According to Precedence Research, the global textile chemicals market size is predicted to hit around US$ 35.4 bn by 2027 with a noteworthy CAGR of 4.3% from 2020 to 2027.
OTTAWA, June 30, 2021 (GLOBE NEWSWIRE) -- Textile chemicals are the chemicals which are used in dyeing and processing of textiles to attain desired properties like colour, mechanical strength etc. Textile chemicals are used to treat textile material at different manufacturing steps, from fiber pre-treatment to textile finishing. Textile chemistry is a highly specialized field as it applies principles of chemistry at different levels of textile and apparel manufacturing. Textile chemicals are the bleaching agents, colorants, surfactants, finishing agents, desizing & sizing agents, and yarn lubricants. These are used during the weaving process of yarns at various stages to provide strength and attractive feature to the apparel or textile. With technological advancement in the textile manufacturing process, industry players have introduced smart textiles that offer dynamic functionalities. Furthermore, in some industry such as defense & military, apparel are designed with integrated chips, sensors, and other advanced features.
Outbreak of Covid-19 has significant impact on growth of the market. The year-on-year growth rate is estimated to decline for these years as compared to historic years due to decease in textile production. Therefore, the market is expected to drive to grow at lower CAGR during this year.
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The major factors driving the growth of the market include the growing demand for apparel and industrial fabrics globally. Apparel is one of the oldest and largest export industries across the globe. Apparel is often the typical starter industry for countries engaged in export-oriented markets, due to its low fixed costs and emphasis on labor-intensive manufacturing. Rapid growth in the apparel industry drives the textile chemicals market prominently. To explore more market opportunities market players are collaborating with the stakeholders in apparel industry value chain. Furthermore, a paradigm shift in the sustainable and responsible manufacturing has upended the market trend for types of textile chemicals. Presently, green and eco-friendly textile chemicals are the most preferred chemicals in the market. Furthermore, public awareness has also triggered the use of non-toxic and green dyes and colorants to remain safe from skin allergies and other diseases.
However, governments from various regions have imposed stringent regulation for the application of harmful chemicals such as chlorine bleach, VOCs, and formaldehyde in the manufacturing process of textile chemicals. This is largely attributed to the health problems to the industry workers that are exposed to these chemicals as some of them are highly toxic in nature. Hence, manufacturers have to develop sustainable solution for the textile manufacturing along with increased attention towards cost-effective feature.
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In 2020, the Asia Pacific dominated the global textile chemicals market with magnificent revenue share. Low production and labor cost supported by new technologies has resulted in the rapid growth of the region. China is the largest producer and consumer of textile chemicals across the world. It exports most of its products to North America and Europe. Besides this, India, Bangladesh, Vietnam, and Indonesia are some of the other major textile producing nations in Asia region. For instance, apparel and clothing export business in Bangladesh raised three folds between 2008 and 2018. Further, the textile industry contributes approximately 13% to the country’s GDP. According to Bangladesh Textile Mills Association (BTMA), total number of spinning mills in Bangladesh rose from 260 to 430 between 2006 and 2018.
However, Europe and North America project lucrative growth during the forecast period. Rising demand for technical textiles in the regions is the key factor that drives the market growth. The regions being technically advanced adapt new technologies easily and primarily than other regions. Therefore, disruption in automotive industry along with other industries such as fashion, manufacturing, and others prominently drives the demand for textile chemicals in the region.
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Key Players & Strategies
The global textile chemicals market is consolidated with less number of players present in the market. These are majorly large players that focus on new product development and customization. Furthermore, rising awareness among the public and water resources has forced industry participants to develop sustainable manufacturing process. For instance, Colorifix, a UK based company, developed sustainable dyestuff using synthetic biology. Similarly, other players are also focusing towards sustainable solution for manufacturing textile owing to stringent government regulations related to environment protection.
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