Asia Textile Chemicals Market are used to dye and treat textiles are used to dye and treat textiles. The major application areas for these chemicals are colorants, rheology modifiers, and migration inhibitors. They are primarily used in the textile industry during the production of fabric. While these products are often made from natural or synthetic fibers, they can also contain chemicals.
Competitive Landscape: Huntsman Corporation, Archroma Management LLC, and DyStar Group
Key Drivers:
The booming textile industry is creating demand for textile chemicals in the region. This is expected to drive the growth of the Asia textile chemicals market. According to the India Brand Equity Foundation, the industry contributed 7% to the industry output (by value) in 2018-19. The Indian textiles and apparel industry contributed 2% to the GDP, 12% to export earnings, and held 5% of the global trade in textiles and apparel in 2018-19. Cotton production is expected to reach 37.10 million bales and consumption is expected to reach 114 million bales in FY21—13% growth over the previous year.
Growing demand for technical textiles from a wide range of industries is again projected to accelerate the growth of the textile chemicals markets. For instance, in September 2021, The Tamil Nadu government has signed up for Techtextil India 2021, an international trade fair for technical textiles and non-wovens, aimed at strengthening indigenous textile production and attracting textile investments into the State.
Covid-19 Impact Analysis:
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by the government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on the Asia textile chemicals market.
Key Takeaways:
The Asia textile chemicals market is expected to exhibit a CAGR of 8.6% over the forecast period owing to the emerging new markets for textile chemicals across Vietnam, Bangladesh, Indonesia, and Cambodia owing to low labor costs and adequate infrastructure
China is expected to gain witness significant growth in the Asia textile chemical market as it has been accounted for the largest producer of technical textiles. According to the FashionatingWorld, its total production reached 5.03 million tons, up by 9.9%, but the tire cord fabric did not present such a promising picture as the withering automobiles industry delustered its supply chain, making the production of the cord fabric drop by 7.4% in growth rate to result in 623,000 tons in 2019.
