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Press Release: Textile Chemicals for Technical Textiles Market To Surpass US$ 9.2 billion By 2027
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.
Textile chemicals are chemical products used in the manufacturing of textiles. These chemical enhances manufacturing process and helps in produce final products with desired properties. Technical textiles are high-performance textiles that have superior functionalities. They are widely used across a wide range of applications such as automotive, environmental protection, construction, electronics, and mining.
The global textile chemicals for technical textile market is projected to surpass US$ 9.2 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.0% during the forecast period (2020 to 2027).
Drivers
Expansion of the mobiltech textile industry is propelling the market growth of the textile chemicals for technical textiles. Mobiltech textile is widely used in the manufacturing of ships, automobiles, aircraft, railways, and spacecraft. Mobiltech textiles are used in the manufacturing of visible and concealed components. Visible components include headliners, carpets, airbags, and seat belts whereas concealed components include tire cords and liners. These textiles offer safety and enhance the performance of the vehicles.
Robust growth in the clothtech textiles market is augmenting the market growth of the textile chemicals for technical textiles. These textiles are used to produce shoes and garments. Interlinings in shirts, sewing threads, shoelaces, labels, and umbrella cloth are other examples of the clothtech textiles. Moreover, this textile ensures the optimum wearer comfort and provide accurate fitting since they are stretchable, shrink resistant, and durable to regular wash.
Regionally, Asia-pacific dominated the global textile chemicals for technical textile market in 2019, reporting 46% market share in terms of revenue, followed by North America and Europe, respectively.
Figure 1. Global Textile Chemicals for Technical Textiles Market, Revenue Share (%), By Region, 2019
Market Restraints
Growing demand for sustainably-produced chemicals due to rising awareness regarding the adverse effect of synthetic chemicals is acting as one of the major challenges for the market. This factor is hindering the market growth of the textile chemicals for technical textile over the forecast period.
Owing to the high exposure of workers to textile there is an increasing incidence of health issues such as pulmonary edema and other respiratory problems. Also, the high manufacturing cost of the technical textile is expected to hinder the market growth of the textile chemicals for technical textile over the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 6.7 Bn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.0% | 2027 Value Projection: | US$ 9.2 Bn |
| Geographies covered: |
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| Companies covered: |
The DyStar Group, The Lubrizol Corporation, The Dow Chemical Company, Huntsman Corporation, Kiri Industries Limited, Zhejiang Longsheng Group Co., Ltd., BASF SE, Archroma LLC, OMNOVA Solutions Inc., Solvay S.A., and Bayer MaterialScience AG |
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Market Opportunities
The growing importance of geotextile across Europe region is expected to provide potential market opportunities in the near future. Geotextiles are used in the construction industry especially across erosion control, drainage systems, and road construction application. They are mainly used for its separation property which helps in preventing the mixture of different substances under different stresses. It helps in retaining soil particles and passage of water in the pavement, road, and field constriction.
Continuous product innovation in technical textiles is projected to serve major growth opportunities in the near future. For instance, in April 2020, Alchemie Technology has launched Novara, a high-throughput digital precision coating technology for technical textiles. This coating is created with the aim to combat COVID-19 by applying its Novara technology to manufacture of safety-critical products, including anti-viral facemasks.
Figure 2. Global Textile Chemicals for Technical Textiles Market – Opportunity Analysis
Market Trends
Implementation of 3D weaving manufacturing technology for technical textiles is one of the current trends in the market. This technology helps in controlling and monitoring the 3D shaped weft knitting and dimensionality in knit structure. Moreover, this technology also provides alterations and enhancement in the user interface. This leads to the development of the more efficient and high-performance knit design product. Thus, the adoption of 3D weaving manufacturing technology increases the production of technical textiles which in turn augmenting the market growth of textile chemicals.
The growing demand for composites from the aerospace industry is expected to fuel the market growth of the textile chemicals for technical textiles. These composites have excellent strength and physical properties. Due to this property composite are majorly used to produce an interior component of the aerospace. The growing travel &tourism industry due to shifting trends toward leisure and travel trends is augmenting demand for high-performance textile from aerospace industry.
Figure 3. Global Textile Chemicals for Technical Textiles Market, Revenue Share (%), By Product Type, in 2019
On the basis of product type, coating & sizing chemicals dominated the global textile chemicals for technical textile market in 2019 with around 30% of market share in terms of revenue, followed by colorants & auxiliaries and finishing agents, respectively.
Figure 4. Global Textile Chemicals for Technical Textiles Market – Value Chain Analysis
Global Textile Chemicals for Technical Textiles Market - Impact of Coronavirus (Covid-19) Pandemic
The demand for textile depend on various end-use industries such as Household, Furnishing, Apparel, and automotive industries, which have faced hindrance amidst of the ongoing pandemic outbreak. This is expected to hamper the growth of textile chemicals for technical textiles market for short period till end quarter of 2020. Also producers across the globe are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain.
Competitive Section
Key players are operating in the global textile chemicals for technical textile market are The DyStar Group, The Lubrizol Corporation, The Dow Chemical Company, Huntsman Corporation, Kiri Industries Limited, Zhejiang Longsheng Group Co., Ltd., BASF SE, Archroma LLC, OMNOVA Solutions Inc., Solvay S.A., and Bayer MaterialScience AG
Few Recent Developments
Textile is a flexible material which is formed by various processes, such as knitting, weaving, crocheting, or felting. Textile materials are broadly used to production of a wide range of finished goods, such as kitchen, transportation, bedding, upholstery, construction, medical, protective equipment, apparel, handbags, and other clothing accessories.
Market Dynamics
The global Textile Chemicals for Technical Textiles Market has witnessed significant growth in recent past years, owing to rising awareness about personal protective equipment (PPE) in the manufacturing industry on account of stringent regulations for worker safety. This is has led to an increase in demand for engineering fiber materials such as nylon.
Furthermore, rising research & developments and technological innovations in terms of new upholstery products derived from coated fabrics and spider silk are expected to open opportunity for the global Textile Chemicals for Technical Textiles Market forecast period. Textile manufacturing companies focus on increasing expenditure toward the establishment of strategic partnerships with e-commerce portals in order to expand their market reach. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
* Browse 45 market data tables* and 30 figures* on "Global Textile Chemicals for Technical Textiles Market” – global forecast to 2027
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