Textile Chemicals Market to Touch USD 36.54 Billion by 2028 as Advancements in Textile Manufacturing Technology have Led to the Development of New and Innovative Textiles

Pune, May 04, 2023 (GLOBE NEWSWIRE) -- The Textile Chemicals Market, as reported by SNS Insider, had a worth of USD 26.5 billion in 2021 and is projected to attain USD 36.54 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period of 2022-2028.

Market Report Scope

Textile chemicals are a category of specialty chemicals used in the production, processing, and finishing of fabrics and textiles. These chemicals are used to impart specific properties to the textiles, such as durability, colorfastness, water resistance, flame retardancy, and antimicrobial properties, among others. They play a crucial role in enhancing the overall quality and functionality of textile products, making them suitable for various applications in industries such as fashion, home textiles, medical textiles, and industrial textiles.

Market Analysis

The textile chemicals market has been experiencing significant growth in recent years, thanks to the rising demand for various textile products such as apparel, technical textiles, and home textiles. This growth is mainly attributed to the increasing global population, which is driving the demand for clothing and other textile goods. As the population continues to grow, the demand for textiles is expected to increase further, leading to a corresponding increase in production capacities in the textile industry. This growth is also driving the need for innovative textile technologies and solutions, which can enhance the performance and durability of textile products.

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Impact of Recession

The impact of a recession on the textile chemicals market can be significant, as it can lead to a decline in demand for textile products, which in turn affects the demand for textile chemicals. However, the textile industry has shown resilience in the face of economic downturns in the past, and the same is expected for the future. Textile manufacturers may adopt cost-cutting measures, such as reducing their production costs and optimizing their supply chain, to remain competitive during a recession.

Key Regional Development

The textile chemicals market is expected to see significant growth in the coming years, with the Asia Pacific region predicted to dominate the industry. This region is projected to become the leading consumer of textile chemicals due to the strong demand for textiles and apparel, along with the rise in industrialization and urbanization. In recent years, there has been an increasing trend towards sustainability in the textile industry, with a greater focus on using eco-friendly chemicals and processes. This has led to a surge in demand for bio-based textile chemicals that are non-toxic, biodegradable, and renewable.

Key Takeaway from Textile Chemicals Market Study

• The market is poised for growth, with the natural fiber segment expected to dominate the industry in the coming years. As consumers become increasingly conscious about sustainability and environmental impact, natural fibers such as cotton, wool, and silk are gaining popularity in the textile industry.
• The market is witnessing a significant increase in demand for coating and sizing agents, which are expected to dominate the industry in the coming years. These agents play a crucial role in the production of textiles, providing benefits such as improved quality, appearance, and durability.

Recent Developments Related to Textile Chemicals Market

• Swiss-based specialty chemicals company, Archroma, is set to acquire the Textile Effects business of Huntsman Corporation. This move will enable Archroma to expand its portfolio of dyes and chemicals for the global textile industry, providing a unique and comprehensive offering to customers.
• The Bozzetto Group, an Italian company, has recently made an acquisition that is set to boost its position in the fibre industry. The company has acquired Levaco's fibre division, in a move that is expected to bring new opportunities and synergies to the Bozzetto Group's operations.

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Textile Chemicals Market Report Scope:

Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine-Russia War

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Global Textile Chemicals Market Segment, By Fiber Type

9. Global Textile Chemicals Market Segment, By Product Type

10. Global Textile Chemicals Market Segment, By Application

11. Regional Analysis

12.Company Profiles

13.Competitive Landscape

14.Conclusion

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