The textile chemicals market on the basis of application is segmented as apparels, automotive textiles, geo-textiles, home furnishing, industrial textiles, smart textiles and others. The home furnishing application dominated the segment, the growth of the home furnishing segment will be attributed to the remarkable growth of the construction industry in the developing economies.
Textile Chemicals are an integral part of various commercial and industrial sectors, where any sort of fabric is used in operation. The textile chemicals are in huge demand owing to the enormous growing production of apparels and rising demand for home furnishings, floor coverings and smart textiles globally.
With new and innovative textile and fabrics being developed and are becoming commercially available, the textile chemical manufacturers globally are manufacturing products for the future fabrics used specially for medical, construction, automotive and functional interior textiles. With the textile industry joining hands to produce and process sustainable and environment-friendly products, the prospects of bio-based chemicals are gradually growing within the textiles chemicals market, which in turn, is creating opportunity for the investors.
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The global textile chemicals market is expected to showcase a stable growth during the forecast period (2017-2023). The growing demand for apparels in emerging economies and the increasing middle-class income are the driving force for the growth of the textiles chemicals marketmarket.
With textiles being used in various fields such as medicine, construction and architecture the need to develop multi-functional smart textile products to achieve such results is increasing the potential of the textile chemicals market globally. With help from innovation and ongoing research and developments, manufacturers are coming up with finishes such as anti-microbial textiles, wrinkle-resistant textiles and stain resistant textiles which in turn, is further creating scope for growth in the textile chemicals market.
The textile chemical products range from coatings and sizing chemicals, colorants and auxiliaries, finishing agents and surfactants. The coatings and sizing chemicals dominated the market in the product type segment owing to their excellent properties to increase the strength and abrasion resistance of yarns.
This was followed by the colorants and auxiliaries segment; however, the colorants and auxiliaries are losing sheen because of the adaptation of eco-friendly alternatives such as organic colours being preferred by the manufacturers in the industry.
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The key driver observed in the study includes growing demand for apparels in emerging economies. The consumption and production of textiles is growing at a long-term growth of nearly 3% every year.
The pattern of consumption of apparels and textiles is growing rapidly in developing economies such as India, China, Taiwan and South Korea. The rising demand for textiles and apparels is driving the growth of textile chemicals in the industry.
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