The global technical textile chemicals market is expected to reach $4.96 billion by 2020, according to a new study by Grand View Research, Inc. Increasing penetration of technical textiles across various end-use industries such as medical, military and transportation is expected to drive the global technical textile chemicals market.
Positive outlook on global automotive industry is also expected to have a positive influence on the market growth over the next six years. Increasing industrial growth rate in emerging markets of China, India, Brazil and Russia is further expected to complement the market growth. Volatile prices of key raw materials coupled with growing environmental concerns are expected to remain a key challenge for market participants.
Transtech emerged as the largest application segment and accounted for 25.1 per cent of total market volume in 2013. Growth of automotive industry particularly in BRIC nations coupled with resurgence of American automotive industry is expected to drive the market. Geotech is expected to witness the highest growth rate of 6.4 per cent from 2014 to 2020. Growth of geotextiles market particularly in Asia Pacific and Middle East is expected to remain a key driving factor for this segment.
Global technical textile chemicals demand was 1,646.6 kilo tonnes in 2013 and is expected to reach 2,124.5 kilo tons by 2020, growing at an estimated CAGR of 3.7 per cent from 2014 to 2020. Asia Pacific emerged as the leading regional market for technical textile chemicals and accounted for over 55 per cent of total market volume in 2013. Increasing infrastructure spending coupled with growth of automotive industry particularly in emerging markets of China, India, Thailand and Indonesia is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth rate over the forecast period. The region is expected to grow at an estimated CAGR of 4.1 per cent from 2014 to 2020.
European technical textile chemicals market is expected to exceed a market worth $750 million by 2020, growing at a CAGR of 3.7 per cent from 2014 to 2020. Global technical textile chemicals market dominated by top multinational corporations which have presence across the value chain. Leading companies have been focusing on building new improved high performance products using advanced technologies such as biotechnology, ink-jet printing process and nanotechnology. Major market participants include Lonsen, DyStar Group, to name a few.