Textile Chemicals Market Key Players, Supply Chain and Analysis to 2026
Transparency Market Research has released a new market report titled “Textile Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global textile chemicals market is projected to be worth US$ 31,860 Mn by 2026, expanding at a CAGR of 3.7% from 2018 to 2026. Textile chemicals are employed as a part of textile manufacturing processes. They are utilized in spinning, pretreatment, dyeing, finishing, and other textile processes.
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Shift in Textile Manufacturing Facilities to Developing Regions and Rise in GDP and Per Capita Spending on Apparel
Demand for textile chemicals is primarily related to the production of textiles and apparels. It also related to the demand for textiles and apparels as end products. Textile manufacturers are shifting their manufacturing facilities from developed countries such as the U.S., Japan, and those in Europe to developing economies such as China and those in Southeast Asia. Abundant availability of raw materials and low-cost manpower in Asia Pacific are some of the major factors responsible for the shift in focus toward developing regions. The growth rate of apparel consumption is expected to be higher in an emerging or developing country than that in a developed country due to the increase in disposable income of the people in developing countries. This is anticipated to drive the textile chemicals market in the next few years.
Rising Demand for Smart Technical Textiles
The next generation smart technical textiles are used in several furnishing, technical textiles, and apparel applications. They demonstrate dynamic functionalities by combining smart materials and integrated computing power. These smart textiles are capable of sensing and adapting to environmental conditions, and sensing electrical, thermal, and other stimuli. Demand for smart textiles is expected to rise significantly around the world on account of innovations and technology developments. The increasing popularity of sophisticated gadgets, decreasing manufacturing costs of electronic components as well as fabrics and miniaturization of electronics are expected to provide lucrative opportunities for the textile chemicals market during the forecast period.
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The global textile chemicals market can be segmented based on product type and applications. Based on product type, the textile chemicals market can be divided into coating & sizing chemicals, colorants & auxiliaries, finishing agents, surfactants, desizing agents, bleaching agents, bleaching agents, yarn lubricants, and others. The coating & sixing chemicals segment can be further calssified into wetting agents, defoamers, and other coating & sizing chemicals. The coating & sizing chemicals segment constituted a dominant share of the textile chemicals market, followed by colorants & auxiliaries segment, in terms of volume and revenue, in 2017.
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