The global textile chemicals market is estimated to be valued at US$ 32.64 billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period from 2024 to 2031. Textile chemicals are predominantly used in the textile manufacturing industry for functions such as dyeing, printing, finishing and others. Textile chemicals play an important role in improving the texture, feel, color fastness and durability of the final textile product. Key textile chemicals include fixatives, softeners, bleaching agents, finishing agents and dyeing chemicals. Growing demand for technical textiles and high performance textiles has been driving significant growth of textile chemicals market globally.
The Global textile chemicals market is projected to grow significantly driven by the burgeoning technical textiles industry. Technical textiles find wide applications across industries such as agriculture, healthcare, transportation and construction owing to properties such as high tensile strength, flame retardancy and durability. Key textile chemicals manufacturers are focusing on developing specialized chemicals to meet the unique requirements of technical textiles manufacturing. Additionally, growing demand for sustainable and eco-friendly textile chemicals from end user industries is expected to open new avenues for market players.
Key Takeaways
Key players operating in the textile chemicals market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. These players are focusing on development of bio-based and environment-friendly textile chemicals to capitalize on sustainability trend in the textile industry.
Rising population and changing lifestyles especially in developing countries are fueling significant increase in textile and apparel consumption globally. This rapid growth in textile demand is propelling the Textile Chemicals Market Trends.
Recent product developments in the field of antimicrobial, flame retardant and soil resistant chemicals will facilitate new application areas for technical textiles and further drive textile chemicals consumption over the forecast period.
Market Trends
Growing popularity of bio-based textile chemicals: Major textile chemical manufacturers are focusing on development of bio-based chemicals derived from renewable resources such as plant oils in order to reduce dependency on petroleum-derived raw materials.
Rising M&A activities: Leading textile chemical players are pursuing mergers and acquisitions strategies to gain access to newer technologies and geographical expansion opportunities. This will further consolidate competition in the market.
Market Opportunities
Increasing textile recycling: Growing focus on sustainability is bringing recycling into the spotlight which will open new growth prospects for textile chemicals in the recycling applications.
Emerging Economies: Markets in developing regions such as China, India, ASEAN countries will present lucrative opportunities for textile chemical manufacturers led by rapid industrialization and improving economic conditions.
Impact of COVID-19 on Textile Chemicals Market Growth
The COVID-19 pandemic has significantly impacted the growth of the textile chemicals market. During the peak of the pandemic in 2020, stringent lockdowns and supply chain disruptions affected the production and sales of textile chemicals. The demand from end-use industries such as apparel, home furnishing, industrial uses reduced sharply due to declining consumer spending and closure of retail outlets. This decline in demand hampered the market growth in 2020. However, there was sustained demand for protective textiles such as masks, medical clothing which provided some respite to chemical producers.
As the pandemic situation improved in 2021 with the roll-out of vaccination programs, economic activities resumed gradually. This led to some revival in demand from end-use sectors and a rebound in textile chemicals market. However, the market is yet to recover fully to the pre-pandemic levels. Supply chain bottlenecks and high raw material prices continue to hamper the growth trajectory. Further recovery depends on revival of consumer confidence and demand normalization across regions. Market players are focusing on product innovations, cost optimization and expansion into emerging markets for faster growth recovery. Sustained demand for protective textiles is also expected to support market revenues in the coming years.
Geographical Regions with Highest Value Concentration in Textile Chemicals Market
Asia Pacific accounts for the largest share in the global textile chemicals market in terms of value. Within Asia Pacific, China dominates the market due to large scale production and consumption of textiles in the country. Other major country-markets include India, Japan, Bangladesh, Indonesia etc. The large workforce employed in textile and apparel industries and availability of raw materials have boosted market revenues in Asia Pacific.
Europe holds the second largest market share followed by North America. Mature markets like USA, Germany, Italy, UK generate substantial demand for textile chemicals. However, the fastest market growth is projected for Latin American countries led by Brazil and Mexico. Increasing apparel exports, growth of textile hubs and rising disposable incomes are driving the market expansion in Latin America region.
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