Market Drivers and Product Segmentation in the Textile Chemical Market
Published On : Jul 28, 2014
The textile industry is one of the oldest industries in the world, which is marked with proliferation of various sectors. The textile chemicals market provides the core textile industry with different types of chemical agents, lubricants, and other chemicals which are used in the manufacturing of several types of fabrics. Raw material used in production of textiles can be obtained from natural or synthetic sources.
Textile companies are majorly involved in manufacturing clothing/apparel. This industry employs people who design new fashions and market them for production purposes. While other employees are involved in overseeing the manufacturing of certain fashions, which includes training people how to sew garments and inspecting garments for any defects. The textile industry also makes other household linens such as pillowcases, blankets, sheets, and towels. The textile chemicals market meets the requirements of all these applications.
Factors Influencing Textile Chemicals Market Growth
The global industry of textile chemicals is influenced by various factors such as market drivers, market restraints, and opportunities. The growth of the textile chemicals industry is fueled by the growth of global apparels market and the growth of technical textiles market.
However, the slump in the textile chemicals market due to the global economic meltdown few years back hampered the market. Also, there is increasing consumer demand for green products. Demand for natural and organic textile is a growing concern for the current textile chemicals industry. In addition, growing environment concerns are leading to stricter regulations which suppress the market growth. Threat from substitutes such as bio-based alternatives tends to hamper the development of textile chemicals market.
Proliferation of the Textile Chemicals Industry
The global market of textile chemicals is segmented into three major parts namely apparels, home furnishing, and industrial. There are also other minor segments present in the textile chemicals market which are involved in manufacturing textiles for sectors such as construction, medical, protective clothing, etc.
According to product type, the textile chemicals industry is divided into colorants and auxiliaries, surfactants, coating and sizing chemicals, finishing agents, bleaching agents, desizing agents, and yarn lubricants. The total share of these textile chemicals amounted to 22.9% in the total global textile chemicals market in 2011.
During the manufacturing process of textile various non-chemical and chemical treatment process are involved. Some of the chemicals these processes use are dyeing and printing chemicals, pretreatment chemicals, finishing chemicals, textile dyeing chemicals, antistatic agents, and other specialty chemicals.
A market intelligence organization stated that in the year 2011 the coating and sizing chemicals sector held 32.1% of the market share, followed by 26.9% share of colorants and auxiliaries. The home and furnishing market sector accounted for 38.9% of share in terms of application in the year 2011.
Global Outlook of the Textile Chemicals Market
According to geography, the textile chemicals industry is segmented into North America, Europe, Asia Pacific, and Rest of the World. According to a market intelligence organization, the global market of textile chemicals was dominated by Asia Pacific and this region held a market share of 52.3% in the year 2011, which was followed by 17.9% share of North America.
Asia Pacific is also the largest and the fastest growing market for textile chemicals. A growth of 4% will be witnessed in the industry during the forecast period of 2013 to 2018. On the other hand, Europe and North America are expected to grow at a slower rate compared to the global average. The global textile chemicals market was worth USD 19,627.0 million in the year 2013 and during the forecast with a 3.6% CAGR; it is projected to reach USD 23,423.4 million in 2018.
One upcoming opportunity which holds good promise for the textile chemicals industry is the development of new products in the construction and medical industry. These innovative products will fuel the growth of the textile chemicals industry further.