The Asia textile chemicals market was recorded to have a year-on-year (YoY) growth rate of 7.4%, finally concluding at a valuation of US$ 13,360 Mn in 2022. According to Future Market Insights, overall textile chemicals sales in Asia are set to register a 6% CAGR during the forecast period of 2023 and 2033 and reach a valuation of US$ 24,600 Mn by 2033.
China and India are poised to emerge as key producers and exporters of the textile chemicals market in the next five years. Soaring demand for non-toxic chemicals that reduce water consumption in textile production might bolster growth in the market, enabling it to reach 1510 kilotons (KT) by 2033-end.
Focus on Sustainability and Improving Textile Chemicals Demand
Stringent regulations imposed on using hazardous chemicals in the clothing and apparel industry have triggered various sustainability and health concerns. A couple of years back, Greenpeace’s Detox Campaign was organized, which exposed the links between textile manufacturing facilities using toxic chemicals.
Since then, key manufacturers have adopted sustainable ways to use non-toxic chemicals while curbing the wastage of water. Manufacturers in the textile chemicals market are adopting the usage of non-aqueous dyeing of cotton textiles. For health safety & in adherence to eco-friendly policy, textile manufacturers are adopting sustainable approaches through chemical management. Demand for eco-friendly chemicals, which reduces water and energy consumption in textile processing and manufacturing, has burgeoned.
With increased focus on environmental protection and adherence to government norms, manufacturers will likely register incremental opportunities within the apparel industry.
Rising demand for eco-friendly chemicals and focus on water preservation has led the market players to emphasize channelizing their efforts towards ensuring sustainability. With the demand for sustainable solutions, key players are developing innovative products catering to the need.
With the market being fragmented, top key players are dominating the textile chemicals market, contributing nearly 1/4th of the Asia market share. Due to this fragmented nature, new product launches and customized product offerings have emerged as a key strategies to maintain their position in the industry.
Because of its increasing appeal and versatility, technical textile is one of the highly innovative and prominent product areas in the global as well as regional textile business. Majorly the development of the automotive and equipment for medical sectors is boosting the technical textiles market growth in the region as well.
Inorganic growth strategies such as collaborations and partnerships with top companies may translate into incremental opportunities for key players. For instance:
In May 2021, Cosmo Specialty Chemicals Pvt. Ltd., leading industry player, announced the development of eco-friendly ‘Microenz BS’ sourced alkaline pectatelyase, to reduce the water wastage.
Huntsman Textile Effects and Phong Phu International (PPJ), in April 2020, announced a strategic partnership agreement that promotes PPJ’s growth across Asia, specifically in Vietnam, for the manufacturing of sustainable and high performance textiles for leading brands and retailers.
On 20th January 2020, another leading player, Bozezetto Group, joined forces with Asutex, renowned manufacturers of chemical products in Spain, to create a new leader in the specialty textile chemicals industry.
These insights are based on a report on Asia Textile Chemicals Market by Future Market Insights