The global textile chemicals market is experiencing significant growth owing to the rising usage of technical textiles in various industries such as healthcare, transportation, and construction. Technical textiles are advanced textile materials and products manufactured primarily for non-aesthetic functional purposes. They are used in different sectors such as geotextiles, medical textiles, protective clothing, and home furnishing. The use of technical textiles helps reduce costs and improves product performance. Textile chemicals such as coating and sizing agents, printing agents, finishing agents, surfactants, and colorants are used extensively in the manufacturing of various technical textiles. These chemicals provide properties such as wrinkle resistance, water repellency, softness, easy care, durability, and stain resistance to textiles.
The global textile chemicals market is estimated to be valued at US$ 32.64 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The textile chemicals market is witnessing the trend of increasing demand for bio-based and eco-friendly products. Strict environmental regulations regarding the use of certain chemicals during textile processing have boosted research and development of bio-based and sustainable chemical solutions. Major players are focusing on developing plant-based textile chemicals derived from agricultural raw materials such as castor oil, corn, and sugarcane. These bio-based chemicals reduce dependency on petroleum-based resources and have minimal environmental impact. Additionally, growing consumer awareness about environmental protection is propelling demand for apparel, home textiles, and other products manufactured using bio-based textile chemicals.
Porter’s Analysis
Threat of new entrants: The textile chemicals market requires significant investment in R&D for product innovation. Established players dominate the market making it difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products from various manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials and domination of few leading players integrating backwards.
Threat of new substitutes: Substitutes exist for some chemical products but they are limited for specialized chemicals requiring major investments thus threat is moderate.
Competitive rivalry: The market is consolidated with high competition among leading global players to gain market share through product differentiation and innovation.
Key Takeaways
The Global Textile Chemicals Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis indicates that Asia Pacific dominated more than 60% of the global market share in 2024 owing to the presence of major textile manufacturing countries such as China and India. The region is expected to continue its dominance during the forecast period attributed to the rapid growth of textile industry.
Key players operating in the textile chemicals market are Cisco System Inc., Schneider Electric, Wipro Consumer Lighting, Avnet Inc., Crestron Electronic Inc., Honeywell International Inc., Inventronics Inc., Philips Lighting Holding B.V.(Signify Holding), Legrand, Jaquar India. The key players focus on new product development and expansion strategies to gain a competitive advantage in the market. For instance, in 2020, Avnet Inc. acquired RBCC, an IoT solutions provider to expand its IoT capabilities and technology stack.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it