Textile Chemical Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $27,560 Million by 2022, registering a CAGR of 3.4% during the forecast period 2016-2022. Coating & sizing chemicals segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held the leading position in the global market in 2015, and is expected to maintain its lead in the future.
Upsurge in demand for home furnishings and eco-friendly products, development of packaging industries, and rise in disposable income in the emerging economies are the major factors that drive the textile chemical industry. However, unfavorable effects of textiles chemicals on environment may hamper the market growth during the forecast period.
The market is segmented on the basis of four regions, namely North America, Europe, Asia-Pacific, and LAMEA. Presently, North America is the fastest growing region in the global textile chemical industry, owing to high demands for textile chemicals and strong economic base of manufacturers in the U.S. The major players operating in the North American textile chemical market are Archroma and DyStar Group.
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Product launch is the key strategy adopted by market players to expand their product portfolio. Mergers & acquisitions, business expansion, production expansion, and partnerships are the other prominent strategies adopted by key players to sustain the intense competition in the market.
The key companies profiled in the report include Huntsman International LLC, Dow Chemical Company, DyStar Group, Kiri Industries Limited, Pulcra Chemicals, Archroma, OMNOVA Solutions Inc., The Lubrizol Corporation, Covestro AG, and BASF SE.
Textile chemicals are immediate chemicals expected to witness notable growth in the coming years. This is due to the wide range applications of the chemicals such as dyeing, printing, coating, finishing, and bleaching. Increase in applications of textile chemicals in the apparel sector such as in clothing and footwear is expected to grow in the coming years. Moreover, growth in demand for home furnishings, floor furnishings, and eco-friendly chemicals products are some other factors that drive this market.
The impact of these drivers is expected to increase significantly due to increase in awareness about the applications of the textile chemicals. Some of the restraints associated with the textile chemicals market are harmful effects of chemicals on environment and strict regulations for approval of chemicals.
According to Eswara Prasad, Team Lead, Chemical & Materials at Allied Market Research, Upsurge in demand for home furnishings and eco-friendly products, development of packaging industries, and rise in disposable income in the emerging economies are the major factors that drive the textile chemical industry. However, unfavorable effects of textiles chemicals on environment may hamper the market growth during the forecast period.
Among all product types, coating and sizing chemicals generated the highest revenue with more than one-fourth share in 2015. Apparel industry is the fastest growing application segments, registering a CAGR of 3.5% and 3.9% on the basis of revenue and volume, respectively, during the forecast period. In 2015, industrial and other applications generated the highest revenue with more than one-third share.
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