by The 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 specialty chemicals used during the manufacturing of textiles to impart desired properties or improve the quality of the finished product. Key textile chemicals include dyestuffs, coloring agents, auxiliaries, and other specialty chemicals used in pretreatment, dyeing, printing, finishing, and other textile processes. They are primarily utilized in the production of natural and synthetic fibers such as cotton, wool, polyester, nylon, and acrylic. Textile chemicals enhance the functionality, aesthetics, and overall quality of fabrics.
Market Dynamics:
Rapid urbanization and rise in disposable incomes in developing economies are fueling the demand for home textiles and apparel, thereby driving the textile chemicals market growth. According to the United Nations, around 55% of the world’s population resided in cities in 2022, and the urban population is projected to reach 68% by 2050. In addition, changing consumer lifestyle and preferences toward easy-care, wrinkle-free, and stain-resistant textiles are boosting the consumption of specialty textile chemicals. However, stringent regulations regarding the use of toxic and hazardous chemicals may hinder the market expansion.
Segment Analysis
The global textile chemicals market is dominated by chemical products used in apparels. Within apparels, the finishing chemicals segment holds the major market share of nearly 30%. Finishing chemicals are used at the final stage of textile processing and manufacturing to impart desired functional properties such as wrinkle resistance, water resistance, stain resistance etc. This segment is dominating as finishing plays an important role in enhancing the aesthetic appeal and performance of apparel textiles.
PEST Analysis
Political: The textile chemicals market is regulated by various environmental regulations regarding the use of hazardous chemicals. stringent regulations can hamper the market growth.
Economic: Growth in the textile industry and rising disposable incomes in developing regions is driving the demand for sophisticated textile chemicals. Market growth depends on the economic performance of the textile sector.
Social: Changing fashion trends and rising environment concerns influence the demand for eco-friendly textile chemicals. Customers prefer apparels treated with chemicals that have least impact on the environment and human health.
Technological: Advancements in nanotechnology lead to the development of chemicals offering improved properties and functionality to textiles. Technologies help reduce chemical usage and wastage.
Key Takeaways
The Global Textile Chemicals Market Size was valued at US$ 28.33 Bn in 2023 and is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing apparel consumption globally. Regionally, Asia Pacific dominated the market in 2023 with a share of over 40%, with China and India being the major textile hubs. The market in Asia Pacific is projected to witness growth at the fastest pace during the forecast period, supported by burgeoning apparel manufacturing industries in the region.
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, and Bayer Material Science. Lonsen and Archroma are focusing on developing bio-based chemical products to strengthen their portfolio and tap the growing demand for sustainable solutions. Dow Chemical Company and Huntsman Corporation are investing in expanding their production capacities in Asia Pacific and Middle East & Africa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
