The global textile chemical market is growing at a CAGR of 3.4 per cent. Textile chemicals include products like coating and sizing chemicals, finishing agents, colorants and auxiliaries, surfactants, desizing agents, yarn lubricants and bleaching agents.
Asia-Pacific holds the leading position and is expected to maintain its lead in the future. The coating and sizing chemical segment is expected to retain its dominant position, in terms of revenue generation, up to 2022. The applications of textile chemicals include packaging, home furnishings, apparels, and industrial chemicals.
Textile chemicals have a wide range of applications such as dyeing, printing, coating, finishing, and bleaching. Applications of textile chemicals in the apparel sector such as in clothing and footwear are expected to grow in the coming years. Moreover, growth in demand for home furnishings, floor furnishings, and eco-friendly chemical products are some other factors that drive this market.
However, unfavorable effects of textile chemicals on the environment may hamper market growth. Product launch is the key strategy adopted by market players to expand their portfolio. Mergers and acquisitions, business expansion, production expansion, and partnerships are the other prominent strategies adopted by key players to sustain the intense competition in the market.