Global Textile chemicals Market Overview-
MRFR (Market Research Future) presumes that the Textile Chemicals Market will clock in a moderate growth rate of 4.5% from 2021 to 2030. By the end of 2030, the market is also projected to touch USD 36 billion, signifying favorable growth prospects.
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Top Boosters and Deterrents -
Textile Chemicals Market form a significant part of the fabric processing and are added to impart a number of appealing features including antimicrobial properties, sweat absorbency, stain resistance, wrinkle resistance, finish and desired texture to the fabrics. On a dim note, toxic emissions during manufacturing poses a significant risk to not only the environment but human health as well. Moreover, water shortage along with contamination brought on by the expanding textile sector has given way to several strict regulations on use of such chemicals.
On the bright side, experts are witnessing a fast-emerging trend in the global market, which is the escalating demand for bio-based textile chemicals, in view of mounting need for eco-friendly and sustainable solutions. Major companies are therefore, working on introducing eco-friendly chemicals in the market while also trying to expand their production bases across different regions. Support from government incentives along with soaring concerns regarding climate change also foster the demand for bio-based textile chemicals in the global market. Furthermore, developing markets such as Bangladesh, Indonesia, Cambodia, and Vietnam on account of adequate manufacturing infrastructure and low labor costs offer stunning opportunities to the global players.
Textile chemicals Market - Prominent Players Analysis:
Archroma (Switzerland), Huntsman International LLC (US), DowDuPont (US), Wacker Chemie AG (Germany), Evonik Industries (Germany), TANATEX Chemicals B.V. (Netherlands), Rudolf GmbH (Germany), GIOVANNI BOZZETTO S.p.A. (Italy), AkzoNobel NV (Netherlands), Kemin Industries (US), Covestro (Germany), OMNOVA Solutions Inc (US), FCL (India), Croda International Plc (UK), and Indofil (India).
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil & gas drilling, in the analysis of oxygen & sulfur isotopic, as a filler in paint & plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil & gas activities are growing rapidly due to the high demand for fuel.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil & gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Segment Study of Textile Chemicals Market-
The global textile chemicals market has been segmented by fiber type, product type, application, and region.
By fiber type, the global market has been segmented into natural fiber and synthetic fiber. The natural fiber segment is further categorized into cotton, wool, and others, while the synthetic fiber segment is classified into polyester, polyamide, viscose, and others.
On the basis of product type, the global market has been divided into coating & sizing agent, colorants & auxiliaries, finishing agents, surfactants, de-sizing agents, bleaching agents, flame retardants, softening agents, and others.
Based on application, the global textile chemicals market has been segregated into apparels, home textiles, technical textiles, and others. The apparels segment has been further segmented into sportswear, intimates, and outerwear. The home textiles segment has been categorized into bed linens, carpets, curtains, and others.
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Regional Analysis -
The segmentation of the global Textile chemicals Market comprises regions like Asia-Pacific, North America, Europe, and Rest of the World.
Globally, Asia-Pacific bears the dominant position in the Textile chemicals Market both in relation to the volume and value. The market is expected to continue with its rise in the forthcoming years at the same rate. Due to reasons such as rapid industrialization, low cost attached to labor and raw materials, and the high manufacturing rate of Chlor-Alkali products, China is the major revenue generating nation in the Asia-Pacific region.
North America and Europe stand in the second and third position, respectively, owing to the low production level of Textile chemicals products as compared to other developing economies.
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