The Textile Chemicals Market Size To Reach USD 38.66 Billion By 2030─Rapid Urbanisation And Industrialization Are Key Factors Driving Market Revenue Growth

PRESS ROOM

30 Mar

Written By Debbie Mckeegan

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NEW YORK, March, 2022-- The global textile chemicals market size is expected to reach USD 38.66 Billion in 2030 and register a revenue CAGR of 4.3% during the forecast period, according to the latest report by Reports and Data.

Increased demand for home decor products such as upholstery, rugs, curtains, carpets, and table linens is expected to drive market revenue growth.

Consumers are increasing their spending on home furnishings, which is one of the current market trends.

Demand for fashionable clothing is being driven by constantly changing fashion trends and an increase in the working population. This, in turn, stimulates the growth of textile chemicals market.

In developing countries such as India, manufacturers have turned their attention to investing in product innovation, which is aided by the government's Make in India program.

Millennials, who constitute the majority of Indian population, are primarily responsible for rising demand for apparel with a variety of textures and styles.

Rising consumer disposable income combined with an increase in adoption of casual apparel is expected to boost clothing demand, and consequently textile chemicals market growth during the forecast period.

Rising demand for high-strength textile from construction industry is expected to bring new market opportunities.

Textile chemicals provide textiles and fabrics excellent strength and modulus, making them perfect for use in construction industry.

Growth of the textile chemicals market is being accelerated by growth of construction industry as a result of increased construction activities around the world, as well as growing awareness about worker safety.

Some Key Highlights From The Report

Natural fiber segment is expected to increase in terms of revenue during the forecast period due to rising usage of various natural fibers such as wool, silk, cotton, linen, and jute as these natural fibers are eco-friendly and durable. Natural fibers, including plant and animal fibers, have a great affinity for water, and hence absorb a lot of water. They are therefore ideal for bed sheets and towels, as absorbency is essential for such products. Growing demand for natural fibers is expected to fuel demand for textile chemicals during processing.

Coating & sizing agents segment is expected to expand at a significant revenue CAGR during the forecast period. Sizing agents are mostly used to improve abrasion resistance and strength of yarn during weaving. The use of sizing chemicals decreases risks such as yarn fraying and breakage associated with the weaving process. Chemical agents offering enhanced abrasion resistance and flexibility to the yarn are expected to gain significant demand during the forecast period.
Technical textiles segment revenue is expected to grow at a rapid rate during the forecast period due to high demand for technical textiles in construction & civil engineering, agriculture & horticulture, footwear & clothing, cleaning & conveying industrial equipment, household furniture & coverings, and automotive industry. The multi-dimensional qualities of these textiles, such as durability, lightweight, high strength, and versatility when compared to other textiles fuel segment revenue growth.
Market in North America is expected to register a considerable revenue growth rate in global textile chemicals market during the forecast period. Increased consumption of textile chemicals for application during various stages of fabric processing drives market growth as demand for apparels increases in North America. The demand for technical textiles is expected to grow rapidly as a result of their use in a wide range of applications, including chemical, manufacturing, and medical.
Major companies profiled in the market report are Dow Inc., BASF SE, Wacker Chemie AG, Huntsman Corporation, Evonik Industries AG, Archroma, Solvay S.A., TANATEX Chemicals India Pvt. Ltd., DIC Corporation, and OMNOVA Solutions Inc.