According to a new analytical report by FMI on the Asia textile chemicals industry, the market’s current worth is expected to reach US$ 14,200 million in 2023, having grown by 7.4% between 2017 and 2022. From 2023 to 2033, the textile chemicals market in Asia is projected to grow at a rate of 6%, with a valuation of US$ 24,600 million at that time.
This expansion is projected due to a growing demand for apparel, technical textiles, home textiles, and other products. With an increasing population, demand for clothing and other textile items is predicted to boost the demand for textile chemicals and challenge the industry’s manufacturing capacity.
The recent rise of the textile chemicals business has been driven supported by an increase in the textile industry, shifting fashion trends, and a preference for home décor and furnishing around the world. Moreover, the application of these chemicals in flooring and construction purpose has linked the Asia textile chemicals market growth with the infrastructure and real estate business as well.
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Nevertheless, as the market product’s application breadth expands, customer preferences for bio-chemicals with similar qualities are expected to fuel development and limit the Asia textile chemicals market growth to certain degrees. Furthermore, the rising consumption of technical textiles in the automotive industry is likely to present new opportunities for market players in Asia.
Also, global commerce is becoming more difficult as a result of the recession in several nations, resulting in currency swings. The Eurozone crisis and the trade war of China with the US are two other key difficulties confronting the textile chemicals sector.
Key Takeaways from the Asia Textile Chemicals Industry
China is the leading country in the Asia textile chemicals market and contributes to almost 58.5% of the total sales achieved per year which can be translated to US4 8.306 Mn.
India is the second largest contributing regional textile chemicals market with a share of 12.6% in the Asia Market which is equal to US$ 1,796 Mn in the present year 2023.
Other Major regions surveyed by the report like Bangladesh, Vietnam, and Indonesia are found to be holding shares of 4.6%, 4%, and 3% respectively.
Japan is another significant contributor to the Asia textile chemicals market, particularly in Technical textiles manufacturing and sales.
Competitive Landscape for the Asia Textile Chemicals Industry Players
The Asia textile chemicals industry is dominated by a number of small regional players as well as large-scale producers and suppliers competing at the global level. The majority of textile chemicals companies are implementing new strategies and tactics through extensive R&D, mostly to meet the evolving needs for eco-friendly chemicals.
Recent Developments in Asia Textile Chemicals Industry
Solvay S.A.’s incorporation in January 2021 said that it will begin establishing a close circular economy utilizing blockchain payment technology. The system can be used to store, exchange, develop, and trace product details from feedstock producers’ sources to end consumers.
In October 2020, TANATEX Chemicals B.V. joined forces with other top textile firms to drive textile sector sustainability. The collaboration’s goal was to create sustainable chemicals for the textile sector.
Pulcra Chemicals bought Devan Chemicals, which is a textile chemicals firm, in July 2021. Devan Chemicals Company is well-known for its Bi-Ome antibacterial spectrum, and long-standing leadership in thermoregulation and flame retardant textiles.
Asia Textile Chemicals Industry by Category
By Product Type:
Textile Auxiliaries
Textile Colorants
By Process Type:
Pre-Treatment
Dyeing
Finishing
Others
By Application:
Apparels
Home Furnishings
Others
By Country:
China
India
Bangladesh
Vietnam
Indonesia
Others