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As textile chemical industry revamps and grows, Asia-Pacific will see higher growth: Studies

 

Textile chemicals

 

There's a lot more going on than what meets the eye when we wear and re-wear the clothes we buy over the years. Its textile chemicals at play which are an intrinsic part of the garment production industry providing special treatments to improve the look and feel of the fabrics, reduce wear and tear and add colour to fabrics. With more and more brands making investments in the textile industry and advancements in production technologies with growing demand for eco-friendly and sustainable fabrics are some of the growth drivers. A recent report on current trends in Europe markets by Transparency Market Research Company says, the global textile chemicals market was valued at $26.5 bn in 2021 and is estimated to grow at a CAGR of 3.9 per cent from 2022 to 2031 reaching $38.9 billion by the end of 2031.

On similar line recent analysis by Emergen Research shows, global market for textile chemicals valued at $21.23 billion in 2020 is projected to grow at 4.3 per cent during the forecast period.

Focus on speciality chemicals in textile segment

Government initiatives around the world to promote investments in the garment industry and rising disposable income and changing aspirational lifestyle trends are fuelling demand for various kinds of apparel and other textiles, which in turn is increasing the demand for textile chemicals. Although technological advancements in the production of dye intermediates and textile dyes are fuelling growth, the new focus on environment-friendly chemicals for dyeing and processing of textiles and stringent environmental regulations and health safety issues associated with certain chemicals are affecting this segment.

Emergen Research report reveals, with global production of textiles expected to double by 2050, the innovation in speciality chemicals used in the dyeing and finishing of fabrics will be key drivers of growth and companies have started investing heavily in research and development to develop new and improve existing products. The use of enzymes, bio-polishers and biobased surfactants is now becoming more popular due to their environmentally friendly nature and cost-effectiveness. In 2020, the colourants & auxiliaries segment accounted for the largest revenue share in the global textile chemicals market due to rising demand for vibrant shades and textured fabrics with advanced properties in the textile industry. Increased production capacities by garment manufacturers after the Covid years are now helping the growth of textile chemicals.

The Dow Chemical Company, Huntsman Corporation, Sumitomo Chemicals Company, Lubrizol Corporation, Tata Chemicals, Kemira Oyj, and Evonik Industries are a few notable names in the textile chemical market who provide backup to the garment manufacturing industry. Digital printing is being focussed on in the next five years as digital methods are cost-efficient and require less water, fuel, and chemical usage as compared to traditional printing methods.

Home furnishings a growth driver

Strong growth in awareness about health, hygiene, and safety is a key factor that is likely to propel the demand for apparel shortly. China and India has been a prominent market for apparel production and usage and high economic growth is anticipated to be a major driver of the apparel market in both these countries during the forecast period. Growth of end-use industries is expected to lead to a trickle-down effect in the local manufacturing value chain, which will further benefit the national manufacturers of both countries.

New demand for changing home furnishings more often as a result of urbanization and more parting-in than going out after pandemic years has increased demand. Textile chemicals are an intrinsic part of the manufacture of furniture upholstery for durability and longevity. North America and Europe are the prominent markets for home furnishing. Leading players such as IKEA and H&M Home are adopting expansion strategies to tap revenue opportunities in the home textile industry in Asia Pacific. Textile chemicals are revamping and changing more than ever before and the future looks promising.

Asia Pacific frontrunner

The ‘Textile Chemicals Market Outlook 2031’ by Transparency Market Research Company, reveals, in terms of volume, Asia Pacific held 65.3 per cent share of the global textile chemicals market in 2021. The textile chemicals market in the region is anticipated to grow at a CAGR of 4.2 per cent and 3.8 per cent in terms of value and volume, respectively, during the forecast period. Abundant availability of raw materials, vast natural resources, and low-cost manufacturing are some of the key factors boosting the textile chemicals market in Asia Pacific. In terms of volume, Europe and North America were prominent regions of the global textile chemicals market, with 18.4 per cent and 13.3 per cent share, respectively, in 2021.

 
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