ALBANY, New York, July 16, 2019 /PRNewswire/ -- The research report published by Transparency Market Research attempts to cover all the market opportunities, trends, drivers, and restraints of the market. According to the report, the global textile chemicals market is projected to grow at a CAGR of 3.7% over the course of the given forecast period of 2018 to 2026. This growth rate is projected to help the market to reach US$31,860 mn by the end of 2026.
The global textile chemicals market has a consolidated vendor landscape due to presence of just handful of players. Companies in the market are consistently developing new tactics to enhance their existing capacities and product portfolios. The key players in the market are opting to form partnerships and joint ventures to bolster their businesses.
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Also, they are focusing more on research and development activities. For instance, back in 2016, Huntsman Corporation partnered with Jihua Group, China. The collaboration was agreed with an aim to bolster the chemicals and dye product portfolio of Huntsman Corporation in the Chinese textile domain. In that same year, DyStar, an industry leader in the textile chemicals market, announced its takeover of three specialty chemical facilities of Emerald Performance Materials LLC, a US-based company. Some of the other key players in the global textile chemicals market include names such as OMNOVA Solutions Inc., Fibro Chem LLC, Tata Chemicals Ltd., and Solvay S.A. among others.
Emerging Economies in Asia Pacific to Help the Region Retain its Global Dominance
From a geographical point of view, the global textile chemicals market is projected to be dominated by Asia Pacific. The dominance is largely due to high demand in India, China, and Bangladesh. India and China together account for more than 70% of the textile chemicals market share in the Asia Pacific region.
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Textile producers are now moving their production facilities from Europe and from established economies such as Japan and the US to emerging economies such as China and India. One of the big reasons for this movement is the abundance of raw materials. In addition to this, the manpower cost is also relatively cheaper.
To add to it, emerging economies across the Asia Pacific have shown higher demand for textiles and apparels owing to growing per capita income and fast-changing lifestyle. These factors are thus, driving the growth of the global textile chemicals market. Europe is next in line after the Asia Pacific in terms of growth rate. Europe's market has reached its maturity and is expected steady growth in the coming years.
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Increasing Popularity of Smart Apparels is Driving Growth
Next-gen smart technical textiles find its use in many apparels, furnishing, and technical textile applications. Theses smart technical textiles show dynamic properties by blending integrated computing power and smart materials. These smart technical textiles have the capacity of sensing and adapting to the surrounding conditions, and react to thermal or electrical stimuli.
The demand for textile chemicals is mainly driven by the rise in the production of apparels and textiles. Also, growing product innovation and technological advancements are projected to boost the demand for smart textiles in the coming years. This will ultimately help in fuelling the growth of the global textile chemicals market. In addition to this, the rising popularity of electronic gadgets, reducing production costs of vital components, the growing trend of smart apparels are all presenting high growth opportunities for the textile chemicals market. These smart apparels with sophisticated properties have great applications across verticals such as healthcare, sports, and defense.
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This review is based on the research report published by Transparency Market Research titled, "Textile Chemicals Market (Product - Coating and Sizing Chemicals (Wetting Agents, Defoamers, Other Coating and Sizing Chemicals), Colorants and Auxiliaries, Finishing Agents, Surfactants, Desizing Agents, Bleaching Agents, Yarn Lubricants; Application - Home Furnishing Textiles (Carpets and Rugs, Furniture, Other Home Furnishing Textiles), Technical Textiles (Agrotech, Geotech, Meditech, Other Technical Textiles), Apparel, Industrial Textiles) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026"
Textile Chemicals Market is segmented as follows:
By Product
- Coating & Sizing Chemicals
- Wetting Agents
- Defoamers
- Other Coating & Sizing Chemicals
- Colorants & Auxiliaries
- Finishing Agents
- Surfactants
- Desizing Agents
- Bleaching Agents
- Yarn Lubricants
- Others
By Application
- Home Furnishing Textiles
- Carpets & Rugs
- Furniture
- Other Home Furnishing Textiles
- Technical Textiles
- Agrotech
- Geotech
- Meditech
- Other Technical Textiles
- Apparel
- Industrial Textiles
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Vietnam
- Rest of Asia Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of Middle East & Africa
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