The global textile chemicals market is poised for significant expansion, projecting to skyrocket to a staggering USD 37.58 billion by 2030 from USD 24.20 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 4.5%, as per the latest revelations by the market research company, Brainy Insights. A tumultuous wave of growth is forecasted, driven predominantly by the soaring demand for technical textiles across a spectrum of industries, including chemical, manufacturing, and medical sectors.
Specialty chemicals, known as textile chemicals, play a crucial role in the dyeing and processing of textiles, imbuing the final products with distinctive characteristics essential for various applications such as clothing, furniture, and an array of textile products. These innovative chemicals, ranging from surfactants to various colors and finishing qualities, are instrumental in bestowing materials with coveted features such as optimal texture, impeccable finish, and essential properties like antibacterial characteristics and resistance to wrinkles and stains.
Dominance of the Asia Pacific:
In a remarkable feat, the Asia Pacific region clinched the title of the largest market, boasting a commanding 38.4% revenue share in the global textile chemicals market in 2020. The region’s prowess is attributed to the escalating demand for apparel, propelling the utilization of textile chemicals through diverse fabric production stages.
Synthetic Segment’s Triumph:
The synthetic segment carved a niche, clinching about 58.1% of the market in 2020, a testament to the mounting inclination towards synthetic apparel which is fuelling the segment’s remarkable growth trajectory.
Coating & Sizing Segment’s Preeminence:
The coating & sizing segment reigned supreme, securing around 28.1% of the market in 2020, underscored by the pivotal role of sizing chemicals in enhancing yarn’s abrasion resistance and strength during the weaving process.
Apparel Segment’s Supremacy:
Garnering around 46.1% of the market in 2020, the apparel segment emerged as a formidable force in the textile chemicals market, driven by the burgeoning manufacturing of a diverse array of garments to satiate the ever-growing demands of a burgeoning population.
Driving Forces:
A surge in awareness regarding the myriad benefits offered by textile chemistry in manufacturing augurs well for the market’s growth, bolstered by the integration of advanced chemistry concepts throughout the textile and apparel manufacturing realms.
Challenges:
The market faces headwinds in the form of volatile price fluctuations of crucial raw materials such as phenol and surfactants, posing formidable challenges in attaining profitability and scaling economies.
Golden Opportunities:
A paradigm shift towards the embrace of sustainable products by textile manufacturers, spurred by stringent environmental regulations and a steadfast commitment to achieving long-term sustainability objectives, heralds promising growth vistas, particularly in the realm of green textile chemicals.
Major Market Contenders:
The textile chemicals arena is graced by the presence of illustrious players such as Evonik, Kemira, Kiri Industries Limited, Omnova Solutions Inc., Sumitomo Chemicals Co. Ltd., Tata Chemicals Ltd., and The Lubrizol Corporation, each vying to consolidate their foothold and steer the market towards new pinnacles of success.
Yes, even as challenges intensify, research indicates that the global textile and associated chemicals market is poised for sustained growth. This industry is transforming into a domain replete with boundless opportunities and possibilities, fueled by several critical factors. Key among these are population growth, a notable rise in the youth demographic, and evolving consumer preferences that rapidly cycle through new garment styles and designs. Further bolstering the market are the proliferation of textile showrooms and an increased availability of affordable, yet fashionable, clothing options.
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