Global textile chemicals market to grow at over 3%

Textile chemicals market is strongly dependent on textile manufacturing and processing

GMT 12:19 2015 Tuesday ,23 June

Sriyadithatextile - Textile chemicals market is strongly dependent on textile manufacturing and processing

Textile Chemicals
Courtesy Google

Increasing per capita textile consumption coupled with growing textile production in developing countries are expected to drive global textile chemicals market through 2020, global market research and consulting company TechSci Research has said in a report.

According to the report titled, "Global Textile Chemicals Market Forecast & Opportunities, 2020", global textile chemicals market is projected to grow at a CAGR of over 3 per cent during 2015-20. Growth in the market is anticipated on account of increasing per capita textile consumption coupled with rising demand for high quality textile products.

Moreover, increasing industrialization, surging consumption of textile in engineered products, and rapidly rising awareness about the benefits of using technical textile in workplace, are anticipated to propel the global textile industry, thereby driving global textile chemicals market over the next five years.

Textile chemicals are used during the processing of textiles, and are broadly classified as auxiliaries and colorants. Auxiliaries are chemicals used during each and every step of textile manufacturing process to provide specific characteristics to the fabric, while colorants are used to impart color to the textile product. During manufacturing, a fibre undergoes various chemical intensive processes, in which more than 100 textile chemicals are used. Consequently, textile chemicals market is strongly dependent on textile manufacturing and processing activities taking place globally.

"Initially, textile manufacturing was largely concentrated in the Americas and Europe, however, over the last decade textile manufacturing base has shifted to Asia-Pacific. Currently, around 60 per cent of global textile manufacturing capacity is concentrated in Asia-Pacific, on account of which the region dominated global textile chemicals market in 2014. The report anticipates Asia-Pacific to maintain its dominance over the next five years, on account of growth in countries like India and Vietnam, wherein textile manufacturing is increasing due to easy availability of raw materials and cheap labor.", said Karan Chechi, Research Director, with TechSci Research.

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