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Textile chemicals market size to reach $ 29.40 bn in 2028

Nov 01, 2021
Textile chemicals market size to reach $ 29.40 bn in 2028

The global textile chemicals market - which reached $ 21.23 billion in 2020 - is expected to reach $ 29.40 billion in 2028 registering a steady revenue CAGR during the forecast period, according to the latest analysis by Emergen Research.

 

From fiber pre-treatment to textile finishing, textile chemicals play an essential role in the production process. Textile chemicals serve a variety of purposes in determining the effectiveness of textile production and quality of finished products. Continuous research and development in the field of technical textiles has broadened applications in agricultural, industrial, automotive, and healthcare industries. Growing significance of textile chemistry is driving up demand for these products in the manufacturing industry. Textile chemistry is a specialized field that utilizes chemical concepts at various stages of garment production. Dyeing & finishing, fiber & polymer, and the more significant combination of materials engineering with textile materials are all part of textile chemistry. Textile chemistry is becoming a vital part of the textile industry as customer demand for higher quality and functionality increases.




 

Restraints

Product demand is being limited by rising incidence of health hazards, including pulmonary edema and other respiratory problems, caused by prolonged employee exposure to toxic chemicals. This is a key factor expected to hamper growth of the textile chemicals market to some extent.

 

Growth projections

In 2020, the global textile chemicals market size was $ 21.23 billion, which is expected to reach $ 29.40 billion in 2028. Market revenue is expected to register a CAGR of 4.3% over the forecast period, driven to a significant extent by rising demand for textile chemicals from rapidly expanding apparel industry, increasing disposable income among consumers, rising sales of clothing and apparel, and increasing penetration of organised retailing in various developed and developing economies.

 

COVID-19 impact analysis

Since the manufacturing sector has been significantly affected by the COVID-19 pandemic, the global textile chemicals market has been projected to register a decline in revenue growth between 2020 and 2021. The pandemic has impacted constructions projects and demand for materials, labor, and major cost components. Many companies that produce textile chemicals have paused manufacturing as a result of the pandemic. These factors also caused disruption in the supply chain, with several factories slowing down.

 

Geographical outlook

North America is expected to account for largest revenue share in the global market over the forecast period. Large industrial base in countries in North America, along with rising demand for technical textiles in healthcare, automotive, and construction industries is further expected to drive growth of the market in this region. Additionally, increased investment in the textiles industry is fueling North America market growth.

 

Some major companies operating in the market include BASF SE, Wacker Chemie AG, Solvay S.A., Huntsman Corporation, The Dow Chemical Company, Sumitomo Chemicals Co. Ltd., The Lubrizol Corporation, Tata Chemicals Limited, Kemira Oyj, and Evonik Industries AG. In January 2021, Gabriel Performance Products, LLC, which is a specialty chemical manufacturer, was acquired by Huntsman Corporation. With this acquisition, Huntsman is aiming to expand specialty chemicals offerings.

 

Trends and innovations

Increasing demand for sterilised textiles from the healthcare industry is expected to generate lucrative opportunities for players in the market. Textile chemicals are important in the sterilization process because they provide antimicrobial resistance to viruses and microorganisms. Sponge, burns sheets, sheets, and sterilizing wraps are among the medical textiles used, and rising demand for such products is expected to boost revenue growth of the market in the near future.