VANCOUVER, BC, Oct. 12, 2021 /PRNewswire/ -- The global textile chemicals market size reached USD 21.23 Billion in 2020 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research.
Drivers:
From fiber pre-treatment to textile finishing, textile chemicals play an essential role in the production process. Textile chemicals serve a variety of purposes in determining the effectiveness of textile production and quality of finished products. Continuous research and development in the field of technical textiles has broadened applications in agricultural, industrial, automotive, and healthcare industries. Growing significance of textile chemistry is driving up demand for these products in the manufacturing industry. Textile chemistry is a specialized field that utilizes chemical concepts at various stages of garment production. Dyeing & finishing, fiber & polymer, and the more significant combination of materials engineering with textile materials are all part of textile chemistry. Textile chemistry is becoming a vital part of the textile industry as customer demand for higher quality and functionality increases.
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Restraints:
Product demand is being limited by rising incidence of health hazards, including pulmonary edema and other respiratory problems, caused by prolonged employee exposure to toxic chemicals. This is a key factor expected to hamper growth of the textile chemicals market to some extent.
Growth Projections:
In 2020, the global textile chemicals market size was USD 21.23 Billion, which is expected to reach USD 29.40 Billion in 2028. Market revenue is expected to register a CAGR of 4.3% over the forecast period, driven to a significant extent by rising demand for textile chemicals from rapidly expanding apparel industry, increasing disposable income among consumers, rising sales of clothing and apparel, and increasing penetration of organized retailing in various developed and developing economies.
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COVID-19 Impact Analysis:
Since the manufacturing sector has been significantly affected by the COVID-19 pandemic, the global textile chemicals market has been projected to register a decline in revenue growth between 2020 and 2021. The pandemic has impacted constructions projects and demand for materials, labor, and major cost components. Many companies that produce textile chemicals have paused manufacturing as a result of the pandemic. These factors also caused disruption in the supply chain, with several factories slowing down.
Current Trends and Innovations:
Increasing demand for sterilized textiles from the healthcare industry is expected to generate lucrative opportunities for players in the market. Textile chemicals are important in the sterilization process because they provide antimicrobial resistance to viruses and microorganisms. Sponge, burns sheets, sheets, and sterilizing wraps are among the medical textiles used, and rising demand for such products is expected to boost revenue growth of the market in the near future.
Geographical Outlook:
North America is expected to account for largest revenue share in the global market over the forecast period. Large industrial base in countries in North America, along with rising demand for technical textiles in healthcare, automotive, and construction industries is further expected to drive growth of the market in this region. Additionally, increased investment in the textiles industry is fueling North America market growth.
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Strategic Initiatives:
Some major companies operating in the market include BASF SE, Wacker Chemie AG, Solvay S.A., Huntsman Corporation, The Dow Chemical Company, Sumitomo Chemicals Co. Ltd., The Lubrizol Corporation, Tata Chemicals Limited, Kemira Oyj, and Evonik Industries AG.
- In January 2021, Gabriel Performance Products, LLC, which is a specialty chemical manufacturer, was acquired by Huntsman Corporation. With this acquisition, Huntsman is aiming to expand specialty chemicals offerings.
Emergen Research has segmented the global textile chemicals on the basis of product type, fiber type, application, and region:
- Product Type Outlook (Volume Tons, Revenue, USD Billion; 2018-2028)
- Colorants & Auxiliaries
- a. Fixative
- b. Dispersants & Levelant
- c. UV Absorber
- d. Other
- Coating & Sizing Agents
- Finishing Agents
- a. Flame Retardants
- b. Repellent and Release
- c. Antimicrobial & Anti-inflammatory
- d. Other
- Bleaching Agents
- Desizing Agents
- Yarn Lubricants
- Scouring Agents
- Surfactants
- a. Detergents & Dispersing Agents
- b. Wetting Agents
- c. Lubricating Agents
- d. Emulsifying Agents
- Others
- Fiber Type Outlook (Volume Tons, Revenue, USD Billion; 2018-2028)
- Natural Fiber
- Synthetic Fiber
- Application Outlook (Volume Tons, Revenue, USD Billion; 2018-2028)
- Home Textile
- a. Drapery
- b. Furniture
- c. Carpet
- d. Others
- Apparel
- a. Innerwear
- b. Outerwear
- c. Sportswear
- d. Others
- Technical Textile
- Others
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- Regional Outlook (Volume Tons, Revenue, USD Billion; 2018-2028)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. France
- c. U.K.
- d. Italy
- e. Spain
- f. BENELUX
- g. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Turkey
- e. Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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