Albany, NY -- (SBWIRE) -- 09/06/2018 -- According to a recent market research report released by Transparency Market Research, the textile chemicals market in Europe is estimated to grow at a CAGR of 4.20% during the period between 2014 and 2020. The report, titled "Textile Chemicals Market - Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", projects the Europe textile chemicals market to reach a valuation of US$1.6 bn by 2020. The overall market was worth US$1.2 bn in 2013.
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The report points out that growing demand for hometech will drive the textile chemicals market in Europe. Further, rising demand for mobiltech and clothtech chemicals will propel the market during the forecast horizon. However, growing environmental concerns regarding the usage of textile chemicals will restrain the overall market. Some textile chemicals are also known to be carcinogenic. This has led to the emergence of biobased alternatives that will hinder the growth of the market. The Europe textile chemicals market has a huge opportunity to grow with the increasing importance of geotextiles across Europe.
According to product type, the report categorizes the Europe textile chemicals market into finishing agents, coating and sizing chemicals, colorants and auxiliaries, surfactants, bleaching agents, desizing agents, and yarn lubricants. In 2013, coating and sizing chemicals accounted for a 30% market share and emerged as the largest segment in the market. However, during the forecast horizon, the finishing agents segment is expected to display the fastest growth owing to the growing demand for high-quality fabrics.
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On the basis of application, the report segments the Europe textile chemicals market into indutech, sportech, mobiltech, buildtech, hometech, meditech, clothtech, protech, agrotech, packtech, and others including geotech and oekotech. Mobiltech registered the highest growth in the market in 2013 and accounted for a 25% market share. The growth of the segment can be attributed to its extensive demand from industries such as railway, automotive, spacecraft, ship, and aircraft. The report projects the agrotech segment to be the most rapidly developing application segment by 2020 owing to the extensive usage of agrotech chemicals in horticulture, forestry, landscape gardening, floriculture, and agriculture. Rapid increase in the number of organic farms in Europe will further fuel the demand for agrotech chemicals.