Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Definition of Market/Industry:
Textile chemicals are the chemical compound that is widely used in the different stages of textile production. They can be classified as coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, yarn lubricants, bleaching agents, and desizing agents. They are widely used across apparel, home furnishings, and industrial chemicals. They are used to offer an aesthetic look and enhance the property of the fabrics. They are mainly produced from coal and petroleum products and the process includes pre-treatment of textile and coating the fabrics.
The Asia textile chemical market is estimated to account for US$ 10,811.0 Mn in terms of value by the end of 2019
The booming textile industry coupled with the increasing adoption of textile chemicals in improving quality of the fabric is projected to fuel the market growth of textile chemicals. Increasing demand for clothing due to the rising sense of fashion among consumers along with the increasing disposable income of the people is projected to boost the market growth of the textile chemical over the forecast period. The rising number of strategic partnerships for introducing textile chemicals is further projected to propel the market growth. For instance, in January 2016, Huntsman Corporation and Jihua Group, a market leader have signed a strategic partnership agreement under which the two companies will cooperate in a wide range of areas to jointly capitalize on the growing need for dye and chemical solutions for China’s textile sector, thereby improving the country’s textile industry.
Emerging new markets for textile chemicals especially in the region such as Bangladesh, Vietnam, Indonesia, and Cambodia due to low labor costs and adequate infrastructure is projected to foster market growth over the forecast period. Moreover, low cost of production of textile chemical and shift of the textile market in the Asia as compared to other regions is further projected to propel growth of the Asia textile chemical market. Growing demand for technical textile due to rising demand across various industries is projected to boost the market growth over the forecast period.
China dominated the global textile chemical market in 2019, accounting for 60% share in terms of value, followed by Rest of Asia and India, respectively
Uncertainty in raw materials coupled with the strict government rules and regulations for meeting regulatory compliance is expected to hinder the market growth of textile chemicals. Moreover, the negative effects of textile chemicals in the environment is also expected to pose a challenge to the market growth of the textile chemical.
The adverse effects of the textile chemical on human health which may have to vary bad consequences in the future are projected to curb the market growth. For instance, the textile chemical is produced by using chemicals such as acetic acid, sulfuric acid, peroxide, Polyvinyl Chloride (PVC), Polytetrafluoroethylene (PTFE), oxalic acid, and polychloroprene (neoprene).
Growing demand for functional finishes products that are durable and exhibit novel properties have raised the demand for functional chemicals which offer water- repellency, anti-bacterial properties, soil-release, and anti-static properties is projected to offer immense growth opportunity to the market of textile chemical.
Increasing production of a bio-based textile chemical to reduce the negative environmental impact is projected to foster market growth over the forecast period. For instance, in November 2019, TANATEX Chemicals introduced bio-based & biodegradable micro-encapsulating technology in the TANA CARE Bio range. The product TANA CARE Bio-Slim is the first in this brand new range of Cosmeto Finishes, delivering improved skin conditions and a proven slimming effect.
China textile chemical market was valued at US$ 6,489.0 Mn market in 2019 and is forecast to reach a value of US$ 13,654.2 Mn by 2027 at a CAGR of 8.6% between 2019 and 2027.
Market Trends/Key Takeaways
Increasing focus on developing innovative product and increasing expenditure by the government on promoting R& D activities is projected to offer immense growth to the market over the forecast period. Growing demand for anti-microbial, stain-resistance and luxurious fabrics is projected to offer room for the growth of the market of textile chemicals. Moreover, emerging advanced technology such as sterilized textiles is also projected to propel the market growth over the forecast period.
Increasing demand for branded and high-quality fabric coupled with the growing sense of fashion in another major factor that has been observed in the market. Moreover, the increasing launch of smart technology for coloring the fabric is further expected to fuel the market growth over the forecast timeframe. For instance, in April 2019, Alchemie is pleased to announce the launch of a breakthrough new technology in textile dyeing — The Alchemie Endeavour waterless smart dyeing process, at Interdye on April 10 in Shanghai, delivering a step-change in sustainability at a radically lower cost.
Players active in the market are Huntsman Corporation, Archroma Management LLC, and DyStar Group.
- In October 2016, Singapore-based Textile Effects Division of Huntsman Corporation, leading global provider of high-quality dyes and chemicals to the textile, and Jihua Group, a market leader in China for the manufacture of dyes and intermediates, have signed a strategic partnership agreement under which the two companies will cooperate in a wide range of areas to jointly capitalize on the growing need for dye and chemical solutions for China’s textile sector, thereby improving the country’s textile industry.