The textile chemical market in Europe is estimated to grow at a CAGR of 4.20 per cent between 2014 and 2020. Growing demand for hometech, mobiltech and clothtech chemicals will propel the market. The European textile chemical market is categorized into finishing agents, coating and sizing chemicals, colorants and auxiliaries, surfactants, bleaching agents, desizing agents, and yarn lubricants. Coating and sizing chemicals are the largest segment. However, the finishing agents segment is expected to display the fastest growth owing to the growing demand for high-quality fabrics.
On the basis of application, the market is segmented into indutech, sportech, mobiltech, buildtech, hometech, meditech, clothtech, protech, agrotech, packtech, and others including geotech and oekotech. Mobiltech accounts for a 25 per cent market share. The growth of the segment can be attributed to its extensive demand from industries such as railways, automotives, spacecraft, ships, and aircraft. Agrotech is expected to be the most rapidly developing application segment by 2020 owing to the extensive use of agrotech chemicals in horticulture, forestry, landscape gardening, floriculture, and agriculture. A rapid increase in the number of organic farms in Europe will further fuel the demand for agrotech chemicals.
However, growing environmental concerns will restrain the overall market. Some textile chemicals are also known to be carcinogenic. This has led to the emergence of bio-based alternatives that will hinder the growth of the market.