Market Size of Textile Chemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Textile Chemicals Market Analysis
The Global Textile Chemicals Market is projected to register a CAGR of over 3.5% during the forecasted period.
The sporadic outbreak of the COVID-19 pandemic in 2020 and the first half of 2021 drastically curtailed textile industry activities due to imposed government bans and restrictions, thereby limiting the growth of the textile chemicals market. The textile chemical sector was paralyzed owing to scarce raw material supply, limited working hours/labor strength, and constrained financials, which halted the consignment flow to the downstream textile industry. Furthermore, the demand for textiles dropped drastically as people were confined to staying in their houses. However, the industries have been on track for recovery since the pandemic's retraction in mid-2021. The demand for home, industrial, and sportswear textiles rebounded in 2022, reinstating textile contracts which increased the downstream consumption of textile chemicals and revived the interests of market players.
- Over the medium term, the robust growth in textile production in developing economies and the growing demand for industrial textiles are the major driving factors augmenting the growth of the market studied.
- On the flip side, the environmental harm caused by textile dyeing and finishing activities is anticipated to restrain the growth of the target industry over the forecast period.
- Nevertheless, the ongoing research and development activities in smart textiles and the growing urge to use low VOC and biodegradable materials for textile manufacturing will likely create lucrative growth opportunities for the global market soon.
- Asia-Pacific emerged as the largest market for textile chemicals and is expected to witness the highest CAGR during the forecast period. This dominance of Asia-Pacific is attributed to the bullish demand for textile chemicals in apparel, home furnishing, industrial, and automotive textile applications in growing economies like China and India.
