Textile Chemicals Market in China to Grow at Over 9% until 2019
Growing domestic and export demand for high quality apparel coupled with favorable government initiatives to drive textile chemicals market in China
Textile chemicals are specialty chemicals used in textile processing industries for dyeing and processing of textiles during pre-treatment, dyeing and printing & finishing processes. These chemicals help in imparting the desired characteristics and aesthetic properties to the fabric. On the basis of functionality, textile chemicals are broadly divided into two segments – Colorants and Auxiliaries. China is the largest producer and exporter of textiles and apparel in the world. Growing domestic and export demand for apparel and home furnishings is burgeoning the requirement for textile chemicals in China. Major textile and apparel export destinations for China include the United States, Japan and Europe.
According to recently published TechSci Research report “China Textile Chemicals Market Forecast and Opportunities, 2019”, the textile chemicals market in China is projected to grow at a CAGR of 9.7% during 2014-19. End user industries utilizing major textile chemicals include apparel, home furnishing and industrial textile, out of which, apparel accounts for the largest share in the textile chemicals market in China. With increasing per capita disposable income of consumers in domestic as well as international markets, the demand for textiles is expected to increase, thereby boosting the textile chemicals market in China over the next five years. China’s textile and clothing exports grew by 11.4% in 2013 as compared to 2012 on account of increasing demand for men’s formal and casual wear, carpets and home furnishing products, globally. Under the country’s 12th five year plan, the government has set targets towards encouraging product innovation, replacing obsolete machinery and providing financial assistance to enterprises in Central and Western parts of China. Such government initiatives are likely to boost new product development, and result in introduction of high performance textile chemicals, thereby driving market competitiveness in the coming years.
“In China’s textile chemicals market, colorants account for majority share, in revenue terms, due to increasing prices of dye intermediates in the country. This market segment is expected to grow over the next five years as well, supported by growing demand for darker shade textiles and clothing in global markets. Besides, the market is expected to witness the introduction of more sustainable and greener products over the next 5-10 years due to rising environmental concerns”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“China Textile Chemicals Market Forecast and Opportunities, 2019” has analyzed the potential of the textile chemicals market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.