The global textile chemicals market is expected to reach USD 37.58 billion by 2030, at a CAGR of 4.5% from 2021 to 2030. The growth of the textile chemicals market is attributed to the increasing demand for better quality and efficient fabrics, along with the increasing demand for sustainable and eco-friendly products. The growth of the global textile industry is also anticipated to drive market growth.
Textile chemicals are used for various purposes such as dyeing and finishing of fabrics, improving the fabric’s physical and chemical properties, and enhancing its overall appearance. These chemicals are also used for protection against water and stain, and for softening and wrinkle-free finishing.
The report further highlights the various trends and drivers that are expected to have an impact on the global textile chemicals market. The rising demand for bio-based and eco-friendly textile chemicals is expected to drive market growth. Additionally, the increasing demand for dyes and finishes is also expected to fuel market growth.
Restraints of the Textile Chemicals Market
1. Stringent Regulatory Framework: The textile chemicals market is subject to stringent regulatory frameworks by various government bodies, environmental organizations, and other regulatory authorities. These organizations set stringent rules and regulations regarding the production, import, and use of certain chemicals which can limit the production and sale of certain textile chemicals.
2. High Cost of Raw Materials: The cost of raw materials used in the production of textile chemicals is high. This is mainly due to the high cost of energy, labor, and transportation needed to manufacture the chemicals. This can have a direct impact on the prices of the chemicals and can limit the growth of the industry.
3. Environmental Concerns: The production and use of certain chemicals used in textiles can hurt the environment. This is mainly due to the release of hazardous chemicals into the atmosphere and water sources. This can lead to long-term environmental damage and can hurt the growth of the industry.
The report also provides an in-depth analysis of the major regional markets, including North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to dominate the global textile chemicals market, owing to the presence of a large number of textile manufacturers in the region.
As per the report, some of the leading companies operating in the global textile chemicals market include The Dow Chemical Company, BASF SE, Huntsman International LLC, Clariant AG, and Akzo Nobel N.V.