Major players operating in Textile Finishing Chemicals Market are Huntsman Corporation (US), Wacker Chemie AG (Germany), The Dow Chemical Company (US), BASF (Germany), Archroma (Switzerland), Evonik Industries (Germany), Dupont (US), Solvay SA (Belgium), Tanatex Chemicals B.V (Netherlands), and Dystar Singapore PTE Ltd. (Singapore).
Northrook, IL -- (SBWIRE) -- 02/13/2020 -- The Textile Finishing Chemicals Market is expected to grow from USD 6.2 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 5.5% during the forecast period. The major factors driving the market include the growing demand of technical textiles and functional home textile finishes. However, stringent environmental regulations regarding the disposal of textile finishing effluents serve to be a major restraint for the market.
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The softening finishes type is the largest segment of the textile finishing chemicals market.
Among the different types of textile finishing chemicals available, the softening finishes type is the fastest-growing segment. Softening finishes are increasingly used because they help the textiles to achieve a softness (supple, pliant, sleek, and fluffy), smoothness, more flexibility, better drape, and elasticity. In addition, softening finishes also help in reducing the wear and tear of apparel, provide a refreshing fragrance, reduce the risk of germ build-up, shape retention etc. The market is mainly driven by increasing use in clothing textiles and home textiles.
The pad-dry cure process segment is the largest process of textile finishing chemicals market.
Among the different processes available in the textile finishing chemicals market, the pad-dry cure process is the fastest-growing segment. Almost all types of finishing chemicals are applied to the textiles using this process. This is the parent process for several different finishing treatments. It is assumed that multiple finishes may be applied to the solution bath, therefore the impacts of this stage are the same regardless the number of finishing treatments applied, thus making it the most common process of application for textile finishing chemicals.
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The technical textile application is expected to register the highest CAGR in the global textile finishing chemicals market during the forecast period.
The technical textile application is the fastest-growing segment in the market. Technical textiles are extensively used in non-aesthetic applications such as transportation, automotive, medical & personal hygiene, pollution control & filtration, agriculture, industrial, packaging, and sports. They are used in transportation as ropes used to sail ships; performance fiber-based textiles used in parachutes, balloons, nets; inflatable components of satellites or other spacecraft. All these factors are boosting the growth of technical textile application in the textile finishing chemicals market.
APAC is expected to hold the largest market share in the global textile finishing chemicals market during the forecast period.
APAC is projected to be the fastest-growing region for the textile finishing chemicals market and is expected to offer significant growth opportunities to the overall market during the forecast period. The market in APAC is much more dynamic and competitive than its western counterparts owing to the high demand and improving economic conditions. Moreover, there is increasing competition among emerging textile markets such as Vietnam, Indonesia, and Bangladesh. The textile finishing chemicals market in APAC is projected to register the highest CAGR owing to the growing economy, increasing textile exports, presence of huge textile manufacturers, and low labor cost.
Huntsman Corporation (US), Wacker Chemie AG (Germany), The Dow Chemical Company (US), BASF (Germany), Archroma (Switzerland), Evonik Industries (Germany), Dupont (US), Solvay SA (Belgium), Tanatex Chemicals B.V. (The Netherlands), and Dystar Singapore PTE Ltd. are the leading textile finishing chemical manufacturers, globally.
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