Textile Chemicals Market SWOT Analysis Of Top Key Player Forecasts To 2024

Need for Improved Textiles Drives Global Market

The imperative need of textiles in every aspect of life has been the premise for the growth of the global textile chemicals market. Textiles are used in various industries such as pharmaceuticals, construction, home furnishings, and others. The demand for various types of textiles in these applications has been the primary growth driver for the global textile chemicals market. A study conducted by Transparency Market Research suggests that opportunity in the global textile chemicals market was worth US$21.02 bn in 2015. However, analysts predict that the valuation of this market will reach US$29.15 bn by 2024, rising CAGR of 3.7% between 2016 and 2024.

The ability of textile chemicals to make textiles stronger, versatile, and better that their original make has garnered a fair share of revenue for this market. The global textile chemicals market is also being driven by the development of technical textiles that have sophisticated qualities as compared to their conventional counterparts. As the demand for technical textiles is augmenting amongst end-user industries such as agriculture, healthcare, sports equipment, and environmental protection gears, the demand for chemicals required for manufacturing them has also increased.

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Home Furnishings Segment Remains Highest User of Textile Chemicals

The home furnishings segment held the largest share in the overall textile chemicals market in 2015. This segment accounted for nearly 38.62% of the overall market in 2015. The unstoppable growth of the home furnishing segment will be attributable to the remarkable growth of the residential construction projects in various developing countries. The strengthening economies will also contribute towards the increasing demand for home furnishings that will come for new constructions as well as for revamping the old one. Between 2016 and 2024, the demand for textile chemicals in the home furnishing segment will expand at a 3.1% CAGR. The various items sold under this segment will be curtains, towels, toilet linen, kitchen linen, coverings, rugs, carpets, and textile floors.

Though the growth prospects of the global textile chemicals market seem incredibly bright, the market does face tough challenges such as growing pressure from environmentalists over harmful effects of textile chemicals on the environment. The chemicals used for bleaching textiles are especially harmful to human health. Owing to these reasons, countries such as Germany and Netherlands have banned the usage of several textile chemicals.

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Asia Pacific Emerges as the Clear Leader

In terms of geography, Asia Pacific is leading the global textile chemicals market with the largest share in the overall market. The home furnishings segment will be the biggest end user segment in this geography, supplemented by the emergence of new construction projects and increasing disposable incomes to revamp houses. The apparel segment is also anticipated to make its mark in the Asia Pacific region, boosting the textile chemicals market by 4.5% CAGR between 2016 and 2024.

Some of the top players in the global textile chemicals market are OMNOVA Solutions Inc., The DyStar Group, The Dow Chemical Company, Kiri Industries Limited, Lonsen Inc., Huntsman International LLC, Solvay SA, Archroma, Covestro AG, The Lubrizol Corporation, and Pulcra Chemicals GmbH. These companies have a plethora of opportunities in the global market that is forever in need of smarter textiles that cater to the wide range of applications. Increasing research and development for introducing eco-friendly dyes and chemicals to add to the quality of the textile will give these companies an edge in the market.

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