The market’s current value will be close to US$ 14,200 Million in 2023 after growing by 7.4% from 2017 to 2022, according to the most recent Asia textile chemicals market Analysis Report released by FMI. The Asian textile chemicals market is anticipated to develop at a 6% annual rate and reach US$ 24.600 million in value by 2033.
This rise is expected due to increased consumer demand for commodities such as clothes, technical textiles, home textiles, and other items. Demand for clothing and other textile goods is expected to climb as the population grows, putting extra strain on the industry’s capacity to produce textile chemicals.
The recent growth of the textile chemicals market has been fueled by an increase in the textile industry, evolving fashion trends, and a global preference for home décor and furnishing. Furthermore, the use of these chemicals in flooring and construction has linked the expansion of the Asia textile chemicals market to the infrastructure and real estate industries.
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Nevertheless, as the market product’s application breadth expands, customer preferences for bio-chemicals with similar qualities are expected to fuel development and limit the Asia textile chemicals market growth to certain degrees. Furthermore, the rising consumption of technical textiles in the automotive industry is likely to present new opportunities for market players in Asia.
Also, global commerce is becoming more difficult as a result of the recession in several nations, resulting in currency swings. The Eurozone crisis and the trade war of China with the US are two other key difficulties confronting the textile chemicals sector.
Key Takeaways from the Asia Textile Chemicals Market
- China is the leading country in the Asia textile chemicals market and contributes to almost 58.5% of the total sales achieved per year which can be translated to US4 8.306 Mn.
- India is the second largest contributing regional textile chemicals market with a share of 12.6% in the Asia Market which is equal to US$ 1,796 Mn in the present year 2023.
- Other Major regions surveyed by the report like Bangladesh, Vietnam, and Indonesia are found to be holding shares of 4.6%, 4%, and 3% respectively.
- Japan is another significant contributor to the Asia textile chemicals market, particularly in Technical textiles manufacturing and sales.
Competitive Landscape for the Asia Textile Chemicals Market Players
The Asia textile chemicals industry is dominated by a number of small regional players as well as large-scale producers and suppliers competing at the global level. The majority of textile chemicals companies are implementing new strategies and tactics through extensive R&D, mostly to meet the evolving needs for eco-friendly chemicals.
Recent Developments in Asia Textile Chemicals Industry
- Solvay S.A.’s incorporation in January 2021 said that it will begin establishing a close circular economy utilizing blockchain payment technology. The system can be used to store, exchange, develop, and trace product details from feedstock producers’ sources to end consumers.
- In October 2020, TANATEX Chemicals B.V. joined forces with other top textile firms to drive textile sector sustainability. The collaboration’s goal was to create sustainable chemicals for the textile sector.
- Pulcra Chemicals bought Devan Chemicals, which is a textile chemicals firm, in July 2021. Devan Chemicals Company is well-known for its Bi-Ome antibacterial spectrum, and long-standing leadership in thermoregulation and flame retardant textiles.
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Textile Chemicals Market by Category
By Product Type:
- Textile Auxiliaries
- Textile Colorants
By Process Type:
- Pre-Treatment
- Dyeing
- Finishing
- Others
By Application:
- Apparels
- Home Furnishings
- Others
By Country:
- China
- India
- Bangladesh
- Vietnam
- Indonesia
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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