Global textile chemical market is expected to reach $27,560 million by 2022 from $21,770 million in 2015, and, growing at a CAGR of 3.4% from 2016 to 2022. The report encompasses textile chemical market analysis in terms of product type and applications. The product type segment namely coating & sizing chemicals, finishing agents, colorants & auxiliaries, surfactants, desizing agents, yarn lubricants, and bleaching agents are covered under the scope of the report. The applications of textile chemicals include furnishing, apparels, and industrial chemicals.
Portland, OR -- (SBWIRE) -- 01/04/2017 -- A new report published by Allied Market Research titled, "Textile Chemical Market by Product Type and by Application—Global Opportunity Analysis and Industry Forecast, 2014–2022," projects that the global textile chemical market was valued at $21,770 million in 2015, and is expected to reach $27,560 million by 2022, growing at a CAGR of 3.4% from 2016 to 2022. Coating & sizing chemicals segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead in the future.
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Textile chemicals are immediate chemicals expected to witness notable growth in the coming years. This is due to the wide range applications of the chemicals such as dyeing, printing, coating, finishing, and bleaching. Increase in applications of textile chemicals in the apparel sector such as in clothing and footwear is expected to grow in the coming years. Moreover, growth in demand for home furnishings, floor furnishings, and eco-friendly chemicals products are some other factors that drive this market. The impact of these drivers is expected to increase significantly due to increase in awareness about the applications of the textile chemicals. Some of the restraints associated with the textile chemicals market are harmful effects of chemicals on environment and strict regulations for approval of chemicals.
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According to Eswara Prasad, Team Lead, Chemical & Materials at Allied Market Research, "Upsurge in demand for home furnishings and eco-friendly products, development of packaging industries, and rise in disposable income in the emerging economies are the major factors that drive the textile chemical industry. However, unfavorable effects of textiles chemicals on environment may hamper the market growth during the forecast period."
Among all product types, coating and sizing chemicals generated the highest revenue with more than one-fourth share in 2015. Apparel industry is the fastest growing application segments, registering a CAGR of 3.5% and 3.9% on the basis of revenue and volume, respectively, during the forecast period. In 2015, industrial and other applications generated the highest revenue with more than one-third share.
Key findings of the study:
- Asia-Pacific is expected to continue to dominate the global textile chemical market, growing at a CAGR of 2.9%, in terms of revenue, from 2016 to 2022.
- Colorants & auxiliaries segment occupied more than one-fourth share of the total market revenue in 2015.
- In 2015, the home furnishing segment occupied around one-third share of the global market, in terms of revenue.
- Surfactant is the fastest growing product segment with CAGR of 3.9% during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is the fastest growing region in the global textile chemical industry owing to higher demands by customers and strong economic base of manufacturers in U.S. Canada is mostly engaged with industrial applications of textiles chemicals. The major players in the North America textile chemical market are Archroma and DyStar Group.
Product launch strategy largely drives the market. Mergers and acquisitions, business expansion, production expansion, and partnerships are other prominent strategies adopted by key players to remain competitive in the market. The major companies profiled in the report include Huntsman International LLC, Dow Chemical Company, DyStar Group, Kiri Industries Limited, Pulcra Chemicals, Archroma, OMNOVA Solutions Inc., The Lubrizol Corporation, Covestro AG, and BASF SE.