According to the most recent analysis by Emergen Research, the global market for textile chemicals had a value of USD 21.23 billion in 2020 and is projected to grow at a rate of 4.3% during the forecast period. Textile chemicals are used in various stages of fabric production such as pre-treatment, dyeing and finishing, printing and other processes. Textile Chemicals are used to improve the feel, look and performance of fabrics. They are an integral part of textile production, as they provide special treatments that help reduce wear and tear, resist stains and add colour to fabrics. Increasing investments in the textile industry, growing demand for eco-friendly and sustainable fabrics, advancements in the production technologies of textiles are some of the factors driving the growth of this market.
Furthermore, increasing government initiatives to promote investments in the fashion and garment industry is providing a major impetus to the global textile chemicals market. The governments across various countries are regulating standards for safe use of chemicals for dyeing and processing of fabrics. This is likely to boost the growth of the global textile chemicals market during the forecast period.
Moreover, rising disposable income coupled with changing lifestyle trends in developing countries is estimated to increase demand for apparel and other textiles, which can grow the demand for textile chemicals in coming years. In addition, technological advancements in the production of dye intermediates and textile dyes is another factor propelling the growth of this market. On the other hand, stringent environmental regulations and health safety issues associated with certain chemicals are some factors hampering the growth of the global textile chemical market.
Despite these challenges, companies operating in this industry are focusing on the development of environment friendly chemicals for dyeing and processing of textiles. This factor is expected to provide new opportunities for the growth of this market in future. Furthermore, increasing investments in research and development activities, introduction of bio-based dyes are some other factors estimated to contribute to the growth of the global textile chemical market in coming years.
Textile manufacturers and vendors are continually looking for ways to improve the quality and efficiency of their production. Textile chemicals are used in many parts of the manufacturing process to ensure that fabrics, yarns, and fibers are produced with consistent results across multiple batches. In addition, textile chemicals can help create innovative finishes and styles that make textile products more attractive to consumers.
Major brands and stores are continuously looking for ways to reduce their water and energy consumption. As a result, the demand for eco-friendly textile chemicals is increasing in the global market. Textile chemicals are used to enhance various characteristics of textiles such as shrinkage protection, resistance against bacteria, soil release property, dye fixation, texture modification and flame retardation. Moreover, the increasing demand for improved quality of textile products is another factor driving the global textile chemicals market.
Some Key Highlights from the Report
- The volatility of textile industry stocks is higher than that of larger benchmark indices. With global production of textiles expected to double by 2050, the demand for textile chemicals is expected to increase significantly.
- Research suggests that innovation in speciality chemicals used in dyeing and finishing of fabrics will be key drivers of growth in the Textile Chemicals Market. Companies have started investing heavily in research and development activities to develop new products as well as improve existing ones. This is expected to lead to better efficiency and sustainability in the textile manufacturing industry.
- The use of enzymes, bio-polishers and biobased surfactants are gaining traction due to their environmental friendly nature and cost effectiveness. Companies are also focusing on developing new products that can meet stringent safety regulations mandated by governments. This is expected to create new opportunities for growth in the Textile Chemicals Market.
- In November 2020, The Porocel Group was acquired by Evonik Industries AG, a leading specialty chemical company. This acquisition strengthens the Porocel Group’s production capacity and widens its range of textile chemicals. It also allows Evonik to expand their offering in the global textile chemicals market, positioning them as a key player in this industry.
- In Feburary 2021, Dow Chemical, one of the leading chemical players, announced that it had signed a preliminary agreement to acquire Henan Anhui Shengxin New Material Co., Ltd. (Shengxin), a Chinese specialty chemicals company. The strategic move was aimed at expanding Dow’s presence in the textile chemicals market and strengthening its position as a comprehensive solutions provider for the textile industry.
- The Dow Chemical Company, Huntsman Corporation, Sumitomo Chemicals Co. Ltd., The Lubrizol Corporation, Tata Chemicals Limited, Kemira Oyj, and Evonik Industries AG are a few notable market participants.
- Colorants & auxiliaries segment accounted for largest revenue share in the global textile chemicals market in 2020 due to increasing demand for vibrant shades and textured fabrics in the textile industry. The segment is expected to remain dominant over the forecast period due to rising awareness regarding sustainability and development of innovative products that have advanced properties. Additionally, increasing production capacities by leading companies is anticipated to drive market growth during the forecasted timeframe.
- The dyes & pigments segment is anticipated to witness the fastest growth rate over the forecast period. This is attributed to rising demand from emerging economies such as India and China, owing to their growing domestic markets for apparel production. Moreover, increasing initiatives by leading companies to develop innovative products due to stringent environmental regulations have propelled the market growth of pigment solutions in recent years.
- Digital printing is expected to witness a significant growth rate in the textile chemicals market over the forecast period. This is attributed to its ability to print complex designs on fabrics without compromising on product quality. Additionally, digital methods are cost-efficient and require less water, fuel, and chemical usage as compared to traditional printing methods. Moreover, increasing investments by key companies in developing efficient products are expected to drive growth in this segment.
- The Asia Pacific region is projected to be the leading regional market for textile chemicals during the forecast period, due to increasing production of apparel and other related items in countries such as India and China. Additionally, rising demand from end-use industries along with supportive government policies in emerging economies has driven the market in the region. Moreover, increasing investments by multinational companies to strengthen their presence in the region is expected to drive the textile chemicals market growth over the forecast period.
Conclusion
The global textile chemicals market is projected to grow at a steady rate. Demand for specialty chemicals and technological advancements in manufacturing processes will drive the growth of this industry. Moreover, eco-friendly and biodegradable products are expected to be big drivers of growth as well as rising concerns over environmental sustainability. Furthermore, increasing investments by governments in the textile industry and the development of new fabrics with novel properties will also contribute to market growth. In addition, advancements in technology are likely to lead to the introduction of innovative products in this sector. All these factors combined should allow for a promising outlook for this industry over the coming years.
