The global textile chemicals market was estimated to be valued more than US$ 24.5 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 3.7% during theforecast period (2020 to 2027), as highlighted in a report published by Coherent Market Insights.
The expansion of the technical textiles industry is projected to propel the market growth of textile chemicals. Technical textiles are widely gaining acceptance across various industries due to their high-performance properties. These textiles are broadly used across healthcare, packaging, automotive, construction, agriculture, clothing, sportswear, and sports equipment, environmental protection, and others. Technical textiles have excellent properties and functionality over conventional textiles.
Key manufacturers in the textile chemicals are introducing eco-friendly and sustainable textile dyeing. For instance, they are adopting non-aqueous dyeing of cotton textiles to decrease the use of water as these require a little amount of water and can be absorbed easily by cotton textiles. This method is one of the sustainable solutions in the textile chemical industry. Thus, increasing adoption of such a sustainable solution is fostering the market growth of the textile chemicals.
Growing environmental concerns as these chemicals exhibit various risks to the environment is projected to hinder the market growth. Moreover, lots of wastewater is generated from the textile industry. This leads to water pollution which have a severe impact on the shortage of water.
On the basis of product type, coating & sizing chemicals dominated the global technical textiles market in 2019 with around 30% of market share in terms of revenue, followed by colorants & auxiliaries and finishing agents.
Development of new technology for textiletreatment by key manufacturers is one of the key trends in the market. For instance, in February 2018, The Dow Chemical Company launched ECOFAST Pure sustainable textile treatment at the American Association of Textile Chemists and Colorists (AATCC) International Conference. This breakthrough technology allows unique, brighter colors on natural textiles and significantly enhances resource efficiency during the dyeing process.
Increasing partnerships and agreements among key manufacturers for business expansion at regional as well as the global level is a growing trend in the market. For instance, in March 2018, Nicca Chemical Co Ltd announced the signing of a Business Alliance Agreement for a long-term partnership with Resil Chemicals Pvt Ltd. for joint development and marketing of textile chemicals in South Asia. Nicca Chemical Co. Ltd. is a Japanese specialty chemical company, and Resil Chemicals Pvt. Ltd., a provider of textile finishing and auxiliary chemicals in India.
Global Textile Chemical Market - Impact of Coronavirus (Covid-19) Pandemic
The global spread of (Covid-19) Pandemic has resulted in lockdown measures, and cease in economic activities which has severely impacted the manufacturing sector. In addition to this, inadequatesupply of raw materials will lead to rapid price fluctuation. Disruptions in supply of raw materials owing to the logistics industry being significantlyimpacted due to lockdown amid COVID-19 is expected to hinder the growth of the global technical textiles market till the period of 2021.
Key players are operating in the global textile chemicals market are The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc., Solvay SA, Bayer MaterialScience
Few Recent Developments
In February 2018, The Dow Chemical Company launched ECOFAST Pure sustainable textile treatment at the American Association of Textile Chemists and Colorists (AATCC) International Conference. This breakthrough technology allows unique, brighter colors on natural textiles and significantly enhances resource efficiency during the dyeing process.
In January 2020, DOMO Chemicals acquired Solvay’s Performance Polyamides Business in Europe. This business includes Engineering Plastics operations in France and Poland; High-Performance Fibers in France; Polymer and Intermediate operations in France, Spain, and Poland.