Global Textile Chemicals Market Expected To Grow USD 25.5 Billion in 2020
Zion Research has published a new report titled “Textile Chemicals (Coating & Sizing Chemicals, Colorants & Auxiliaries, Finishing Agents, Surfactants, Desizing Agents, Bleaching Agents and Yarn Lubricants) Market for Home Furnishing, Apparel and Industrial & Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast 2014 – 2020.” According to the report, global demand for textile chemicals was valued at USD 20.5 billion in 2014 and is expected to reach USD 25.5 billion in 2020, growing at a CAGR of around 4% between 2015 and 2020. In terms of volume, the global textile chemicals market stood at above 9,500 kilo tons in 2014.
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Textile Chemical is an indispensable part of textile industry. Textile industry requires large number of chemicals right from pretreatment to finishing. Textile chemical includes compounds, intermediates and chemicals used in processing and manufacturing of textiles. Textiles industry requires the chemical compounds for handling and reproducing fabric. Textile chemicals are used to assists to reinforce and surge the reproduction, thereby imparting excellent characteristics to the end product. Textile chemical industry is highly fragmented market with different types of chemicals used for different applications. Some of the important types of textile chemicals include dyeing chemical, fabric whitener, bleaching chemical, textile colorants, starching, printing, fabric softener, finishing chemical, textile coating chemical, preparation chemical, textile pigments, and others. Growth of the textile chemicals market is mainly driven by strong growth of apparel market across the world.
Different chemicals are used at different levels of textile manufacturing to attain desired appearance and characteristics in the final product. On the basis of product type textile chemicals can be segmented as yam lubricants, surfactants, colorants, auxiliaries, coating and sizing chemicals. Coating and sizing was most dominating product segment of the textile chemicals market that accounts for over 30% share of the total market share in 2014. Auxiliaries is the one of the important chemical used in every single step during the production process of textile. Thus, it is expected to be fastest growing product segment of textile chemicals market during the forecast period. Finishing agents are used to attain soothing & sober effects and outstanding texture to the end-product.
The textile chemicals market has been segmented based on applications that include home furnishing, apparel and industrial & other applications. Home furnishing is one of the largest applications for textile chemicals. It accounted for over 35% share of the textile chemicals market. However, apparel is expected to be one of the fastest growing end-user industry for textile chemicals during the forecast period.
Asia Pacific dominated the global textile chemical market with over 50% share of the total volume consumption in 2014. It is also expected to be one the fastest growing market for textile chemicals. Strong demand for textile in Asia Pacific region owing huge population is the major driving factor for this industry. Strong growth of industrial sectors such as home furnishing and automotive which are leading end markets for textile are growing at a rapid pace in the region. Moreover, increase in disposable income as a result of growing industrial activity and economical activity in the region leading to growth of this industry. Asia Pacific was followed by North America and Europe respectively.
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The key players in textile chemical includes Huntsman Corporation (Singapore), BASF SE (Germany), The Dow Chemical Company (U.S.), Bayer Material Science AG (Germany), and Lubrizol Corporation (U.S.), Lonsen (China), Archroma (Switzerland).
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