Textile Chemicals Market to Reach US$29.15 bn by 2024; Home Furnishing Segment Contributed Highest Revenue in 2015 : TMR
Transparency Market Research has released a new market report titled “Textile Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” According to the report, the global textile chemicals market was valued at US$ 21.02 Bn in 2015 and is expected to reach US$ 29.15 Bn by 2024, expanding at a CAGR of 3.7% between 2016 and 2024.
Textile chemicals are intermediates, compounds, chemicals, etc. that are used during the process of fabric processing or yarn manufacturing. These include pretreatment chemicals, textile dyeing chemicals, printing chemicals, finishing chemicals, antistatic agents, and other specialty chemicals. Textile chemicals aim to bestow the yarn or fabric with specific functions to improve and optimize the manufacturing process.
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There has been a sustained shift in the geographic location of the world’s textile production, from Southeast Asia to China and India since the last 30 years. Different types of textile chemicals provide different functions. For instance, coating & sizing chemicals are used to provide inflammable characteristics to furniture fabrics, vehicle airbags, etc. Colorants and auxiliaries provide color to the textile. More than 60 different classes of functional chemical products are utilized in coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, yarn lubricants and other miscellaneous applications.
In terms of revenue, coating & sizing product segment accounted for more than 30% share of the textile chemicals market in 2015. This trend is estimated to continue during the forecast period owing to the large demand for coating & sizing chemicals in Asia Pacific and Europe. Finishing chemicals was the fastest expanding product segment of the textile chemicals market in terms of revenue in 2015 due to the development of new chemicals in the finishing chemicals segment.
Home furnishing segment held the largest share of the global textile chemicals market in terms of revenue in 2015 owing to the increasing demand for textile chemicals in carpets, curtains etc. Rising demand for these chemicals in various applications such as home furnishing and apparel is anticipated to drive the textile chemical market during the forecast period.
In terms of volume, Asia Pacific accounted for major share of global textile chemicals market in 2015 and it is expected to expand at fastest rate during the forecast period due to the increased spending capacity and improvement in the lifestyle of the people. The textile chemicals market in Latin America is estimated to expand at a modest rate during the forecast period owing to the utilization of textile chemicals in developing application industries of Brazil and Argentina.
Novel development of textile chemicals in the field of biomedical is projected to create new opportunities for players in the textile chemicals market. Research and development is being conducted to increase the utilization of bio-based textile chemicals, as adverse environmental effects of synthetic textile chemicals are likely to hamper market growth. Key players in the textile chemicals market include The DyStar Group, Lonsen Inc., The Dow Chemical Company, Kiri Industries Limited, Huntsman International LLC, Archroma, Solvay SA, Covestro AG, Pulcra Chemicals GmbH, OMNOVA Solutions Inc., and The Lubrizol Corporation.
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