Textile Chemicals Market Worth $31.64 Billion by 2023
Textile Chemicals Market by Fiber (Natural, Synthetic), Product Type (Coating & Sizing, Colorants & Auxiliaries, Finishing Agents, Desizing Agents, Surfactants), Application (Apparel, Home Textile, Technical Textile), and Region - Global Forecast to 2023
Northbrook, IL -- (SBWire) -- 10/01/2018 --According to the new market research report "Textile Chemicals Market by Fiber (Natural, Synthetic), Product Type (Coating & Sizing, Colorants & Auxiliaries, Finishing Agents, Desizing Agents, Surfactants), Application (Apparel, Home Textile, Technical Textile), and Region - Global Forecast to 2023" The global textile chemicals market size is estimated at USD 26.00 billion in 2018 and is projected to reach USD 31.64 billion by 2023, at a CAGR of 4.0% between 2018 and 2023. The market is witnessing growth due to the increasing use of textile chemicals in processing of textile and increasing demand for apparel, home textile, and technical textile. Growing consumer preferences for superior finishes in terms of enhanced anti-microbial, water & soil repellency, flame retardance, and UV absorbance properties are also expected to drive the textile chemicals market. In addition, rapid urbanization & industrialization and increasing disposable income, coupled with supportive government policies in emerging economies, are also expected to support the demand for textile chemicals.
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Synthetic fiber segment estimated to dominate overall textile chemicals market in 2018
Synthetic fiber is estimated to lead the overall textile chemicals market in 2018. The large share of synthetic fiber is due to their wide usage in different applications, better performance, and cost-effectiveness. Moreover, synthetic fibers are more durable than natural fibers and can easily pick up dyes. They are easy to wash and need little maintenance as compared to natural fibers. These factors make synthetic fibers the most widely used fiber.
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Coating & sizing agents segment estimated to be the largest product type in textile chemicals market in 2018
The coating & sizing agents segment is estimated to lead the overall textile chemicals market in 2018. They are indispensable in the pre-treatment process in textile manufacturing to give strength and glaze. These agents help in reducing yarn breakage, especially during weaving. They improve the strength and abrasion resistance of the yarn, which further decreases its hairiness. These properties make coating & sizing agents the largest product type in the overall textile chemicals market.
Apparel segment estimated to be largest application of textile chemicals market in 2018
The apparel segment is estimated to be the largest consumer of textile chemicals in 2018. The large market share of this segment is due to the extensive use of textile chemicals in outerwear and sportswear. Favorable demographic trends, increasing disposable income, and consumer preference for comfortable clothing drive the demand for apparel.
APAC estimated to be the largest textile chemicals market in 2018
The APAC region is estimated to be the largest market for textile chemicals, in terms of value, in 2018. The high consumption of textile chemicals in the region is attributed to rapid industrialization, improving economic conditions, supportive government policies, availability of cheap labor, and increasing exports. In addition, growing population, per capita income, and changing lifestyle in the region are driving the textile industry, which in turn, support the textile chemicals market.
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Textile chemicals manufacturers such as Archroma (Switzerland), Huntsman (US), Tanatex Chemicals (Netherlands), DowDuPont (US), DyStar Group (Singapore), Wacker Chemie AG (Germany), Evonik Industries (Germany), Rudolf Group (Germany), and Bozzetto Group (Italy) are covered in the report.
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