ASIA TEXTILE CHEMICALS MARKET ANALYSIS

Market Challenges And Opportunities

Drivers:

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.

Market Restraints

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).

Market Opportunities

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.