Textile Chemicals Market : Asia Industry Analysis and Opportunity Assessment 2014 – 2020
The class of specialty chemicals which involves chemicals and intermediates that are used in various stages of textile processing such as preparation, dyeing, printing and finishing, is termed as textile chemicals. These are often used to enhance or impart desired properties colour to the fabrics during their manufacture. Textile chemicals comprising textile auxiliaries and textile colourants account for nearly 2% of the overall specialty chemicals market.
Asia textile chemicals market is projected to exhibit a CAGR of 7.6 % to reach nearly USD 11626 million by the end of forecast period
Drivers & Trends
Growing concern for ensuring sustainable development is expected to have a major impact on Asia textile chemicals market. There is an ever increasing demand for eco-friendly chemicals which minimize the amounts of water and energy required in various stages of textile processing and are in compliance with regional and international regulations. Moreover, due to fragmented nature of the industry, developing innovative, differentiated product offerings has become need of the hour in order to gain a competitive advantage. Also, growth in demand for functional finishes such as water repellence, anti-bacterial finish, and soil release among others has resulted in a steady growth of textile finishing chemicals that impart these specific finishes to textile and apparels.
Textile Chemicals – Market Taxonomy
Future Market Insights, in its report Asia textile chemicals market analysis and opportunity assessment, 2014-2020, has segmented the market into various key segments considering geography, applications, type of processes and product types as the basis for market segmentation.
Based on geography, the Asia textile chemicals market is analysed for key countries including China, India, Bangladesh, Vietnam, Indonesia and Rest of Asia segments. On the basis of end use applications, the market is segmented into apparels, home furnishings, and others (industrial and technical textiles etc.). Moreover, based on process types, the market is segmented into pre-treatment, dyeing, finishing and others (chemicals involved in printing process etc.) segments. Depending on the type of products, Asia textile chemicals market is segmented into textile auxiliaries segment and textile colourants segment.
Analysis by Product-Type
Asia textile chemicals market has been segmented into two segments depending on the type of product. These product-type based segments are textile auxiliaries and textile colourants. Textile auxiliaries segment comprise those chemicals that are used during various processing stages involved in manufacture of textile and apparels from the fibre, fabric stage. The chemicals that impart colour to textiles and apparels fall under textile colourants segment of Asia textile chemicals market.
The two segments are evenly poised in Asia textile chemicals market with textile auxiliaries segment having a slight edge over textile colourants segment. During the forecast period, the demand for textile auxiliaries is expected to witness a faster growth as compared to that of textile colourants. Moreover, textile auxiliaries segment is expected to retain its majority share in market value terms throughout the forecast period. The forecast CAGRs for these segments are 8.0% and 7.1% respectively.
The textile industry in the Asia has witnessed a steady growth over the years due to emergence of several relatively low cost manufacturing avenues such as Vietnam, Bangladesh, and Indonesia among others. These regions have shown considerable growth in their textile exports to key developed countries especially US and European countries. This growth in textile industry is in turn expected to manifest in growth in demand for textile chemicals. As such Asia textile chemicals market is expected to witness steady growth during the forecast period, 2014-2020.
Growing emphasis on higher quality chemicals that are compliant with prevailing regulations has gained momentum and as such has resulted in an increase in their demand. Moreover, as is mentioned, growth in demand for functional finishes for textiles and apparels has led to an increase in demand for the chemicals imparting these finishes. This in turn is expected to drive the textile auxiliary segment’s growth during the forecast period.