- Changing market preference sparks growth
- Target pledges to remove chemicals from products
- Flame retardant market to reach $10 billion
The textile chemicals market will be valued at more than $30.7 billion by 2025, according to Grand View Research. Demand will grow at a compound annual growth rate (CAGR) of 3.4%, reaching 13 million tons, up from 9.78 million tons in 2015.
Market growth will be fueled by consumer demand for innovative products, increased disposable income in emerging economies and increased demand for specialty textiles used in construction, industry and medicine.
In 2015, apparel accounted for 25% of revenue worldwide while home furnishings surpassed 3,600 kilotons.
The market’s greatest challenge is government regulations on chemical use. These regulations are in place to protect health and the environment.
Target’s Chemical Pledge
Government regulations, however, may not be the market’s only hurdle. Retailers’ policies may be as well.
American retailer Target Corp. has pledged to remove all fire retardants, known carcinogenics, and perfluorinated chemicals from the textile products it sells by 2022. The pledge covers both national brands and Target-brand products as well as products used to clean stores.
These chemicals are found in a wide range of products from clothing to home décor.
Target also wants manufacturers to list all the ingredients used in products by 2020.
The move comes as Target customers have told the company they are worried about the chemicals in products. In 2015, more than 1,000 chemicals were removed.
Target also pledged to remove six chemicals from its cleaning products, baby-care line and beauty and personal-care products by 2020.
Over the next five years, Target will invest $5 million in green chemicals.
Flame Retardant Market to Grow
Meanwhile, the flame retardant market is forecasted to reach $10 billion by 2020. In 2014, the market was worth $6 billion and 2.5 million tons of chemicals were produced.
Flame retardants are manufactured by combining different chemicals with different properties to achieve fire resistance. Some of the chemicals used include Aluminum trihydrate, antimony oxides, bromine, chlorine, nitrogen, organophosphorus and phosphorus.
The most common use of flame retardants are textiles. Growth in the market comes from changing fire safety regulations. The market’s greatest challenge is concern over fire retardants’ toxicity.
- In 2015, coating and sizing chemicals were the largest consumed product category, valued at $6.3 billion, but only accounted for slightly more than 30% of global demand. Over the next nine years, the technical textile application segment is forecasted to grow the fastest.
- From 2016 to 2025, Asia-Pacific is forecasted to grow at a CAGR of 4.2%, the region with the fastest growth.
- From 2016 to 2025, the U.S. product market in the technical textile segment is forecasted to grow at a CAGR of 3.8%. By 2025, it will be valued at 930.1 million.
- In 2015, five companies accounted for more than 50% of the industry’s total revenue globally.