As the chemical industry moves into 2022, strong demand for both commodity and specialty chemicals should keep prices robust throughout the year. However, the industry could face margin pressures amid raw material cost inflation, which will likely remain high through the first half of 2022.
The global textile chemicals market size is projected to reach USD 26.40 billion by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favor of the growth of the market. According to a report published by Fortune Business Insights, the market was worth USD 20.85 billion in 2019 and will exhibit a CAGR of 3.2% during the forecast period, 2020-2027.
Textile chemicals are products that are used in the treatment of textile material at various stages in the manufacturing process. The product plays an important role in obtaining favorable textile properties. The rising applications of textile chemicals across diverse industry verticals will emerge in favor of the growth of the overall market in the forthcoming years. The massive investments in the development of efficient textile chemicals by major companies across the world will contribute to the growth of the market. Accounting to the rising awareness regarding the use of harmful chemicals and their adverse effects on the quality and durability of textiles, there is an increasing demand for green textile chemicals across the world. The increasing R&D activities will play a crucial role in the development of green textile chemicals in the coming years.
Cost-reduction Needs have put Innovations to the Fore
The report encompasses several factors that have contributed to the growth of the overall textile chemicals market in recent years. Among all factors, the increasing number of product innovations driven by rising need for low-cost products will have a huge impact on the growth of the market. Several companies are focusing on manufacturing methods with the view to minimizing the total product cost. In October 2019, Huntsman Corporation, a leading textile chemical manufacturer, announced that it has launched a new dyeing auxiliary that will save the total cost of polyester dyeing. The company introduced ‘Eriopon E-3 SAVE’ dyeing; a product with the ability to shorten the dyeing cycle of the polyester. The product will combine pre-sourcing, reduction, and dyeing in a single bath. This will significantly reduce the time as well as the cost associated with the product. Huntsman’s latest product is not the only progress that the company has made and recent activities will help the company gain a formidable stand in the market.
Asia Pacific Likely to Emerge Dominant; Presence of Major Textile Manufacturers will Bode well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. Asia Pacific is the hub for leading textile manufacturers. The region is home to companies such as DIC Corporation, Sarex Chemicals, and Kiri Industries. The favorable climatic conditions have led to an ease of availability of raw materials in several countries across this region. As of 2019, the market in Asia Pacific was worth 1.55 billion and this value is projected to increase at a considerable pace in the coming years.
The market in North America will rise considerably driven by the rise of the textile industry in this region. The country is constantly engaging in developing efficient textile apparels for use in the defense sector as well as the healthcare industry.
List of companies profiled in the report:
Huntsman Corporation (USA)
DIC Corporation (Japan)
Kiri Industries Ltd. (India)
Covestro AG (Germany)
Omnova Solutions Inc. (USA)
Lubrizol Corporation (USA)
Solvay S.A. (Belgium)
Evonik Industries (Germany)
Tanatext Chemicals (Netherlands)
Rudolf GmbH (Germany)
NICCA Chemical Co. Ltd. (Japan)
Kemin Industries Inc. (USA)
JINTEX Ltd. (Taiwan)
Sarex Chemicals (India)
March 2020: Huntsman Corporation announced the launch of a new high performance polyester dye. The company introduced ‘Terasil Blue W Dye,’ for polyester sport and athleisure wear.
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