The market for textile chemicals is expected to register a CAGR of less than 4%, during the forecast period. One of the major factors driving the market studied is the robust growth of the apparel market in developing economies. However, pollution problems caused by the textile dyeing and finishing industry is likely to restrain the market.
- Rising demand for industrial fabrics in North America is also likely to boost demand, during the forecast period. - Development of smart textiles is likely to act as an opportunity for the growth of the market, in the future. - Asia-Pacific is likely to dominate the market during the forecast period.
Key Market Trends Apparel Application to Dominate the Market
- Apparel is one of the fundamental need of a human being and is also one of the fastest growing business globally. Textiles and clothing are key exports, especially for low- to middle-income countries. Bangladesh has the highest total dependence on textiles and clothing as a total share of merchandize exports (83%), followed by Pakistan (66%) and Sri Lanka (45%). The top textile apparel exporters are China, India, Bangladesh, Turkey, Indonesia, and Vietnam, accounting for over 70% of the total world textile apparel exports.? - Increasing demand for textiles and apparels is expected to drive the demand for textile chemicals in these applications. Asia-Pacific, the largest market for woven fabrics, is witnessing healthy growth due to the increasing demand in countries, like India, China, etc. - China’s textile and apparel industry is one of the major industries, and the country is the largest clothing exporter across the world. - In India, the demand for apparels has increased with growing consumer preference, in response to growing foreign textile brands. The demand has been augmented by digitalization, social networking sites, and apps, which help in increasing the sale of garments. Some apparel manufacturers in India state that the growth rate in menswear brands is at 7-10%, while the growth rate of women and kids apparel is around 15-20%. Also, the growing number of working women has increased the demand for women apparel. - Small regions, such as Bangladesh, witnessed an increase in population and living standards, driving the demand for knitted fabrics. - However, the COVID-19 has a huge impact on the apparel industry globally due to the lock down in various countries. Moreover, the slowing down of manufacturing activities due to the economic slowdown and lockdowns due to COVID-19 outbreak is expected to have a negative impact on the growth of the market studied but it is likely to recover by the end of 2020.
China to Dominate the Asia-Pacific Market
- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. - The Chinese textile industry is the largest in the world, both in terms of production and exports. The textile industry in China is also booming with increasing investments and government support from the 13th Five Year Plan. - Investment in the country’s textile industry has been increasing, owing to cheaper electricity rates, transportation subsidies, and lower raw cotton prices. - In addition, through the Belt & Road initiative, the country saw a in-flow of huge investments, both domestic and foreign, mainly focusing on increasing production capacity in the country and further increase exports of textiles and apparel. - Moreover, amid the recent COVID-19 outbreak, there has been an exponential increase in the production of masks and PPE kits, both domestically and internationally, which has enhanced the usage of textile chemicals significantly. As of May, 2020, China was producing around 116 million medical masks and millions of PPE kits daily. - However, currently, due to the COVID-19 outbreak, the economic activities and industrial manufacturing activities have been affected significantly in the country. As of mid-2020, IMF predicted that China is likely to register GDP growth of about 1.2% for 2020, which reflects a significant decline from 6.1% in 2019.
Competitive Landscape The global textile chemicals market is fragmented, with the presence of both multi-nationals and regional players. The top 5 players accounts for a noticeable share of the global’s market demand. Key players in the market studied include Archroma, Huntsman International LLC, Dow, Wacker Chemie AG, and Evonik Industries AG, among others.
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