A number of chemicals play vital roles in the textile industry, making processes such as fabric formation, yarn preparation, fabrication, dyeing, finishing, and many other steps involved in textile processing and production more proficient. The market for textile chemicals is thus a crucial segment of the global chemicals industry and plays a major role in the overall development of the global textile and chemical industries.
The global textile chemicals market is expected to exhibit a healthy 3.7% CAGR over the period between 2016 and 2024, according to a recent market research report published by Transparency Market Research report. If the prediction holds true for the said period, the market will reach a valuation of US$ 29.15 bn by 2024 from US$ 21.02 bn in 2015.
Applications that Span Entire Production Lifecycle of Textiles
Chemicals used in the textile industry find applications across almost every step of production. A variety of pretreatment chemicals, finishing chemicals, dyeing chemicals, printing chemicals, coating and sizing chemicals, and a number of specialty chemicals are used in the textile industry to grant the finished product specific properties and to improve and optimize their process of manufacturing. In all, more than 60 classes of functional chemicals are used in the textile industry to make textiles suit the horde of areas they are used in.
In terms of volume, the segment of coating and sizing chemicals accounted for the dominant share in the global textile chemicals market in 2015. Sizing and coating chemicals are highly popular in the textile industry as these chemicals give silky texture to the end-product, making them appear extremely lustrous. These chemicals are also finding increased adoption in the apparel industry owing to their use for increasing the rate of absorption of the fabric.
Home Furnishing Emerges as Largest Application Area for Textile Chemicals Market
The major application areas of the global textile chemicals market include industrial textiles, apparel, and home furnishing. Of these, the segment of home furnishings emerged as the largest application segment of the market in terms of volume in 2015. The home furnishings segment has been witnessing huge expansion in the past few years owing to the increased disposable incomes of the population in developing economies of Asia Pacific such as India and China. High disposable incomes in these regions have been associated with increased expenditure on luxury items such as high-end furniture in the region.
Concerns Regarding VOC-content in Textile Chemicals to Restrain Market in North America
The global textile chemicals is presently dominated by Asia Pacific, which accounted for a massive 55% of the market in 2015. The high demand for coating and sizing chemicals in India and China played a major role in making Asia Pacific the dominant region in the global textile chemicals market. Europe accounted for the second-largest share in the global textile chemicals market in 2015, led by the rising consumption of specialty chemicals in the industrial textile application area in European countries such as Germany and Turkey.
Browse Full Global Textile Chemicals Market Report with TOC:http://www.mrrse.com/textile-chemicals-market
The market for textile chemicals in North America is expected to witness growth at a modest pace over the next few years. The market will be restrained owing to the concerns regarding the potential harmful effects of several textile chemicals on the environment. These concerns have led to an increased focus on the development of bio-based chemicals and the trend is expected to limit the overall development of conventional textile chemicals to a certain extent in the near future.
Some of the most influential vendors in the global textile chemicals market include Kiri Industries Limited, The DyStar Group, Pulcra Chemicals GmbH, Lonsen Inc., Covestro AG, Archroma, Solvay SA, Huntsman International LLC, The Dow Chemical Company, and The Lubrizol Corporation.