The global textile chemicals market worth $26.5 billion this year is projected to reach $33.1 billion by 2026, which means the market is growing at a compounded rate of 4.6 percent from 2021 to 2026, according to a research report published by USA-based MarketsandMarkets.
The driving factor for the textile chemicals market is the growing demand for the technical textiles.
Also, a growing adoption of low VOC (volatile organic compounds that are not harmful to the environment and humans) and biodegradable materials for textile manufacturing is expected to provide lucrative opportunities for the growth of textile chemicals, said the report.
It also said coating and sizing agents is expected to be the fastest-growing by product type in the textile chemicals market during the forecast period. In the process of sizing, various types of materials are applied to the yarn.
It is a procedure carried out by applying a protective adhesive coating on the yarn. The main objective of sizing is to provide strength and adding glaze to the yarn. This improves the weaving efficiency by reducing yarn breakage.
Coating is the process of depositing a polymeric layer on one or both sides of the textile substrate which enhances the functional properties.
The chemicals used for sizing of yarns and textile coatings are called coating and sizing agents, which constitute an integral part of textile chemicals.
The Asia-Pacific (APAC) is expected to hold the largest market share in the global textile chemicals market during the forecast period as the region accounted for the largest share of the textile chemicals market in 2020.
The textile chemicals market in APAC is driven by the demand from countries such as China, Japan, and India. Rapid industrialisation, mainly in emerging economies such as China and India, has been one of the major factors driving the global textile chemicals market.
The region’s strong industrial base and the growing middle-class populations have driven the demand for a variety of textiles such as technical textiles, home textiles, and apparel.
Apart from this, the report said favorable government policies, as well as low labor costs in countries such as India, Vietnam, and Bangladesh, are further strengthening the textile industry in these countries.
Low production cost in these countries and huge installed textile production capacity in countries such as China has further attracted many international textile players in the region. This is expected to drive the demand for textile chemicals in the region.
Dow, Inc. (US), BASF SE (Germany), Wacker Chemie AG (Germany), Huntsman Corporation (US), Solvay (Belgium) among others are the leading textile chemicals manufacturers, globally.
