Textile Chemicals Market is estimated to grow at a CAGR of 5.4 % during 2021-2031 – Market Research Blog

December 10, 2021
4:23 pm

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 the 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 to the demand within the textile & apparel industry.

The 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 the 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, the 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
The 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 the fastest growth in terms of value over the forecast period
China is anticipated to lead East Asia’s Textile chemicals market, exhibiting the growth at 10.6% CAGR

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 by the top 5 players operating in the Textile Chemicals market, accounting for around 20-25% of the 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 the government.

Long-term agreements with apparel industry stakeholders and targeted mergers & collaboration to improve revenue generation will be one of the key strategies adopted by industry players.

For instance, the 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

Textile Chemicals Market by Category

By Product Type: