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Global Textile Chemicals market projected to exceed $40.6 bn by 2032

This growth is forecasted to occur at a steady Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2032. Read More

Wednesday September 13, 2023 9:26 AM, ummid.com News Network

Global Textile Chemicals market projected to exceed $40.6 bn by 2032

Mumbai: Global Textile Chemicals Market is estimated to have a value of USD 26.5 billion in 2022 and is expected to exceed USD 40.6 billion by 2032, Fact.MR, a market research and competitive intelligence provider said in a report.

This growth is forecasted to occur at a steady Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2032, the report said.

The Global Textile Chemicals Market currently constitutes approximately 1% of the overall Global Chemicals Market. But, it is anticipated to create a substantial absolute dollar opportunity, amounting to USD 14.1 billion by the end of 2032.

Sustainable Approaches

Continuously increasing population and their changing lifestyles have increased textile consumption and propelled the growth of the textile industry. This has also encouraged the leading manufacturers engaging in R&D initiatives and mergers and acquisitions.

Manufacturers in the textile chemicals market are adopting sustainable approaches to curb the emission and expenditure. For instance, cotton textile manufacturers are increasingly adopting non-aqueous dyeing as it requires a little amount of water, Fact.MR said.

"Some textile manufacturers are also focusing on the development of innovative textiles with smart functionalities. These innovations involve the utilization of high-performance protective materials, nanotechnology, biotechnology expertise, specialty coating and lamination formulas, and ink-jet printing processes", it said.

An example of such innovation is Purolite's introduction of the Purolite Resin System Modeling (PRSM™) platform, a cloud-based program that comprehensively outlines all aspects of plant design related to ion exchange resin performance and handling, the report said.

Textile Chemicals Market Insights by Fiber

According to Fact.MR's analysis, the synthetic fiber segment is poised to dominate the market. This dominance can be attributed to the lower production costs and superior performance characteristics of synthetic fibers compared to natural ones.

In terms of products, the coating and sizing chemicals segment is expected to lead the market. This growth is driven by increasing demand for these agents in pre-treatment stage of textile processing, as they enhance yarn strength and abrasion resistance.

Challenges Stemming from Insoluble Dyes and Wastewater

The use of traditional dyes in the textile industry consumes significant amounts of water and results in insoluble waste. This not only contributes to water wastage but can also limit market growth.

Furthermore, traditional textile chemicals may emit toxic substances that can pose risks to industry workers. Concerns regarding worker safety and toxicity are challenges that can hinder market expansion to some extent, Fact.MR said.

Competitive Landscape

The global textile chemicals market is characterized by high fragmentation and intense competition, with numerous domestic and regional players.

"Key players employ various strategic approaches, including mergers and acquisitions, expansions, collaborations, partnerships, and new product development, to bolster their market presence. These strategies have contributed to the growth of the textile chemicals market", the report said.

Fact.MR's report offers comprehensive information on key manufacturers' price points across regions, sales growth, production capacity, and potential technological advancements. For instance:

In 2021, Dow introduced an innovative durable water-repellent finishing solution for sustainable textiles. One notable advantage is that it does not require heat treatment to restore water repellency performance.

In 2020, Phong Phu International (PPJ) and Huntsman Textile Effects formed a partnership to promote Phong Phu International as a leading manufacturer of high-performance garments and textiles.

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