Westford, US, Oct. 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Textile Chemicals Market will attain a value of USD 37.81 billion by 2031, with a CAGR of 4.7% over the forecast period (2024-2031). Rapid surge in demand for textiles around the world on the back of the growing world population and rising disposable income is slated to drive the demand for textile chemicals going forward. Rapidly evolving consumer preferences and growing awareness regarding aesthetic appearance are also expected to indirectly bolster market growth in the future.
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Browse in-depth TOC on "Textile Chemicals Market" Pages – 197, Tables – 95, Figures – 76
Textile Chemicals Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $26.19 billion |
| Estimated Value by 2031 | $37.81 billion |
| Growth Rate | Poised to grow at a CAGR of 4.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Use of textile chemicals to develop smart textile products |
| Key Market Drivers | Rising disposable income and growing world population |
Coating and Sizing Textile Chemicals to Bring in the Most Revenue for Market Players
Use of coating and sizing chemicals in the textile industry is projected to surpass any other type of chemical going forward. Use of coatings and sizing chemicals to provide textiles with specific characteristics such as stain resistance, wrinkle-free properties, and enhanced comfort. Improvement of the physical properties of textiles through the use of these chemicals is what allows them to hold a dominant stance.
Demand for Textile Chemicals is Slated to Rise at a Rapid Pace for Technical Textile Applications in the Future
Growing emphasis on safety and advancements in the development of novel technical textile materials are projected to make the technical textile segment a highly opportune one. Extensive use of advanced textile chemicals to enhance the properties of technical textiles such as durability, water and fire resistance, antimicrobial characteristics, etc. is slated to present new opportunities for textile chemicals companies over the coming years.
Presence of Key Textile Manufacturers Allows Asia Pacific Region to Hold Sway Over Global Textile Chemical Demand
The Asia Pacific region is forecasted to spearhead sales of textile chemicals on a global level owing to the massive population base, evolving consumer preferences, and the presence of major textile manufacturing industries and companies. Growing disposable income of people in this region will also help bolster the demand for textile chemicals in the future. China and India are estimated to emerge as the most opportune markets for textile chemicals companies operating in this region.
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Textile Chemicals Market Insights:
Drivers
- Rapidly increasing global population
- Evolving consumer preferences and rising disposable income
- Increasing aesthetic awareness among people
Restraints
- Ban on use of toxic chemicals
- Lack of sustainable chemical alternatives
Prominent Players in Textile Chemicals Market
- Archroma
- BASF SE
- Huntsman Corporation
- Lubrizol Corporation
- DyStar Group
- Kemin Industries
- Solvay SA
- The Dow Chemical Company
- Evonik Industries AG
- Clariant International AG
Key Questions Answered in Textile Chemicals Market Report
- What drives the global Textile Chemicals market growth?
- Who are the leading Textile Chemicals providers in the world?
- Which region leads the demand for Textile Chemicals in the world?
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This report provides the following insights:
Analysis of key drivers (growing global population, evolving consumer preferences, rising disposable income), restraints (bans on use of toxic textile chemicals, lack of sustainable chemical alternatives), and opportunities (development of sustainable Textile Chemicals, use of textile chemicals for the development of smart textiles) influencing the growth of Textile Chemicals market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Textile Chemicals market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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