Categories: Chemicals

Textile Chemicals Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Textile Chemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Textile Chemicals Global Market Report 2024, The textile chemicals market size has grown strongly in recent years. It will grow from $23.98 billion in 2023 to $25.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to textile industry growth, consumer demand for diverse textiles, global fashion trends, environmental and regulatory compliance, textile manufacturing innovations.

The textile chemicals market size is expected to see strong growth in the next few years. It will grow to $32.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to sustainable textile production, technical textile applications, rising disposable income, globalization of textile supply chains, stringent quality standards. Major trends in the forecast period include development of textile chemicals for digital printing, focus on antimicrobial textile treatments for hygiene and health, introduction of specialty chemicals for technical textiles, collaborations for research on sustainable textile chemistry, adoption of textile chemicals for circular fashion initiatives.

The increasing demand for textiles is expected to boost the demand for textile chemicals during the forecast period. The textile industry encompasses the research, design, development, manufacturing, and distribution of textiles, fabrics, and clothing. Textile chemicals enhance textile manufacturing processes at several stages of fiber production, yarn processing, fabric dyeing, and finishing. These compounds increase efficiency, decrease processing time, and improve product quality. For instance, according to India Brand Equity Foundation, a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, India’s textile and apparel exports (including handicrafts) were US$ 44.4 billion in FY22, representing a 41% rise year on year. Hence, the growing demand for textiles is expected to boost the demand for textile chemicals to manufacture better quality products.

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The textile chemicals market covered in this report is segmented –

1) By Product Type: Coating And Sizing Chemicals, Finishing Agents, Colorants and Auxiliaries, Surfactants, Desizing Agents, Yarn Lubricants, Bleaching Agents

2) By Fiber Type: Natural Fiber, Synthetic Fiber

3) By Application: Apparel, Home Furnishing, Automotive Textile, Industrial Textile, Other Applications

Major companies operating in the textile chemicals market are undergoing partnerships to provide reliable services to customers. Partnerships in the textile chemicals market foster innovation, market expansion, supply chain optimization, compliance with regulations, customer-centric solutions, and brand enhancement, driving advancements and competitiveness in the industry. For instance, in August 2023, Madewell, a US-based fashion and denim lifestyle brand, became the first US denim company to become a Bluesign system partner brand. This partnership with Bluesign, a sustainability solutions provider for the textile industry, marks a significant step forward in promoting sustainability within the fashion world and encouraging environmentally friendly denim production. The partnership aims to ensure that clean chemistry and clean production processes are at the heart of the system partner, covering fabric and garment production steps that meet Bluesign criteria, and ensuring the safety of workers, the environment, and consumers.

The textile chemicals market report table of contents includes: