The global functional textile finishing agents market is set to gain traction from the increasing need to treat fabrics, such as polyester, wool, silk, and cotton with specific agents and chemicals for altering their performance. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Functional Textile Finishing Agents Market Size, Share & Industry Analysis, By Product (Anti-Microbial and Anti-Bacterial, Flame Retardant, Repellent and Release, Temperature Regulation, Durable Press/ Wrinkle Resistance, Others), By Textile Type (Natural, Synthetic) and Regional Forecast, 2023-2030.” The report further states that along with normal features, functional textile finishing agents have additional physical and chemical properties.
This Report Answers the Following Questions:
- Which organizations are set to hold the largest revenues?
- What are the estimated, present, and historical sizes of the market?
- How will the COVID-19 pandemic affect the market in near future?
- What are the strategies followed by companies to augment sales of functional textile finishing agents?
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Drivers & Restraints-
Rising Initiatives by Companies to Develop Eco-friendly Reagents will Favor Growth
Several manufacturers are nowadays investing huge sums in research & development activities to create novel eco-friendly reagents. These factors are set to drive the demand for functional textile finishing agents in the coming years. However, some selective chemical finishing agents, namely, formaldehyde perfluorinated chemicals (PFCs) and chlorine bleach have harmful effects on humans and the environment. It may obstruct the functional textile finishing agents market in the near future.
Functional textile finishing agents help in enhancing a fabric’s appearance. At the same time, they make the fabric resistant to odor, flame, chemicals, UV light, and water. Also, functional textiles are versatile. Therefore, they are extensively utilized in a wide range of applications, such as construction, air-conditioning & ventilation, gas filtrations, automotive, chemical, pharmaceuticals, and healthcare industries. They possess numerous properties, such as waterproof, high-temperature, and anti-static. Hence, they are being used to develop smart textiles.
Regional Analysis-
Presence of Prominent Manufacturers to Boost Growth in Asia Pacific
Regionally, Asia Pacific is anticipated to dominate throughout the forthcoming period by generating the largest functional textile finishing agents market share. This growth is attributable to the presence of a large number of functional textile finishing agent manufacturers in the region. Also, the expansion of the textile industry would aid growth. Europe, on the other hand, is set to retain its second position in the coming years fueled by the flourishment of textile industries in Italy, the U.K., France, and Germany. North America is likely to grow moderately backed by ongoing research and development activities.
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Competitive Landscape-
Key Players Focus on Developing Smart Textiles to Cater to Growing Demand
The market for functional textile finishing agent is highly fragmented with the presence of various companies. Some of them are trying to bag awards for developing sustainable products, while the others are conducting research studies for creating smart clothing. Below are two latest industry developments:
- September 2020: Frost & Sullivan presented the 2020 European Technology Innovation Leadership Award to Devan Chemicals NV. It promotes the usage of sustainable functional textile finishing agents. It focuses on developing recyclability, halal certifications, kosher, and GMO-free products.
- September 2020: Researchers from Harvard University developed a smart textile from leftover wool products. This material is programmable and shapeshifting. It contains keratin, a fibrous protein found in shells, nails, and hair.
A list of all the renowned functional textile finishing agent manufacturers operating in the market:
- BASF
- DOW Chemicals
- FCL
- Sumitomo Chemicals
- Evonik Industries
- HT Fine Chemical
- Archroma
- Bayer
- Rudolf
- Lubrizol Corporation
- Huntsman Corp
- Other renowned companies
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