According to Future Market Insights (FMI) recent report titled, Textile Chemicals Market: Asia Industry Analysis and Opportunity Assessment, 2014-2020, the textile chemicals market in Asia will be worth US$ 11.62 billion by 2020. Buoyed by strong demand from textile industry in China, India, Vietnam, Bangladesh, and Indonesia, the textile chemicals market is expected to expand at a compound annual growth rate (CAGR) of 7.6% through 2020.
Focus on Safe & Eco-friendly Chemicals Key Trend in the Market
The global textile chemicals market is in a transitional phase, with an increase in emphasis on developing skin- and eco-friendly apparel. The impact of Greenpeace’s investigation on harmful textile chemicals is evident as textile companies are regulating their supply chain stringently. According to FMI’s analysis, compliance with international regulations and focus on using safe chemicals will be the key trends in the Asia textile chemicals market during the forecast period 2014-2020.
FMI’s analysis found that the global textile chemicals industry is highly fragmented and is comprised of both big and small players catering to a fiercely competitive market. It is anticipated that to consolidate their position in the market, the key textile chemical companies will focus on developing innovative products and widening their range of offerings. Furthermore, it is anticipated that the demand for functional finishes that impart specific properties to textiles will continue to drive innovation in the market.
On the basis of product type, the textile chemicals market in Asia is segmented into textile auxiliaries and textile colourants. FMI’s research on the Asia textile chemicals market found that the demand for both these types of textile chemicals was equally strong in 2014. However, owing to the increased demand for chemicals used during the various processing stages, it is anticipated that the textile auxiliaries segment will have a slight upper hand over textile colourants by 2020. FMI projects that the textile auxiliaries segment will witness a CAGR of 8%, whereas the textile colourants segment will expand at a 7.1% CAGR.
China & India Most Lucrative Markets
China and India remain the most lucrative regions for Asia textile chemicals market. The high demand for apparels and furnishings from the burgeoning middle class in these two countries is anticipated to provide growth opportunities for textile chemicals companies. The demand for textile chemicals will also be robust in Bangladesh, Vietnam, and Indonesia, where many leading multinational apparel brands have their manufacturing hubs.
The Asia textile chemicals market is also segmented on the basis of key applications into apparels, home furnishings, and others (technical and smart textiles). FMI’s analysis found that among these end-use applications, the highest demand for textile chemicals came from the apparels segment. It is anticipated that the apparels segment will witness a CAGR of 6.8% through 2020.
On the basis of process types, the textile chemicals market in Asia is segmented into pre-treatment dyeing, finishing, and others (includes chemicals used during the printing process). FMI’s research found that among these, the finishing segment will expand at a CAGR of 8.6% through 2020. The growth rate of finishing segment will be higher than that of the other segments.
The key textile companies in the textile chemicals market in Asia include DyStar Group, Archroma, and Huntsman Corporation.
