The textile chemicals market is estimated to be valued at US$ 28.33 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Textile chemicals are chemicals used to enhance or impart desired properties and finish to textile materials during processing and manufacturing. They are utilized during various stages such as pretreatment, dyeing, printing, and finishing. They are used to impart properties such as wrinkle resistance, flame retardancy, water repellency, and others. Increasing demand for technical textiles and the need to provide stain resistance, water repellency and other protective textile finishes is driving the growth of the textile chemicals market.

Market key trends:
One of the key trends propelling growth of the textile chemicals market is increased demand for textile finishing chemicals. Textile finishing chemicals are applied after weaving or knitting of textiles to impart desired functional or aesthetic properties. They include chemicals such as softeners, antimicrobial agents, stain repellents, water repellents, flame retardants and others. Growing demand for textiles with special properties and functionalities from end use industries such as fashion, sportswear, home textiles, is fueling consumption of textile finishing chemicals. The demand for textiles with properties such as wrinkle resistance, easy care, softness, water resistance and others is increasing considerably. This is propelling growth of textile finishing chemicals market which in turn is driving growth of the overall textile chemicals market.

Porter’s Analysis
Threat of new entrants: The textile chemicals market require high R&D investment and strict environmental regulations which act as entry barriers for new players.

Bargaining power of buyers: Large textile manufacturers have significant bargaining power over chemical suppliers due to the consolidated nature of the market.

Bargaining power of suppliers: Leading chemical manufacturers have moderate bargaining power due to availability of substitute products and suppliers.

Threat of new substitutes: Continuous innovation has increased the development and availability of bio-based and green textile chemicals with comparable performance.

Competitive rivalry: Intense competition exists among the key established players to gain higher market share.

SWOT Analysis
Strength: Wide product portfolio and technical expertise allow key players to cater to diverse textile industry needs. Availability of natural and bio-based chemicals is an opportunity for more sustainable products.

Weakness: Price volatility of raw materials can negatively impact profit margins. Stringent environmental regulations globally increase compliance costs.

Opportunity: Growth in technical textiles and rising demand for performance, functional and eco-friendly textile chemicals from developing nations present new avenues.

Threats: Switch to alternative fibers may threaten chemical demand. Economic slowdowns can decrease textile production.

Key Takeaways
The Global Textile Chemicals Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand for performance and functional textiles. The size of the global textile chemicals market is estimated to reach US$ 28.33 Bn in 2023. Stringent environmental regulations regarding the use of hazardous chemicals and availability of bio-based chemical substitutes are major trends shaping competition in the market.

The Asia Pacific region currently dominates the market and is expected to grow the fastest due to significant presence of textile industries in countries such as China, India, and Bangladesh.

Key players operating in the textile chemicals market are 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. These companies focus on development of ecofriendly products to capitalize on growing consumer demand for sustainable textiles.

Read More: https://www.rapidwebwire.com/textile-chemicals-market-demand-growth-and-regional-outlook-by-2030/