Textile chemicals market size to reach $26.40 billion
The global textile chemicals market size is projected to reach $26.40 billion by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favour of the growth of the market.
The global textile chemicals market size is projected to reach $26.40 billion by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favour of the growth of the market. According to a report published by Fortune Business Insights, titled â€œTextile Chemicals Market Size, Share & COVID-19 Impact Analysis, By Product Type (Coating & Sizing Chemicals, Colorant & Auxiliaries, Finishing Agents, Surfactants, De-sizing Agents and Others), By Application (Apparel, Home Furnishing and Technical Textiles) and Regional Forecast, 2020-2027,â€ the market was worth $20.85 billion in 2019 and will exhibit a CAGR of 3.2 per cent during the forecast period, 2020-2027.
The recent coronavirus outbreak has created a sense of panic across the world. This has led to a shutdown in major businesses across the world. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Textile chemicals are products that are used in the treatment of textile material at various stages in the manufacturing process. The product plays an important role in obtaining favorable textile properties. The rising applications of textile chemicals across diverse industry verticals will emerge in favor of the growth of the overall market in the forthcoming years. The massive investments in the development of efficient textile chemicals by major companies across the world will contribute to the growth of the market. Accounting to the rising awareness regarding the use of harmful chemicals and their adverse effects on the quality and durability of textiles, there is an increasing demand for green textile chemicals across the world. The increasing R&D activities will play a crucial role in the development of green textile chemicals in the coming years.
Cost-reduction needs have put innovations to the fore
The report encompasses several factors that have contributed to the growth of the overall textile chemicals market in recent years. Among all factors, the increasing number of product innovations driven by rising need for low-cost products will have a huge impact on the growth of the market. Several companies are focusing on manufacturing methods with the view to minimizing the total product cost.
In October 2019, Huntsman Corporation, a leading textile chemical manufacturer, announced that it has launched a new dyeing auxiliary that will save the total cost of polyester dyeing. The company introduced â€˜Eriopon E-3 SAVEâ€™ dyeing; a product with the ability to shorten the dyeing cycle of the polyester. The product will combine pre-sourcing, reduction, and dyeing in a single bath. This will significantly reduce the time as well as the cost associated with the product. Huntsmanâ€™s latest product is not the only progress that the company has made and recent activities will help the company gain a formidable stand in the market.