The global market for textile chemicals is expected to reach USD 25.24 billion by 2020, according to a new study by Grand View Research, Inc. High demand from key application markets including home furnishing and apparel are expected to be a key driving force for the market. The apparel industry has witnessed increased per capita consumption primarily in India, Brazil, China and Russia which is expected to result in increased demand for textile chemicals over the forecast period. However, environmental hazards associated with the use of these chemicals, resulting in an unfavorable regulatory landscape are expected to be a critical challenge for market participants.
Home furnishing was the largest application segment of the market, with demand exceeding 3,500 kilo tons in 2013. Apparel followed home furnishing applications, accounting for 26.0% of global demand in 2013 and is expected to witness fastest growth, at an estimated CAGR of 3.4% from 2014 to 2020. Growth is also expected to be high in emerging application segments such as industrial textiles, medical textiles and construction textiles.
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Further key findings from the study suggest:
- Global textile chemical market volume was 9,230.1 kilo tons in 2013 and is expected to reach 11,462.5 kilo tons by 2020, growing at a CAGR 3.2 % from 2014 to 2020.
- Asia Pacific was the largest regional market and is expected to be the fastest growing region over the forecast period, at an estimated CAGR of 3.5% from 2014 to 2020. Presence of large application industry, coupled with growing domestic textile consumption is expected to help the region maintain its dominance over the forecast period.
- Coating and sizing chemicals were the largest consumed textile chemicals, with market revenue exceeding USD 5.90 billion in 2013. Colorants were the second largest product segment accounting for 26.3% of the global market in 2013.
- The global textile chemical market is moderately consolidated with the top four companies accounting for just over 40% of the market in 2013. Clariant International and Hunstman Internation LLC were key players in the market together accounting for 25% of the market share in 2013.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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