Registering the fastest growth in terms of value over the next ten years, India will emerge as the most lucrative market in the textile chemical market. A report of leading consulting firm Future Market Insights (FMI) has projected the same.
China is anticipated to lead East Asia’s textile chemical market, exhibiting the growth at 10.6 per cent CAGR. Japan will emerge as the leading market across North America backed by the high demand within the textile and apparel industry.
The report also says that the global textile chemical market can achieve growth at 5.40 per cent CAGR in the next 10 years. The global textile chemical market reached a valuation of US $ 22,126.3 million in 2021.
The report says that the growing demand for non-toxic chemicals from the apparel industry is accelerating sales of textile chemicals across the globe. Leading companies are, therefore, investing heavily in research and development of eco-friendly non-toxic chemicals to cater to the demand within the textile and apparel industry.
“The development of chemicals that reduces the water consumption in textile production and processing will aid the demand of textile chemicals across China, India and Vietnam, bolstering growth,” the report says.
FMI forecasts that South Korea and Japan, collectively, accounted for around 12 per cent global market share backed by the burgeoning demand within the apparel industry in 2021.
By application type, the apparel segment will lead the global textile chemical market over the forecast period. In terms of product type, textile auxiliaries will retain its dominance, witnessing high single-digit growth during the forecast period.
Huntsman Corporation, Archroma Management LLC, Evonik, Kemira, Solvay, Lonsen, CHT Group and DyStar Group, amongst others, are some of the key players profiled in the textile chemicals market.