Textile Chemicals Market to Grow at a CAGR of 5.85% through 2027
Major capacity addition in textile & apparel industry and
recent growth in technical textile applications are prime factors driving the
growth of Global Textile Chemicals market in the forecast period, 2023-2027.
According
to TechSci Research report, “Textile Chemicals Market - Global Industry Size,
Share, Trends, Competition, Forecast & Opportunities, 2017-2027”,
the Global Textile
Chemicals market stood at USD16.44 million in 2021 and is projected to grow at
a CAGR of 5.85% during the forecast period. Countries have major presence
across the globe when it comes to the products that are derived from textiles. Immense
growth in the usage of textile chemicals has been observed in the recent years
due to surge in the consumption of textiles. With the discovery of new products
that require textile chemicals as raw material, market has become diverse than
ever and holds appealing opportunities in the future. It is plausible to deduce
how applications across various domains in the textile industry could bring a
breakthrough in the global textile chemicals market. Amongst the end use applications,
governments across the world are investigating in the growth contribution from
different end-use sectors and put their best step forward in framing policies
that can enrich the growth of textile and apparel industry as apparel industry seems
to be the growth engine driving the overall growth of the global textile
chemicals market.
COVID-19 pandemic has severely hit the global
economy and sectoral trade by wider limits. Textile and apparel industry has suffered
through the adverse ripple effects of the pandemic wave. Major disruptions in
the supply chain due to long lockdown impositions worldwide left most market
players distraught. Volatility in the raw material prices has remarkably
impacted the production capacity. Operations in the global supply chain have been
drastically distorted which led to temporary shutdown of factories that were
operating at optimum capacities before the pandemic spread. Annual growth rate
of companies operating in textile chemicals have touched an all-time low. Despite
the restrictions that lasted for almost two years due to the pandemic, there
are hopeful business prospects which are expected to provide a needed boost
required to accelerate the economic growth of global textile chemicals market
during the forecast period.
Browse over 102 market data Figures spread through 110 Pages and an
in-depth TOC on "Global Textile Chemicals Market"
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The global textile
chemicals market is segmented into type, application,
competitive landscape, and region.
Based on application, the market is
divided into home textiles, technical
textiles, apparels, and others. The home textile industry
led the market with a market share of 32.83% in 2021. Demand in this industry
is likely to go up as worldwide lockdown impositions have restricted the
movement of people which has generated the scope for future potential in the
textile industry during the forecast period. As
a result of impressive growth in the home textile industry and opulent
lifestyle of people, the textile chemicals market in the home textile is
anticipated to witness a CAGR of 5.15% over 2023-2027.
Going through regional analysis, Asia
Pacific region dominated the market and held a market share of 67.03% in 2021 and
is expected to maintain its dominance through the next five years. Low labor
cost coupled with abundant availability of raw material are the main reasons
behind the dominance of APAC in the global textile chemicals market. China has
outperformed all the budding manufacturers in the export trade with a trade
share of 33% in the year 2021 and was the major textile and apparel exporter of
manmade staple fiber, MMF (man-made fibers) spun yarn and MMF filament yarn.
USA was the leading exporter of natural fibers while India was the largest
exporter of natural spun yarn (mainly cotton based). Various flagship schemes
have been formulated by the government with a motto to support establishment of
textile hubs in the states.
Major market players
operating in the Global Textile Chemicals market are :
- BASF SE
- Huntsman International LLC
- Archroma
- DyStar Colours Deutschland GmbH
- Sumitomo Chemical Co., Ltd.
- Kiri Industries Ltd.
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“The growing demand for home textile
applications and consistent development in the modern technologies required in
the manufacturing process of textile chemicals to fulfil the consumer needs
drive the industrial development across the globe. Increasing average growth
rate of population along with the objective to increase the capacity addition
in several textile pre-processing segments is likely to impact the growth of textile
chemicals. New partnerships amongst market players are expected to bring market
opportunities especially in textile and apparel sector which can potentially
create jobs and spur further industrialization”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Textile Chemicals Market
- Global Industry Size, Share, Trends, Competition, Forecast and Opportunities,
2017-2027, Segmented By Type (Auxiliaries,
Colorants and Others), By Application (Home Textile, Technical Textile,
Apparels and Others), By Region”, has evaluated the future
growth potential of global textile chemicals market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global textile chemicals market.
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