The global market for textile chemicals used in technical textiles is projected to reach a staggering USD 10 billion by 2030, exhibiting a robust compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021 to 2030. The increasing demand for advanced textile applications across various industries is a key factor propelling the growth of the textile chemicals market.
According to a new market research report published by Spherical Insights, the study provides a comprehensive analysis of the current industry trends, development models, and methodology in the textile chemicals sector. It examines the production processes, development platforms, and product models, which are crucial elements shaping the market dynamics. Even minor changes in the product profile can significantly influence these variables.
Leading players in the textile chemicals market, such as The DyStar Group, Lonsen, The Lubrizol Corporation, The Dow Chemical Company, Kiri Industries, Huntsman Corporation, BASF SE, Archroma, Omnova Solutions Inc., Solvay SA, and Bayer Material Science, among others, are actively contributing to the market’s growth through their innovative solutions and extensive product portfolios.
The market research report also offers a detailed analysis of various segments within the textile chemicals market based on type and application.
In terms of type, the market is categorized into coating and sizing chemicals, colorants and auxiliaries, finishing agents, desizing agents, and other types. Coating and sizing chemicals are expected to dominate the market due to their essential role in enhancing the functional properties of technical textiles.
On the basis of application, the market is segmented into mobiltech, indutech, sportech, buildtech, hometech, clothtech, meditech, agrotech, protech, and packtech. Among these, mobiltech, which includes textiles used in automotive and transportation applications, is anticipated to witness significant growth owing to the rising demand for lightweight and durable materials.
The COVID-19 pandemic has also had an impact on the textile chemicals market, and the research team at Spherical Insights is closely monitoring the situation globally to provide insights into how the pandemic will affect the industry.
In conclusion, the global textile chemicals market for technical textiles is set to experience substantial growth in the coming years, driven by the increasing demand for advanced textile applications across various sectors. Key players in the market continue to focus on research and development activities to introduce innovative solutions that meet the evolving needs of customers. With the rising emphasis on sustainable and eco-friendly textiles, the market is expected to witness further expansion and technological advancements.