Transparency Market Research reported that the global textile chemicals market, which was valued at $19.66 billion in 2013, is predicted to reach $25.42 billion by 2020, increasing at a CAGR of 3.7% from 2014 to 2020.
Textile chemicals are often recognized as compounds, intermediates and chemicals used in the manufacturing process of textiles. They improve and enhance the manufacturing process, and endow the final products with a specific function or appearance. Examples include greenhouse fabrics that reflect the sun, flameproof furniture fabrics and durable airbags for vehicles.
In 2013, coating and sizing chemicals were the largest product sector of the global textile chemicals market, accounting for over 30 percent of the global market volume. Due to the rising demand from the residential construction industry, home furnishing was the biggest application sector of the market in the same year, accounting for over 33 percent.
Research found that finishing agents is expected to be the fastest growing segment of the global textile chemicals market in the next few years. Rising demand for different types of textile chemicals in apparel and industrial textiles is anticipated to generate positive outlook for the global textile chemicals market in the next few years, the report noted.
Additionally, the apparel segment is estimated to be the fastest growing application segment of the global textile chemicals market in the next few years, which is due to increasing demand for apparel in developing regions.
In 2013, Asia Pacific conquered the market, accounting for more than 50 percent of its total volume. An increasing demand for textile chemicals in apparel and industrial textile segments is predicted to drive the market in Asia Pacific within the next six years even higher.
Furthermore, the textile chemicals market in North America and Europe is estimated to grow significantly in the next six years due to steady economic recovery in both regions. Other regions, including Latin America and the Middle East, are expected to become hotbeds for textile chemicals, as well.