Textile Chemicals Market Analysis and Trends-2021
Textile Chemicals Market overview:
The size of the TextileChemicals Market was predicted to be of a valueat USD 25.67 billion in the year 2020 and is predicted to reach a worth of USD31.51 billion by the end of 2025, with a CAGR of 4.8% between 2020 and 2025. Theexpansion of the textile chemicals market is declining dramatically. Themarket, which is in its maturity stage; however, its contribution to the worldmarket would increase considerably in the coming years. The adverse effects ofchemicals on the environment and the strict regulations imposed on chemicalsare the main limitations in the use of textile chemicals. Many players areinvolved in the textile chemistry market with innovative products. Emergingtechnologies, such as the introduction of sterilized textiles, are predicted toincrease competition in the coming years.
Impact of Covid 19 on the TextileChemicals Market:
Local dyeing units in India rely heavily on imports ofvarious raw materials, including chemicals and intermediates, from China.Delays in deliveries from China and skyrocketing raw material prices areaffecting the dye and dye industry, especially in Gujarat. Almost 20 percent ofproduction has been affected due to the interruption of the supply of rawmaterials. China is a major supplier of specialty chemicals for textiles,especially the indigo needed for denim. Businesses in India are at risk ofbeing affected and people are securing their supplies. However, this is also anopportunity, as the US and the EU will try to diversify their markets andmitigate Chinese risk. Some of these activities can be diverted to India ifexploited.
Market drivers and restraints:
The world market for textile chemicals is experiencingmoderate expansion. Stringent environmental regulations regarding the disposalof textile effluents and the cyclical nature of the textile industry arefactors that constrain and challenge the expansion of the textile chemicalsmarket. The expansion of the worldwide market for textile chemicals is mainlydriven by the significant call for furniture and technical textiles worldwide.The growing call for commercial space due to the expansion of serviceindustries such as information technology and telecommunications, banking,financial services and insurance is causing an increase in constructionactivity, which in turn is round , stimulates the call for technical textilessuch as upholstery, curtains, carpets, rugs and linens and contributing to the expansionof the worldwide market for textile chemicals. The increase in call fortechnical textiles is attributed to favorable government policies andinitiatives that stimulate spending on infrastructure, chemical manufacturingand others. Textile chemicals are chemicals that are employed in clothing,textiles, furniture, and the like. These chemicals differ in colors, finishingproperties, surfactants. In general, textile chemicals are employed on naturaland man-made fibers. Growing environmental concerns related to the call forbetter and improved textile chemicals that are environmentally friendly andfluctuations in raw material prices may resist market expansion.
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Report segmented as:
By fiber:
· Natural
· Synthetic
By product type:
· Coating & sizing
· Colorants &auxiliaries
· Finishing agents
· Desizing agents
· Surfactants
By application:
· Apparel
· Home textile
· Technical textile
Geographical analysis:
Asia-Pacific accounted for the largest market share in 2020amid high consumption of textile chemicals, with the region being one of theleading manufacturers of textiles. In addition, rapid industrialization,improving economic conditions, supportive government policies, the availabilityof cheap labor, and increased exports, associated with a growing and changingpopulation. Lifestyles in the region are stimulating the textile industry,which in turn is predicted to fuel call for textile chemicals. in the region.The industrialization of emerging economies such as Brazil and Chile is predictedto boost call for products in Latin America during the forecast period. Thepresence of an infrastructure center in the GCC, the United Arab Emirates andSaudi Arabia is likely to drive the call for technical textiles employed in theconstruction industry in the region, which in turn, is predicted to stimulate callfor textile chemicals. The call for textile chemicals in the Asia-Pacificregion will increase due to the ability to improve the strength and versatilityof textiles, thus providing future opportunities in this field.
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