June 25, 2024
Textile Chemicals Market

Textile Chemicals Market Primed For Growth Backed By Rising Textile Industry Worldwide

The global textile chemicals market is estimated to be valued at US$ 32.64 Billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period from 2024 to 2031. Textile chemicals refer to specialty chemicals that are used during the processing of textiles to impart desired properties or improve the quality of the fabric. These chemicals help in processes such as pretreatment, dyeing, printing, finishing, etc. Rising demand for apparels and home furnishings from growing population globally is driving the demand for textile chemicals.

Key Takeaways

Key players operating in the textile chemicals are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc. and Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. These players are focusing on strategic partnerships and new product development to gain competitive advantage in the market.

The key opportunities in the global Textile Chemicals Market Trends include development of eco-friendly and sustainable chemicals. Stringent regulations regarding toxicity of chemicals is pushing manufacturers to develop biologically derived and plant-based chemicals. Growth of technical textiles industry especially in healthcare, automotive also presents new growth avenues.

Globally, the Asia Pacific region dominates the textile chemicals market led by countries like China, India and Bangladesh. These countries account for over 60% of the global textile production. However, North America and Europe are also important markets. Key players are focusing on these regions by setting up manufacturing facilities to cater to the local demand.

Market Drivers

One of the key drivers for the growth of global textile chemicals market is rising population worldwide and changing consumer lifestyles. Growth in disposable incomes is enabling people to spend more on apparels, home furnishings and other textile products. This is positively impacting the demand for textile chemicals.

PEST Analysis

Political: The textile chemicals market is regulated by government bodies that impose regulations regarding the usage of chemicals and effluents. Changes in environment protection policies can impact the demand for textile chemicals.
Economic: A rise in disposable incomes increases the demand for apparel, home textiles and other finished products. This drives the demand for textile chemicals from the manufacturing industry. Higher GDP growth supports the economic growth of end-use industries.
Social: Consumers are increasingly preferring apparel and home textiles manufactured using safe chemicals. This increases the use of eco-friendly textile chemicals by manufacturers. Also, trends like fast fashion require more frequent fabric processing boosting chemicals consumption.
Technological: Advancements in processing techniques help reduce water and chemicals usage. Digitalization allows remote monitoring of chemical usage for better process control. New eco-friendly chemical formulations are developed to meet stringent environment standards.

The Asia Pacific region accounts for the largest share of the global textile chemicals market in terms of value. China, India and other Asian countries have a strong presence of textiles and apparel manufacturing industries that drive the chemical demand. The textile manufacturing cluster in Asia Pacific provides easy availability of raw materials and labour at lower costs.

The textile chemicals market in North America is forecast to witness the fastest growth during the forecast period. This is attributable to rising exports of textiles and apparel from countries like Mexico and Honduras. Also, the innovation of performance-improving specialty chemicals for technical textiles boosts the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.