April 20, 2024
Textile Chemicals Market

Textile Chemicals Market is expected to be Flourished by Rapid Growth of Apparel Industry

Textile chemicals are a group of specialty chemicals used for textile processing which includes preparations for cleaning, dyeing, printing, finishing and others. Textile chemicals provide functions like coloring, water repellency and UV protection. They are widely used to impart special properties to textiles during manufacturing and processing. Colorants and dyes are used to impart desired colors to fibers and fabrics. Some common textile chemicals include pretreatment chemicals, printing and coating chemicals, softening and antimicrobial chemicals, and finishing chemicals. The global textile chemicals market is primarily driven by increasing demand from the rapidly growing apparel and textile industries worldwide. Rapid urbanization, increasing disposable income and change in consumer fashion preferences especially in developing countries have contributed to the growth of the apparel industry.

The global textile chemicals market is estimated to be valued at US$ 32.64 billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for growth of the textile chemicals market is the rapid expansion of the apparel industry globally. According to World Trade Statistical Review 2020 by WTO, global apparel trade reached US$ 727 billion in 2019 with India and China leading as top apparel exporters. Developing economies with growing population such as India, Vietnam and Bangladesh are witnessing a boom in textile and garment manufacturing. Increasing demand for affordable and fashionable clothing in these emerging economies is fueling the consumption of textile chemicals. Growing environmental regulations regarding the use of hazardous chemicals is also prompting textile chemical manufacturers to develop bio-based and eco-friendly product variants. To meet stringent regulations, companies are investing heavily in R&D to expand their portfolios of sustainable chemicals for fabric processing without compromising on functionality and quality.

Segment Analysis

The global textile chemicals market can be segmented based on product type and application. The product dyeing segment dominates the market with a share of 30% as of 2024. Dyeing chemicals are extensively used in the textile industry for coloring fabrics and imparting desirable shades. Demand for different types of dyes from end use industries such as apparel, home furnishings is the major factor contributing to the large share of this segment.

PEST Analysis

Political: The textile chemicals market is impacted by stringent environmental regulations especially in North America and Europe restricting the use of hazardous chemicals. This is encouraging manufacturers to develop sustainable chemicals.

Economic: Growth in the global apparel and home furnishings industry augmenting demand for textiles is a key driver for the market. Additionally, rising disposable incomes in developing nations expanding the customer base.

Social: Changing consumer preferences towards eco-friendly textiles produced using natural and organic chemicals is influencing the demand pattern. Customers are willing to pay premium prices for sustainable products.

Technological: Advancements in chemical compounds enabling properties like wrinkle-free, waterproof and stain-resistant fabrics without using hazardous chemicals present new opportunities. Digital printing technology expanded application areas.

Key Takeaways

The Global Textile Chemicals Market Demand was valued at US$ 32.64 Bn in 2024 and is projected to reach $102.45 Bn by 2031, expanding at a CAGR of 22% during the forecast period.

Regional analysis: Asia Pacific accounted for over 40% market share in 2024 led by high production and consumption in major economies like China and India. Presence of vast textile manufacturing clusters and availability of raw materials and labor are factors supporting growth in the region.

Key players: Key players operating in the textile chemicals market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. These players are focusing on developing sustainable and eco-friendly products to capitalize on shifting consumer preferences.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it