February 25, 2024
Textile Chemicals Market

Emerging Application In Technical Textiles To Accelerate Growth Of Global Textile Chemicals Market

The global Textile Chemicals Market is estimated to be valued at US$ 28.33 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Textile chemicals are diverse formulations used during production of textiles to impart desired properties or improve quality and performance of the fabric. Key textile chemicals include coating & sizing chemicals, coloring agents, finishing agents, surfactants, dessing agents and others. They are applied during various steps of textile processing such as pretreatment, dyeing, printing and finishing. The textile chemicals play a vital role in fabric protection from ultraviolet radiation, stain resistance, wrinkle resistance and enhanced durability. Their usage helps textile manufacturers to develop fabrics for versatile applications in apparel, home furnishings and technical textiles.

Market key trends:

One of the major trends driving growth of the textile chemicals market is rising demand for technical textiles. Technical textiles find extensive usage in automotive, construction, agriculture, medical and other industrial sectors. They encompass a wide range of engineered material and products such as geo-textiles, agro-textiles, medical textiles, protective clothing and more. Advancements in textile chemicals have helped manufacturers to develop fabrics with characteristics such as strength, durability, insulation and abrasion resistance suitable for technical textile applications. Growing infrastructure development and automation across industries is expected to propel demand for technical textiles, thereby favouring market growth of textile chemicals over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirement and availability of raw materials has led to threat of new entrants in the textile chemicals market. However, established players have strong brand recognition and economies of scale which poses barrier for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, stringent quality standards and certification requirements increases switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and focus on long term relationships with buyers.

Threat of new substitutes: Threat of substitution is low as textile chemicals have few substitutes and are integral part of textile manufacturing process.

Competitive rivalry: Intense competition exists among key players to gain higher market share through product innovation, branding and differentiation.

Key Takeaways

The Global Textile Chemicals Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand for technical textiles from end use industries like automotive and construction. The market size for 2023 is estimated to be US$ 28.33 Bn.

Regional analysis – Asia Pacific dominates the global textile chemicals market with China being the largest producer and consumer. Growth in the region is propelled by strong presence of textile industry in countries like India and China along with increasing population and disposable income. Other promising regions include North America and Europe.

Key players operating in the textile chemicals market are The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc., Solvay SA, Bayer Material Science. Key players are focusing on product innovation and expansion in emerging markets to gain competitive advantage.

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