About Textile Chemicals
Textile chemicals are widely used in processing fiber. Some of the major processes include bleaching, dyeing, printing, conditioning, and finishing. They are also used as reducing agents, softening agents, and in sequestration. These are also easy to use due to their fluid nature and as a result of which they can be employed in a variety of reactive dye types.
Technavio’s analysts forecast the global textile chemicals market to grow at a CAGR of 3.92% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global textile chemicals market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the prominent vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Textile Chemicals Market 2016-2020
Technavio recognizes the following companies as the key players in the global textile chemicals market: AkzoNobel, Arkema, Dow Chemical, and Huntsman.
Other Prominent Vendors in the market are: Kiri Industries, Lubrizol, Omnova Solutions, Pulcra Chemicals, and Sumitomo Chemical.
Commenting on the report, an analyst from Technavio’s team said: “Emergence of new textiles with smart functions will be a key trend for market growth. The textile chemical industry is developing new textiles with smart features due to advances in technology. New products are being developed in industrial and medical textiles, geo- and agro-textiles, and in wearable electronics. The apparel industry, with its increased focus on branding, is differentiating products by using unique selling points such as wrinkle resistance, stain resistance, and antimicrobial properties. The growing demand for leisure and sportswear is promoting the use of antimicrobial finishes that prevent odor generated by bacteria and sweat.”
According to the report, one of the key drivers for market growth will be growing global apparel market. The global apparel market is growing at a faster pace in developing economies such as India, China, and Brazil than in the developed nations. Increasing brand consciousness and fashion sense, and the rise in disposable incomes in the developing nations are encouraging the growth of the global apparel market. This is compelling garment and textile manufacturers to manufacture quality apparel.
Further, the report states that high economic uncertainty will be a challenge for the market. The growth of the textile industry and textile chemical consumption is highly correlated with the global economic scenario. A healthy economic growth will result in a rise in employment opportunities and an increase in disposable incomes, and thus increased spending on goods and apparel. The increasing disposable income in both developed and developing countries is a major factor boosting the demand for textile chemicals. This factor has encouraged the production and consumption of textiles used in upholstery, apparel, household furnishings, and floor coverings. However, an unstable global economic scenario will result in reduced expenditure on apparel and accessories, thereby affecting the demand for textile chemicals.
AkzoNobel, Arkema, Dow Chemical, Huntsman, Kiri Industries, Lubrizol, Omnova Solutions, Pulcra Chemicals, Sumitomo Chemical.
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