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Textile chemicals market to touch US$29bn by 2024

According to the latest market report from Transparency Market Research (TMR), the global textile chemicals market is set to reach US$29bn by 2024. Thus, the global industry is estimated to expand at a CAGR of 3.7 per cent between 2016 and 2024.

Textile chemicals are used on all textile applications such as apparel, home textiles and industrial textiles, and aim to provide a function to improve the textile and optimise the manufacturing process. The research reveals there are “more than 60 classes of functional chemical products are employed in coating and sizing chemicals, colorants and auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, yarn lubricants and other miscellaneous applications.

In terms of volume, ‘coating and sizing chemicals’ was the largest product segment of the textile chemicals market in 2015, as they provide lust and a silky texture to fabrics, according to the findings. Sizing chemicals are used frequently in the apparel applications industry in order to increase the absorption rate of the fabric.

‘Finishing chemicals’ was the fastest growing product segment in terms of volume in 2015. Colorants and auxiliaries, predominantly used in dyeing and printing of textiles, had significant share in the global textile chemicals market in 2015.