Market Overview
Textile Chemicals are an integral part of various commercial and industrial sectors, where any sort of fabric is used in operation. The textile chemicals are in huge demand owing to the enormous growing production of apparels and rising demand for home furnishings, floor coverings and smart textiles globally. With new and innovative textile and fabrics being developed and are becoming commercially available, the textile chemical manufacturers globally are manufacturing products for the future fabrics used specially for medical, construction, automotive and functional interior textiles. With the textile industry joining hands to produce and process sustainable and environment-friendly products, the prospects of bio-based chemicals are gradually growing within the textiles chemicals market, which in turn, is creating opportunity for the investors.
Market Dynamics
The global textile chemicals market is expected to showcase a stable growth during the forecast period (2017-2023). The growing demand for apparels in emerging economies and the increasing middle-class income are the driving force for the growth of the textiles chemicals market. With textiles being used in various fields such as medicine, construction and architecture the need to develop multi-functional smart textile products to achieve such results is increasing the potential of the textile chemicals market globally. With help from innovation and ongoing research and developments, manufacturers are coming up with finishes such as anti-microbial textiles, wrinkle-resistant textiles and stain resistant textiles which in turn, is further creating scope for growth in the textile chemicals market.
The textile chemical products range from coatings and sizing chemicals, colorants and auxiliaries, finishing agents and surfactants. The coatings and sizing chemicals dominated the market in the product type segment owing to their excellent properties to increase the strength and abrasion resistance of yarns. This was followed by the colorants and auxiliaries segment; however, the colorants and auxiliaries are losing sheen because of the adaptation of eco-friendly alternatives such as organic colours being preferred by the manufacturers in the industry.
The textile chemicals market on the basis of application is segmented as apparels, automotive textiles, geo-textiles, home furnishing, industrial textiles, smart textiles and others. The home furnishing application dominated the segment, the growth of the home furnishing segment will be attributed to the remarkable growth of the construction industry in the developing economies. The various items under this segment includes curtains, toilet linen, coverings, kitchen linens, rugs, carpets and textile floors.
Trends
The key trend observed in the textile chemicals market includes the continuous growth in the demand for textile finishing agents. Textile finishing agents are expected to post robust gain through 2017 continuing a decade old trend. Finishing agents differentiate the manufacturers from one other that is increasing the competitive rivalry amongst the major players in the market. Key types of finishing agents include wrinkle resists, softeners, hand modifiers, flame retardants and water repellents. Global demand for finishing agents will be driven by the growing emphasis on quality product throughout the global textile industry and wider consumer demand for comfortable and durable apparel. All of these factors will positively support the smooth growth of the global textile chemicals market.
Growth Drivers
The key driver observed in the study includes growing demand for apparels in emerging economies. The consumption and production of textiles is growing at a long-term growth of nearly 3% every year. The pattern of consumption of apparels and textiles is growing rapidly in developing economies such as India, China, Taiwan and South Korea. The rising demand for textiles and apparels is driving the growth of textile chemicals in the industry. Additionally, the growing industrialization in countries such as India and China has given the textile chemicals industry a huge impetus. China is the largest producer and consumer for textile chemicals across the globe. Additionally, India has been showcasing strong growth for textile chemicals, owing to the domestic production and export of cotton and synthetic dyes. Additionally, with the rapid industrialization and development in the country, new regulatory norms are coming up which are framed by the Government for the safety of the workers at site. This will create demand for textile chemicals in the country. Since production of textile products and garments have a direct relationship with the amount of textile chemicals to be consumed, it is estimated that India and China will account for majority of the market share for the overall textile chemicals market in the forecast period.
Growth Restraints
The major restraints observed in the study includes increasing popularity for bio-based textiles, increasing labour cost in emerging economies and rising environmental concerns for the use of textile chemicals in developed countries. All of these factors are expected to hinder the swift flow of the global textile chemicals market during the forecast period.
Competitive Landscape
The major players in the global textile chemicals market are adopting significant competitive strategies such as merger, acquisitions and joint ventures to hold a competitive stance in the global market. Manufactures in the industry are undergoing continuous R&D to come up with cutting-edge advancement in the industry. Some of the key players in the global market include OMNOVA Solutions Inc., The DyStar Group, The Dow Chemical Company and Kiri Industries Limited.
Scope for Customization
P&S Intelligence offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:
- Period of Analysis – Increase in the study period, including historic and forecast years
- Geographical Analysis – Increase in country coverage
- Segment Analysis – More granular coverage related to:
- Industry segmentation - “Others” can be further broken down into different industries
- Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
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