Global Textile Chemicals Market Report, published by Variant Market Research, forecast that the global market is expected to reach $31.3 Billion by 2024 from $23.8 Billion in 2016, growing at a CAGR of 3.5% from 2016 to 2024. By geography, North America and Europe are expected to grow at a CAGR of 4.2% and 3.7%, respectively, during the forecast period.
Some of the factors driving the growth of the global textile chemicals market includes rising demand from fashion industry and for fashionable products and growing production of floor coverings and home furnishing. Though, damaging effects of chemicals on human health and environment would restrain the growth of the market. Furthermore, market expansion and eco-friendly, natural, and organic textiles would provide future scope for the market players in the forecasted period.
Product, application, and geography are the major segmentations included in the global textile chemicals market. The product is categorized as coating and sizing chemicals, finishing agents, colorants and auxiliaries, surfactants, desizing agents, yarn lubricants, and bleaching agents. Among which, coatings and sizing chemicals accounted the maximum market share in 2016 followed by colorants auxiliaries. Based on application, the market has been segmented into home furnishing, apparel industrial, and industrial & others applications. Industrial and other applications accounted the largest market share in 2016, while, apparel industry is anticipated to attain fastest CAGR.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Among which, Asia-Pacific accounted the maximum share with 46.1% in 2016, followed by North America with 21.5%. In terms of growth, North America would dominate with fastest CAGR, driven by, expanding apparels and industrial textiles and need for eco-friendly products.
Major companies operating in this market segment include Huntsman International LLC, OMNOVA Solutions Inc., The Dow Chemical Company, The DyStar Group, Lonsen Inc., Pulcra Chemicals GmbH, Solvay SA, Archroma, Covestro AG, and Kiri Industries Ltd., among others.