Global Textile Chemicals Market: Key Highlights
· Accordingto United Nations’ projections, global population is estimated to reach 8.5billion by 2030, and further exceed 9 billion by 2050.The consumption of textiles depends directly on the growth of population andconsumer spending levels.
· In termsof demand, Asia Pacific led the global textile chemicals market in 2018, and the same trend isanticipated to continue throughout 2019 and 2027.Changing consumer needs and an evolving retail marketplace are factors drivingthe apparel sector in Asia Pacific. The apparel sector in Asia Pacific is projectedto expand at a CAGR of nearly 5% during the forecast period.
· Thetechnical textiles market has witnessed evolution from passive to active smartand ultra-smart fabrics over the last few years. First-generation passivefabrics were capable of sensing only environmental stimuli, whereas,second-generation active fabrics included actuators, sensors, and a controlunit in order to sense electric, thermal, and other stimuli.
· Thedemand for textile chemicals in Bangladesh is projected to rise at a CAGR of ~3% between 2019 and 2027.Bangladesh’s exports of clothing and apparel more than trebled between 2008 and 2018.The country is estimated to continue to receive increased number of orders forits finished garments from international partners in the near future, due tothe availability of cotton as well as other fabrics at a low price.
Global Textile Chemicals Market: Key Drivers andOpportunities
· Focus onenhancing the functional quality of textile chemicals and cost reduction arelikely to be key factors driving the global textile chemicals market in thenext decade.
· Majorplayers operating in the global home textiles industry, such as IKEA andH&M Home, are expanding their presence in Asia Pacific in order to tapimmense opportunities in the region. Moreover, the advent of e-Commerce in thehome furnishing sector is expected to boost the home furnishing textilessegment in the global textile chemicals market during the forecast period.
· Thedemand for textile chemicals in India is anticipated to rise at a rapid pace,as the country is a leading exporter of textiles in Asia Pacific. Since 2014,around 19 Textile Park projects have been sanctioned in India, under the Schemefor Integrated Textile Park (SITP) in the Public Private Partnership (PPP)mode, with 40% government assistance valuing up to INR 40Crore (US$ 5.6 Mn). The country’s share in the Asia Pacific textilechemicals market is likely cross 11% by 2027.
· Europehas also been a significant consumer of carpets and technical fibers over thelast few years. Europe has become a leader in the digital printing of textiles,wherein, designs are printed on fabric by a printer that is controlled by asoftware. These trends depict significant potential for the growth of thetextile chemicals market in the region.
· TheMinistry of Industry & Trade of Russia is focusing on supporting technicaltextiles and nonwovens industries in the country. The Government of Russia aimsto increase the share of domestically made technical textiles in the localmarket up to 80% by 2020. Lately, the country hasbeen utilizing its large reserves of oil and other resources, including timberand other raw materials, for the production of synthetic fibers.
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Asia Pacific to be Highly Lucrative TextileChemicals Market
· In termsof value, Asia Pacific held a major, i.e. more than 60% shareof the global textile chemicals market in 2018.
· Shift inthe production of textiles and their subsequent consumption by traditionalproduction centers, such as the U.S. and Western Europe toward Asia Pacific, isa major factor anticipated to drive the textile chemicals market in AsiaPacific from 2019 to 2027.
· Also,changes in consumer trends, especially in home decoration, followed by changinglifestyles, have propelled the demand for textiles. This, in turn, isanticipated to drive the global textile chemicals market during the forecastperiod.
· Countriessuch as China and India are major textile chemicals markets in Asia Pacific.These countries accounted for more than 60% share of the AsiaPacific textile chemicals market in 2018.
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Global Textile Chemicals Market – Key Developments
· In January2018, Lubrizol introduced two breathable thermoplastic polyurethane resinsof microbe-resistant grade for use in hot-melt adhesives. These products, i.e.Pearlbond 360 TPU and Pearlbond 960 TPU, can be used in applications such astechnical textiles, apparel, footwear, and conveyor belts.
· On June9, 2017, Evonik Industries AG announced an increase of up to 6% inthe prices of its products for applications such as textiles, tissues,metalworking fluids, and industrial applications. The move was aimed tostrengthen the company’s position in the global textile chemicals market byfocusing on providing better technical services.
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Global Textile Chemicals Market – CompetitionLandscape
· Theglobal textile chemicals market was moderately consolidated in 2018.Due to the presence of well-established manufacturers in the textile chemicalsmarket, and their expansion initiatives, the global textile chemicals market isestimated to be highly competitive during the forecast period.
· Majormanufacturers in the textile chemicals market include Archroma, LonsenInc., Huntsman, CHT Group, Solvay, and Evonik Industries AG.
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