms of volume, coating & sizing chemicals was the largest product segment of the textile chemicals market in 2015, as these provide lust and silky texture to fabrics. Sizing chemicals are used increasingly in the apparel applications industry in order to increase the absorption rate of the fabric. Finishing chemicals was the fastest growing product segment in terms of volume in 2015. Colorants & auxiliaries had significant share in the global textile chemicals market in 2015. These chemicals are predominantly used in dyeing and printing of textiles.
Home furnishing was the largest application segment of the textile chemicals market in terms of volume in 2015 due to the increased spending capacity of the people in emerging economies such as India and China. Apparel is the fastest growing applications of the textile chemicals market owing to the changing lifestyle of the people in emerging economies. Industrial and other application segment include workshop clothing, medical gloves, geotextiles, etc. This application segment is projected to grow at a modest rate during the forecast period.
Asia Pacific was the largest consumer of textile chemicals in 2015, led by the high demand for coating & sizing chemicals products in China and India. Asia Pacific accounted for more than 55% share of the global textile chemicals market in 2015. It was also the fastest growing market in the year due to the significant demand for textile chemicals in various applications industries. Europe was the second-largest consumer of textile chemicals in 2015, owing to the rising demand for these chemicals in technical textile applications in Turkey and Germany. The market in North America is anticipated to expand at a modest rate during the forecast period. Concern of regulatory bodies regarding harmful effects of textile chemicals on environment and emergence of bio-based textile chemicals are estimated to hamper market growth. However, technological innovation and development of new textile chemicals is projected to act as the opportunity for the manufacturers of textile chemicals during the forecast period. Growth in the apparel and industrial industry is anticipated to propel the textile chemicals market during the forecast period. Furthermore, rising number of products of textile chemicals in various applications is likely to act as a major opportunity for the textile chemicals market in the near future.
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