The need for better and smarter textiles to support
the evolving industrial applications will encourage the introduction
of enhanced textiles using innovative textile chemicals, finds
Transparency Market Research in a new study. From airbags to fire
resistant textiles, top players in global textile chemicals market
are focusing on enhancing their facilities and investing in research
and development to cater to the changing consumer demands. Players
such as The Dow Chemical Company, for instance, are launching
antimicrobial technology that protects textiles against the growth of
harmful bacteria, thus earning new target markets.
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Looking forward, companies will have to strategize
for meaningful mergers and acquisitions to grab better shares in the
market. This move will also help them add to their existing portfolio
of products and improve their knowledge base.
Demanding End Users Boost Textile Chemicals Market
A TMR analyst says, “Strengthening economies and
rising agricultural activities, increasing healthcare infrastructure,
expanding clothing industries, growing number of participants in the
sporting activities, and other industries that employ skilled human
resource are driving the demand for textiles, thereby augmenting the
textile chemicals market.” The demand for textile chemicals will
skyrocket in the coming years due to their ability to enhance the
characteristics of textiles by adding strength and versatility as may
be demanded by the end user industry. The rise of the packaging
industry is also anticipated to boost the global textile chemicals
market in the near future.
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Environmental Concerns Pose Tough Challenge
The upward climb of this market is being marred by
certain restraints such as harmful effects of chemicals on the
environment and most importantly to the human health. The unfortunate
disposal of water from textile chemical industries into the local
water bodies has created not just polluted water bodies but also a
tremendous water shortage. Furthermore, the quality of the soil is
being degraded by these chemicals, thereby creating a severe impact
on the surrounding lives.
Construction Industry Opens Up New Opportunities
Despite the tug of war created by these market
drivers and restraints, the global textile chemicals market has a
bright future ahead with ample of opportunities. For example, the
usage of chemicals to add to the strength of the textiles will make
textiles a worthy option to replace conventional construction
materials such as wood, concrete, and glass amongst others. The
increasing awareness amongst consumers about health is also
anticipated to boost the demand for sterilized textiles in the near
future.
TMR analysts have estimated that the opportunity in
the global textile chemicals market will be worth US$ 29.15 bn by
2024 rising from US$ 21.02 bn in 2015. The steady growth of 3.7% in
this market from 2016 to 2024 will be attributable to the soaring
demand for home furnishings. Geographically, Asia Pacific holds the
biggest share in the overall textile chemicals market in terms of
volume
Analysts predict that the home furnishings segment
will be worth US$10,228.3 mn by 2024 from US$7,564.8 mn in 2015,
moving at a steady pace of 3.5% CAGR between 2016 and 2024. This
segment will benefit from the increasing sale of various types of
curtains, towels, toilet linen, rugs, and carpets that use different
textile chemicals.
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The analysis of the global textile chemicals market
mentioned in this review is based on the findings of the Transparency
Market Research report, titled “Textile Chemicals Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 –
2024.”
The report segments the global textile chemicals
market as follows:
Textile Chemicals Market - Product Segment
Analysis
- Coating & Sizing Chemicals
- Colorants & Auxiliaries
- Finishing Agents
- Surfactants
- Desizing Agents
- Bleaching Agents
- Yarn Lubricants
Textile Chemicals Market - Application Analysis
- Home Furnishing
- Apparel
- Industrial & Other
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