The global market for textile chemicals is estimated at USD 26.5 Billion in 2022 and is forecast to surpass USD 40.6 Billion by 2032, rising at a CAGR of 4.3% from 2022 to 2032.
The global textile chemicals industry is likely to create an absolute dollar opportunity of USD 14.1 Billion by the end of 2032. The textile chemicals market holds ~1% of the global chemicals market.
Market Players Focusing on Sustainability
As a result of soaring environmental concerns, the demand for eco-friendly chemicals is expected to rise in textile chemicals market. Companies are looking for effective ways of reducing the volume of water and energy consumed during various stages of textile processing. Driven by this, the textile chemicals market is witnessing a shift from conventional textile chemicals to environment-friendly ones. There is immense focus on the production of green chemicals using plant and animal fat/ oils. Companies also are able to offer greater cost competitiveness as they shift to the production of bio-based chemicals.
Spurred by these factors, white biotechnology that has emerged as an aid to reduce water consumption and green gas effect in the textile industry. The advent of this approach has led to widespread use of bio dyes or natural dyes. Unlike traditional textile chemicals, bio-dyes do not cause harm to workers in the industry. Also, they are cost-effective, eco-friendly, and safer. The rising use of eco-friendly chemicals is indicative of increasing focus on adoption of sustainable approaches among the market players.
Key Takeaways from Market Study:
- The global textile chemicals market is estimated to be worth over USD 26.5 Billion in 2022.
- The demand is anticipated to surpass USD 40.6 Billion by 2032 end & growing at a CAGR of 4.3% from 2022 to 2032
- North America tops the global textile chemicals market accounting for 42.3% of global market share in 2022.
- Apparel segment under the application segment contributes 31.2% of market share in global sales of textile chemicals.
The global textile chemicals market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the growth of textile chemicals.
Fact.MR has provided detailed information about price points of key manufacturers in textile chemicals market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.