Textile Chemicals Market Analysis and Trends-2021
Added: (Wed Jun 02 2021)
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Textile Chemicals Market overview:
The size of the Textile Chemicals Market was predicted to be of a value at USD 25.67 billion in the year 2020 and is predicted to reach a worth of USD 31.51 billion by the end of 2025, with a CAGR of 4.8% between 2020 and 2025. The expansion of the textile chemicals market is declining dramatically. The market, which is in its maturity stage; however, its contribution to the world market would increase considerably in the coming years. The adverse effects of chemicals on the environment and the strict regulations imposed on chemicals are the main limitations in the use of textile chemicals. Many players are involved in the textile chemistry market with innovative products. Emerging technologies, such as the introduction of sterilized textiles, are predicted to increase competition in the coming years.
Impact of Covid 19 on the Textile Chemicals Market:
Local dyeing units in India rely heavily on imports of various raw materials, including chemicals and intermediates, from China. Delays in deliveries from China and skyrocketing raw material prices are affecting the dye and dye industry, especially in Gujarat. Almost 20 percent of production has been affected due to the interruption of the supply of raw materials. China is a major supplier of specialty chemicals for textiles, especially the indigo needed for denim. Businesses in India are at risk of being affected and people are securing their supplies. However, this is also an opportunity, as the US and the EU will try to diversify their markets and mitigate Chinese risk. Some of these activities can be diverted to India if exploited.
Market drivers and restraints:
The world market for textile chemicals is experiencing moderate expansion. Stringent environmental regulations regarding the disposal of textile effluents and the cyclical nature of the textile industry are factors that constrain and challenge the expansion of the textile chemicals market. The expansion of the worldwide market for textile chemicals is mainly driven by the significant call for furniture and technical textiles worldwide. The growing call for commercial space due to the expansion of service industries such as information technology and telecommunications, banking, financial services and insurance is causing an increase in construction activity, which in turn is round , stimulates the call for technical textiles such as upholstery, curtains, carpets, rugs and linens and contributing to the expansion of the worldwide market for textile chemicals. The increase in call for technical textiles is attributed to favorable government policies and initiatives that stimulate spending on infrastructure, chemical manufacturing and others. Textile chemicals are chemicals that are employed in clothing, textiles, furniture, and the like. These chemicals differ in colors, finishing properties, surfactants. In general, textile chemicals are employed on natural and man-made fibers. Growing environmental concerns related to the call for better and improved textile chemicals that are environmentally friendly and fluctuations 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 2020 amid high consumption of textile chemicals, with the region being one of the leading manufacturers of textiles. In addition, rapid industrialization, improving economic conditions, supportive government policies, the availability of cheap labor, and increased exports, associated with a growing and changing population. 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 predicted to boost call for products in Latin America during the forecast period. The presence of an infrastructure center in the GCC, the United Arab Emirates and Saudi Arabia is likely to drive the call for technical textiles employed in the construction industry in the region, which in turn, is predicted to stimulate call for textile chemicals. The call for textile chemicals in the Asia-Pacific region will increase due to the ability to improve the strength and versatility of textiles, thus providing future opportunities in this field.
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