ESOMAR-certified consulting firm Future Market Insights’ report, projects the global textile chemicals market to exhibit growth at 5.40% CAGR over the forecast period of 2021 and 2031.
Growing demand for non-toxic chemicals from apparel industry is accelerating textile chemicals sales across the globe. Key players are therefore investing heavily in research & development for the development of eco-friendly non-toxic chemicals to cater the demand within textile & apparel industry.
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Development of chemicals that reduces the water consumption in textile production and processing will aid the demand of textile chemicals across China, India and Vietnam, bolstering growth.
As per the FMI’s analysis, due to the unprecedented outbreak of Covid-19, textile chemicals market sales declined, registering sluggish growth at 1% CAGR during 2016-2020. However, burgeoning demand for PPE kits and mask across the globe improved the supply-chain of textile chemicals across China, India and Japan.
FMI forecasts, South Korea and Japan, collectively, accounted for around 12% global market share backed by the burgeoning demand within apparel industry in 2021.
According to the FMI’s analysis, the global Textile chemicals market reached a valuation of US$ 22,126.3 Mn in 2021.
Key Takeaways from FMI’s Textile chemicals Market Study
- By application type, apparel segment will lead the global textile chemicals market over the forecast period.
- In terms of product type, textile auxiliaries will retain its dominance, witnessing high single digit growth during the forecast period
- Finishing process will be the most preferred process among textile chemicals manufacturers, registering a growth of 10.6% CAGR
- Japan will emerge as the leading market across North America backed by the high demand within the textile & apparel industry
- India will emerge as the most lucrative market registering fastest growth in terms of value over the forecast period
- China is anticipated to lead the East Asia’s Textile chemicals market, exhibiting the growth at 10.6% CAGR
“Increasing sustainability approach for reduced water consumption and adoption of non-toxic chemicals are fuelling the demand from apparel industry. This has in turn strengthened growth opportunities for the market players,” says the FMI analyst.
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Competitive Landscape
Huntsman Corporation, Archroma Management LLC, Evonik, Kemira, Solvay, Lonsen, CHT Group and DyStar Group among others are some of the key players profiled in the textile chemicals market.
As per the FMI’s analysis, the market is dominated with top 5 players operating in Textile chemicals market, accounting for around 20-25% of market share.
Key players are adopting sustainable approaches to strengthen their position in the industry while adhering to the stringent regulations for textile chemicals laid down by government.
Long-term agreements with apparel industry stakeholders and targeted mergers & collaboration to improve the revenue generation will be one of the key strategy adopted by industry players.
For instance, Department of Textile Engineering, University of Engineering and Technology (UET), in May 2021, announced the launch of the textile sustainability working group to conduct training and seminars, mill assessment related to energy conservation and sustainability research & development projects.
In July 2019, Achitex Minerva announced the acquisition of the corporate assets of Minerva Color Columbiana for the expansion of the market structure of Achitex Minerva Colombia LTD, in Bogota