Textile Chemicals Market To Hit Value $35.96 Billion By 2030 |Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 18 Jan 2024

San Francisco, 18 January 2024: The Report Textile Chemicals Market Size, Share & Trends Analysis Report By Product (Coating & Sizing Chemicals, Colorants & Auxiliaries), By Application (Apparel, Technical Textiles), By Process, By Region, And Segment Forecasts, 2024 - 2030

The global textile chemicals market size is expected to reach USD 35.96 billion by 2030, registering a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by increasing demand for textile products from major applications including apparel, home furnishing, technical textiles, and others.

Rapidly growing demand from the apparel industry is anticipated to propel the demand for the product during the forecast period. Home furnishing, specifically in developing economies, demanding modern and attractive furniture products is expected to have a positive impact on the growth of the market.

Numerous chemicals are used in the fabric manufacturing industry to offer a wide range of performance features during the production process, which are known as process chemicals. These end products include biopolishing enzymes, desizing enzymes, flame retardants, antiviral/antimicrobial agents, lubricating/anti-crease agents, water and oil repellents, printing auxiliaries, and softening agents.

Based on existing operations and technologies, new application areas for textile chemicals are being developed, wherein these products can help improve efficiency, promote cost reduction, reduce environmental impacts, and ensure the performance of formulations. Application sectors for the product include apparel, home furnishing, technical textiles, and others. STYLUS APPAREL; HYAK DESIGN GROUP; Suuchi Inc.; TechniTextile Québec; and Stafford Textiles Limited are some of the major end-users in the market.

The manufacturing of textile chemicals is highly dependent on abundant availability and favorable costs of raw materials. In this market, successful commercialization of products such as yarn lubricants, finishing agents, coating & sizing agents, and others and investments in production capacity are some of the key strategies of the market players.

The market is highly competitive owing to the presence of a large number of manufacturers with a global presence. The leading product manufacturers include Dow, Huntsman International LLC, The Lubrizol Corporation, Archroma, Evonik Industries AG, and Solvay S.A.

This growth is attributable to the growing consumer demand for apparel, technical textiles, home textiles, and other items. With a steadily growing population, the demand for clothes and other textile products is expected to increase, thus fueling the production capacity of this industry. However, currently, global trade is getting more complicated due to recession in various countries, resulting in currency fluctuations. Other major challenges faced by the textile industry include the Eurozone crisis and Britain post-BREXIT.

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According to the American Chemistry Council, the U.S. chemicals industry is expected to witness an increase in volume consumption due to growing demand for chemicals from the automotive, construction, and consumer goods industries. Meanwhile, the chemicals industry in the country is projected to reach its pre-pandemic level.

Textile Chemicals Market Report Highlights

• Asia Pacific dominated the market in 2023 with a revenue share of more than 57.5%. This is attributed to rapid urbanization, economic resilience during the COVID-19 pandemic, and modernization of textile and chemical manufacturing processes
• Treatment of finished products is expected to grow at the highest CAGR in terms of revenue during the forecast period. The demand is expected to rise as the process gives the products the desired properties, as well as improves the handling and aesthetic properties
• The coating process segment dominated the market in 2023 with a revenue share of more than 71.3%., as it can enhance or improve the fabric properties and characteristics
• The coating and sizing chemicals segment dominated the market in 2023 with a revenue share of more than 50.5%. This is attributable to the growing demand for chemicals that improve or enhance their aesthetic properties and characteristics in the finishing treatment of processing textiles
• Technical textiles application is expected to grow at the fastest CAGR in terms of revenue during the forecast period. The demand for these products is anticipated to augment specifically from different industries such as transportation, agriculture, and construction

This is expected to create opportunities for manufacturers of textile chemicals to set up their production facilities or collaborate with local players in the U.S. For instance, in June 2021, Archroma partnered with Van Horn, Metz & Co. Inc., a specialty raw material distributor in the country, for the distribution of Mowilith emulsions.

Upsurges in the real estate sector, changing fashion trends, and inclination toward home décor and furnishing have driven the textile industry's growth in the recent past. However, with the growing application scope, consumer preferences toward bio-chemicals with similar properties are also projected to drive market growth. Moreover, the rising consumption of technical textiles in the automotive sector is expected to bolster market growth in the long run.

Textile Chemicals Market Report Scope

The market is highly competitive owing to the presence of many manufacturers with a global presence. The spread of COVID-19 has accelerated technological transformation, which had already begun. Digitalization and the use of artificial intelligence and the Internet of Things (IoT) in manufacturing processes have been at the forefront of company strategies. For instance, in January 2021, Solvay S.A. announced that it would begin using blockchain technology to develop a circular economy. Technology will be used to store, exchange, develop, and trace information related to products, right from their feedstock producers to end-users. Market participants are also engaged in adopting strategic initiatives such as new product launches, acquisitions, and others. For instance, In May 2023, Dystar announced its eco-advanced indigo dyeing, which aims to reduce energy consumption by up to 30% and water usage by up to 90% during the production process.

List of Key Players in the Textile Chemicals Market

• Kiri Industries Ltd.
• OMNOVA Solutions Inc.
• German Chemicals Ltd.
• AB Enzymes
• Organic Dyes and Pigments
• Govi N.V.
• Resil Chemicals Pvt. Ltd.
• LANXESS
• Dow
• BASF SE
• Huntsman International LLC