Textile Chemicals Market to Grow with a CAGR of 4.73% through 2028
Surge in research and development activities is
expected to drive the Global Textile Chemicals Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Textile
chemicals Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Textile Chemicals Market
stood at USD 27.28 billion in 2022 and is anticipated to grow with a CAGR of
4.73% in the forecast period, 2023-2028. The initiatives taken by government
based on textile chemicals has led to favorable market conditions for the Global
Textile Chemicals Market. Several factors contribute to the growth of various textile
chemicals products.
In a notable and commendable initiative, the United
Nations Environment Programme (UNEP) has brought together several major
textile-producing nations, including Bangladesh, Indonesia, Pakistan, and
Vietnam, to collectively address the pressing issue of pollution in the textile
sector. This groundbreaking $43-million initiative aims to provide support to
businesses in effectively managing risks to workers and mitigating the
environmental impact by eliminating the use of the most toxic chemicals in
their production processes.UNEP's Textile Flagship Initiative represents a
significant step towards achieving sustainability in the textile industry by
focusing on three key priorities for system change. Firstly, it aims to reduce
the use and release of chemicals of concern, initially focusing on the textile
sector but also extending to government and NGO projects. Secondly, it seeks to
foster collaboration and promote sustainable development through various
projects and initiatives. By aligning UNEP's work with these priorities, the
Textile Flagship Initiative aims to drive positive change and ensure the
long-term sustainability of the sector.
In the United States, the Environmental Protection
Agency (EPA) plays a crucial role in regulating and providing compliance
information for the textile and leather manufacturing sector. This includes the
establishment of National Emission Standards for Hazardous Air Pollutants
(NESHAPs) specifically tailored for leather tanning and fabric operations. By
implementing these standards, the EPA aims to address and mitigate the
potential adverse environmental impacts associated with these industries,
ensuring a cleaner and healthier environment for both workers and communities.
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Textile Chemicals Market”
Sustainability has become a central focus in the
textile industry, prompting extensive research and development efforts to
create eco-friendly alternatives. These sustainable textile chemicals are
specifically designed to minimize pollution and waste, aligning with global
initiatives aimed at mitigating the environmental impact of the industry.
The United States, renowned as a world leader in
textile research and development activities, has made significant contributions
to the growth of the global textile chemicals market. The country's robust
textile industry, supported by extensive research and development, has paved
the way for the creation of advanced textile chemicals that meet the evolving
demands of both consumers and manufacturers.
In conclusion, the surge in research and development
activities plays a pivotal role in propelling the global textile chemicals
market forward. By fostering innovation, promoting sustainability, and catering
to the unique needs of the technical textiles sector, research and development
initiatives are poised to continue shaping the future of the industry, ushering
in a new era of growth and progress.
The Global Textile Chemicals Market is segmented into type,
application, regional distribution, and company
Based on its type, the Auxiliaries
segment held the largest share in the market. Dyeing auxiliaries refer to the
auxiliary substances used in the dyeing and washing of yarns and fabrics. These
compounds play a vital role in preparing and modifying the substrate for
coloration, as well as enhancing the stability of the application medium to
improve dyeing fastness. Important auxiliaries include dispersing agents,
carriers, sequestering agents, peroxide killers, anti-foaming agents, and
anti-pilling agents. Meanwhile, textile colorants such as dyes and pigments
are utilized to impart the desired visual appeal to fabrics. The selection of
the appropriate textile colorant is crucial, considering the compatibility
between the fabric type and dye type. Different dyes, including sulfuric acid
dyes, acetic acid dyes, bleaching agents, basic dyes, mordant dyes, azoic dyes,
and vat dyes, are employed based on the fiber type. Consequently, the market
for chemical textiles is projected to witness significant growth due to the
increasing utilization of colorants and auxiliaries in the forecast period.Based
on region, Asia Pacific segment is expected to grow during the forecast
period. In the textile industry, bleaching agents play a
crucial role in the pretreatment of textiles, serving as an essential step. The
demand for these agents is expected to witness significant growth, driven by
the increasing production of textiles and the rising investments by governments
in emerging economies such as China, Japan, India, and South Korea.
For instance, in recent years, there has been a
notable increase in Foreign Direct Investment (FDI) in the textiles and apparel
industry. As of March 2021, FDI in this sector has reached US$ 3.75 billion,
compared to US$ 3.68 billion in December 2020. This surge in investment
reflects the growing confidence in the potential of the textile industry.Furthermore,
the construction of new textile industries in Malaysia is set to contribute to
the demand for textile chemicals in the foreseeable future. In 2019, the
Ministry of International Trade and Industry, in collaboration with the
Federation of Malaysian Fashion, Textiles, and Apparels (FMFTA) and Malaysian
Investment Development Authority (MIDA), proposed the establishment of the
first textile manufacturing center. This initiative aims to revitalize the
industry and strengthen its position in the global market. The increasing government investments in the textile
industry, coupled with the demand for textile chemicals from various end-use
industries in this region, are expected to drive the market growth in the
forecast period. This presents a promising outlook for the textile industry,
with potential opportunities for further expansion and development.
Major companies operating in Global
Textile Chemicals Market are:
- Solvay S.A.
- OMNOVA Solutions Inc.
- German Chemicals Ltd.
- Govi N.V.
- Resil Chemicals Pvt. Ltd.
- LANXESS AG
- Dow Inc.
- BASF SE
- Huntsman International LLC
- Evonik Industries AG
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“Growing application of textile chemicals in various
end user industries are key drivers of the textile chemicals market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of textile chemicals with every
passing year are anticipated to register an impressive growth to Global Textile
Chemicals Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Textile chemicals Market By
Type (Colorants, Auxiliaries, Others), By Application (Technical Textiles, Home
Textiles, Apparels, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Textile Chemicals Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Textile Chemicals Market.
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