The class of specialty chemicals that includes intermediates and chemicals which are utilized in different phases of textile processing, for example, dyeing, preparation, finishing, and printing, is called textile chemicals. These are regularly utilized to impart or enhance desired attributes color to the fabrics amid their production.
Developing worry for guaranteeing feasible improvement is anticipated to majorly affect the Asia market for textile chemicals. There is a regularly expanding need for environmental-friendly chemicals which limit the measures of energy and water requisite in different phases of textile processing and are in consistence with international and regional regulations. Besides, because of the segmented nature of the business, increasing modern, differentiated product contributions has progressed toward becoming the need of great importance to gain an upper hand. Additionally, a rise in demand for utilitarian finishes, for example, soil release, anti-bacterial finish, and water repellence amid others has brought about a noteworthy development of textile finishing chemicals that bestow these particular completions to apparels and textile.
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The Asia textile sector has foreseen an enduring development throughout the years because of the rising of a few comparatively minimal costs producing avenues, for example, Indonesia, Bangladesh, and Vietnam amid others. These nations have demonstrated significant development in their textile exports to foremost emerged nations particularly European nations and the US. This development in the textile sector is thusly expected to reflect in development for the need for textile chemicals.
Future Market Insights (FMI), in its recent report titled, “Asia Textile Chemicals Market Analysis & Opportunity Assessment, 2014 – 2020”, projects that the market for textile chemicals in Asia will exhibit a steady CAGR of 7.6% during 2014 to 2020. According to FMI’s in-depth analysis of textile chemicals market in Asia, the Asia textile chemicals market will reach US$ 11,626 Mn by 2020.
Textile chemicals are class of specialty chemicals and comprise chemicals and intermediates that are used in various stages of textile processing such as preparation, dyeing, printing and finishing. These are often used to enhance or impart desired properties and colour to the fabrics during the manufacturing process. As of 2014, textile chemicals accounted for nearly 2% of the overall specialty chemicals market.
FMI’s report analyses the Asia textile chemicals market in terms of market value (US$ Mn) on the basis of product types, end use applications and countries of Asia region.
The major players in textile industry across the globe are emphasising on channelising efforts towards ensuring sustainability throughout the value chain. As such, there is an ever increasing demand for eco-friendly chemicals that minimise the amount of water and energy required in various stages of textile processing and are in compliance with regional and international regulations. Textile chemicals industry is highly fragmented and comprises large number of small and big players catering to the demands of textile manufacturers. Due to this fragmented nature, developing innovative and differentiated product offerings has emerged as a key to gain competitive advantage. Moreover, growth in demand for functional finishes has resulted in a steady growth of textile finishing chemicals that impart desired specific finishes to textile and apparels.
From regional perspective, China accounted for a major share in overall Asia textile chemicals market in 2014. China textile chemicals market is expected to exhibit a CAGR of 8.6% during the forecast period 2014─2020. In terms of market value, India is the second largest market for textile chemicals in Asia. India textile chemicals market is expected to witness a steady growth at a CAGR of 9.0% in the same period. Countries like Vietnam, Bangladesh, and Indonesia also are expected to witness relatively high growth in textile chemicals market.
From product type perspective, market size of textile auxiliaries segment is expected to grow faster than the textile colourants segment. The segments are projected to witness high single-digit growth during the forecast period.
From the process perspective, the finishing process segment is slated to experience faster growth than that of pre-treatment, dyeing and others segments. It is expected to register a CAGR of 8.6% between 2014 – 2020. This is primarily due to growth in demand for textiles and apparels with specific functional finishes.
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From applications perspective, market is composed of apparels segment, home furnishings segment and others (technical & smart textiles) segment. The apparels segment accounts for largest share among these segments and is slated to register a CAGR of 6.8% during forecast period.
The key market participants covered in the report include companies covered in the report are Huntsman Corporation, Archroma and DyStar group.