Textile chemicals market, By Product Type (Coating & Sizing Chemicals, Colorants & Auxiliaries, Finishing Agents, Surfactants, Desizing Agents, Bleaching Agents, Yarn Lubricants), By End User (Home Furnishing, Apparel, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 31.32 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 4.1% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Textile chemicals are chemicals used in the manufacturing of textiles. These chemicals enhance and optimize the manufacturing of textiles by improving functionalities and appearances. These chemicals are classified into coating & sizing chemicals, colorants & auxiliaries, finishing agents, bleaching agents, desiring agents, surfactants, and yarn lubricants.
Global Textile Chemicals Market – Impact of Coronavirus (COVID-19) Pandemic
The global spread of the COVID-19 pandemic has resulted in lockdown measures and cease in economic activities, which has severely impacted the manufacturing sector. In addition to this, an inadequate supply of raw materials will lead to rapid price fluctuations.The global textile chemicals market has been significantly affected by the COVID-19 pandemic. The pandemic has led to a decrease in the growth rate of the market, with direct and indirect impacts from different industries. The manufacturing industry, a key consumer of textile chemicals, has been badly hit by the pandemic, leading to a decrease in the demand for these chemicals. The pandemic has led to a decrease in textile demand, particularly in China, the largest textile importer. This is due to reduced economic activity and the rapid rise of the textile sector in China. The pandemic has caused a total disruption of workflows, as migrant workers returned to their hometowns, and many European exporters halted shipments until the situation normalized.
Additionally, the recession caused by the pandemic has led to a decrease in textile demand in China, the largest textile importer, and has affected worldwide retail production, leading to serious implications for global employees and the industry. The market is expected to witness recovery as the pandemic is brought under control and economic activities resume normalcy.
Link: https://www.coherentmarketinsights.com/market-insight/textile-chemicals-market-4384
Global Textile Chemicals Market : Key Developments
- In May 2023, Evonik Industries AG unveiled TEGO Cycle additives designed for converting plastic waste into valuable plastics. These additives encompass odor absorbers, antifoams, processing aids, and wetting agents, catering to the recycling needs of textile chemicals, facilitating their reutilization in a sustainable manner.
Key Takeaways of the Global Textile Chemicals Market :
- The global textile chemicals market was valued at US$ 29.90 Bn in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2031
- Among regions, Asia Pacific is expected to be the dominant region in the global textile chemicals market due to the increase in demand for textile colorants
- Major players operating in the global textile chemicals market are The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc, Solvay SA, Bayer Material Science
