Textile Chemicals Market size is set to grow by USD 5.15 billion from 2023-2027, 3M Co., Archroma Management GmbH and Associated British Foods Plc, and more to emerge as Some of the Key Vendors, Technavio

News provided by

Apr 22, 2024, 18:35 ET

NEW YORK, April 22, 2024 /PRNewswire/ -- The global textile chemicals market size is estimated to grow by USD 5.15 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.35% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 52%.

For more insights on the forecast market size and historic data (2017 - 2021) - Buy Now

Technavio has announced its latest market research report titled Global Textile Chemicals Market 2023-2027

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

3M Co., Archroma Management GmbH, Associated British Foods Plc, BASF SE, Biotex Malaysia, Christeyns NV, Dow Chemical Co., Evonik Industries AG, Fibro Chem LLC, Huntsman International LLC, Kemira Oyj, Kiri Industries Ltd., Lanxess AG, Omya International AG, Organic Dyes and Pigments, Resil Chemicals Pvt. Ltd., Solvay SA, SURTECO GmbH, Syntha Group, The Lubrizol Corp.

Analyst Review

The Textile Chemicals Market encompasses a wide range of specialized chemicals used in the production of technical textiles for various industries, including automobile, personal hygiene, sports and leisure, pollution control, and clothing. These chemicals include VOCs, CO2, SO2, and NOx, which are released during the processing of synthetic textiles derived from crude oil and cotton. Textile chemicals consist of surfactants, colorants, finishing agents, desizing agents, and bleaching agents, which play crucial roles in the raw material supply chain and textile contracts. The financial health and consignment flow of textile production companies are significantly influenced by the availability and cost of these essential textile chemicals. However, the environmental harm caused by the production and disposal of textile chemicals is a growing concern, leading to the development of smart textiles and eco-friendly alternatives.

Key Market Drivers

The Textile Chemicals Market encompasses a wide range of products used in the production of industrial textiles. These chemicals include stabilizers, dyes, binders, softeners, leveling agents, mercerizing agents, finishing chemicals, and specialty chemicals. They are integral to the manufacturing process of various textiles, such as those used in automotive, building, and aviation industries for abrasive surfaces, filters, and insulation. However, the use of textile chemicals can pose environmental harm. To mitigate this, there is a growing trend towards the use of biodegradable materials in textile production. Additionally, the textile industry caters to various sectors, including apparel, value clothing, business clothing, sportswear, and home furnishings. The market is driven by factors such as fashion consciousness, high-end brands, limited edition products, and the clothing export commodity. Textile contracts play a significant role in the business, with factors such as cheap labor, low production cost, and functional fabrics influencing negotiations. The internet and ecommerce have also revolutionized the industry, enabling the sale of specialized end products, such as dust repellent clothing, wrinkle resistant fabrics, and colorants and auxiliaries for car interiors and home furnishings.

Challenges and Opportunities

The Textile Chemicals Market encompasses a wide range of applications, including Technical Textiles for industrial uses, Automobile components, personal Hygiene products, Sports and Leisure articles, and Pollution Control solutions. Textile chemicals such as Surfactants, Colorants, Finishing Agents, Desizing Agents, and Bleaching Agents are integral to the production of Clothing from Synthetic textiles and Crude Oil-derived Cotton. However, the handling of these chemicals poses health and safety risks, with potential exposure to Volatile Organic Compounds (VOCs), Carbon Dioxide (CO2), Sulfur Oxides (SO2), and Nitrogen Oxides (NOx). The Colorants segment and Apparel segment are significant contributors to environmental harm through the release of these pollutants. Material science advancements in Smart Textiles, biodegradable materials, and Digitalization through Artificial Intelligence aim to mitigate these concerns. Textile contracts, Textile production, and the financial aspects of consignment flow are crucial considerations in this industry. Industrial Textiles, including Medical Textiles, Geotextiles, Protective Clothing, and Stabilizers, also benefit from textile chemicals.

The textile chemicals market is experiencing significant growth, driven by advancements in technology and increasing consumer demand for innovative textile products. Mercerizing agents and finishing chemicals are essential components in textile production, enhancing the quality and durability of fabrics. Recent developments include the sale of Archroma's Textile Effect division to Huntsman International LLC, expanding Archroma's product offerings and market presence. Consumers seek dust repellent, wrinkle-resistant clothing, fueling the demand for functional fabrics and specialty chemicals. The internet and ecommerce have transformed the fashion industry, enabling the sale of limited edition products and high-end brands. Textile chemicals play a crucial role in the production of clothing export commodities, as well as end products such as bedding, carpets, car interiors, and technical textiles. Functional fabrics, including those for automobile, personal hygiene, sports and leisure, and pollution control, require specialized chemicals. The textile chemicals industry also addresses environmental concerns, reducing VOCs, CO2, SO2, and NOx emissions. Synthetic textiles, derived from crude oil and cotton, require textile chemicals for production, while fashion designer businesses rely on these chemicals to create unique and innovative designs. With the availability of cheap labor and low production costs, the textile chemicals market continues to thrive.

To understand more about this market- Download a FREE Sample Report in minutes!

Market Overview

The Textile Chemicals Market encompasses a wide range of products used in the textile industry. These include dyes, pigments, finishing agents, and various other specialty chemicals. The market is driven by factors such as increasing consumer demand for high-quality textiles, growing textile industries in developing countries, and advancements in technology leading to the production of eco-friendly and sustainable textile chemicals. The Asia-Pacific region dominates the market due to its large textile industries and low labor costs. The market is expected to grow at a significant rate due to the increasing demand for textiles in various industries such as fashion, home furnishings, and automotive. The use of advanced technologies such as nanotechnology and biotechnology in the production of textile chemicals is also expected to drive market growth. The market is segmented by product type, application, and region. The major product types include dyes, pigments, and finishing agents. The major applications include apparel, home furnishings, and industrial textiles. The major regions include North America, Europe, Asia-Pacific, and the Rest of the World. The market is highly competitive, with key players focusing on product innovation, mergers and acquisitions, and strategic partnerships to gain a competitive edge.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio