Global Textile Chemicals Market to Grow at over 3% through 2020
Increasing per capita textile consumption coupled with growing textile production in developing countries to drive global textile chemicals market through 2020
According to recently released TechSci Research report, “Global Textile Chemicals Market Forecast and Opportunities, 2020”, global textile chemicals market is projected to grow at a CAGR of over 3% during 2015-20. Growth in the market is anticipated on account of increasing per capita textile consumption coupled with rising demand for high quality textile products. Moreover, increasing industrialization, surging consumption of textile in engineered products, and rapidly rising awareness about the benefits of using technical textile in workplace, are anticipated to propel the global textile industry, thereby driving global textile chemicals market over the next five years.
Textile chemicals are used during the processing of textiles, and are broadly classified as auxiliaries and colorants. Auxiliaries are chemicals used during each and every step of textile manufacturing process to provide specific characteristics to the fabric, while colorants are used to impart color to the textile product. During manufacturing, a fiber undergoes various chemical intensive processes, in which more than 100 textile chemicals are used. Consequently, textile chemicals market is strongly dependent on textile manufacturing and processing activities taking place globally.
“Initially, textile manufacturing was largely concentrated in the Americas and Europe, however, over the last decade textile manufacturing base has shifted to Asia-Pacific. Currently, around 60% of global textile manufacturing capacity is concentrated in Asia-Pacific, on account of which the region dominated global textile chemicals market in 2014. Asia-Pacificis anticipated to maintain its dominance over the next five years, on account of growth in countries like India and Vietnam, wherein textile manufacturing is increasing due to easy availability of raw materials and cheap labor.”, said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
“Global Textile Chemicals Market Forecast and Opportunities, 2020” has analyzed the potential of textile chemicals market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.