Textile chemicals are widely used in textile processing operations to improve the functionality and appearance of fabrics. Textile chemicals are added at various stages of textile production including pretreatment, dyeing, printing and finishing. They provide properties such as shrink resistance, stain resistance, softness, anti-crease etc. to the fabrics. The global textile chemicals market is estimated to be valued at US$ 32.64 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The textile chemicals market is projected to witness significant growth owing to increasing consumption from developing economies. China, India and other South East Asian countries are witnessing rapid industrialization which has boosted the demand for textiles from various end-use industries such as clothing, home furnishings etc. Additionally, rising population in these regions translates to increased demand for apparel and home textiles which drives the need for textile processing chemicals. Rapid urbanization has propelled lifestyle changes leading to greater consumption of fashion apparels. This has necessitated continuous product innovation and improvement in fabric properties using advanced textile chemicals. Furthermore, stringent regulatory standards regarding fabric safety and environmental sustainability are compelling textile manufacturers to use eco-friendly chemicals which provides opportunities for green chemistry products in the market.
SWOT Analysis
Strength: The textile chemicals market has witnessed steady growth in the past decade. Advances in material sciences and formulation technologies have enabled manufacturers to develop chemicals that are more effective, eco-friendly, and durable. Many textile chemicals also serve to enhance fabric properties such as wrinkle resistance, water repellency, and UV protection.
Weakness: High research and development costs associated with the development of new and advanced textile chemicals is a major challenge for players. Additionally, stringent environmental regulations regarding the use of hazardous chemicals pose compliance issues.
Opportunity: Rapid urbanization and rising disposable incomes in emerging regions of Asia Pacific and South America are fueling the demand for apparel and home textiles. This provides opportunities for textile chemical manufacturers to expand their regional presence. Another key opportunity lies in growing demand for technical textiles used in industries such as automotive and healthcare.
Threats: Volatility in raw material prices impacts the overall production costs for textile chemical manufacturers. Changing trade policies and rivalries have disrupted global supply chains in recent years. Additionally, the COVID-19 pandemic dealt a significant blow to textile and apparel industries worldwide in the short term.
Key Takeaways
The Global Textile Chemicals Market Growth is expected to witness high over the forecast period of 2024 to 2031. The market size is estimated to reach US$ 32.64 Bn by 2024.
Regional analysis: Asia Pacific dominates the global textile chemicals market and is expected to maintain its lead through 2031. This can be attributed to the large textiles manufacturing bases and growing domestic demand in countries such as China, India, Bangladesh and Indonesia. The Asia Pacific textile chemicals market is projected to reach a value of US$ 19.86 Bn by 2031, expanding at a CAGR of 21.8%.
Key players: Key players operating in the textile chemicals market include Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc. Philips Lighting Holding B.V.(Signify Holding), Legrand,and Jaquar India. These companies are focused on developing sustainable and eco-friendly textile chemicals to strengthen their market position.
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