According to a recent study by a global market intelligence and consulting firm, the surging apparel sales via online retail shops have been enabling sustainable growth in the textile chemicals market amid COVID-19. Some of the leading players are focusing on improving their online presence to offset the lack of footfall in brick and mortar stores.
This factor, while enabling growth in the textile sector, will create growth prospects for the textile chemicals market as well. Textile chemicals are a key ingredient in fabric processing that provide sweat absorption, antimicrobial properties, stain and wrinkle protection, specific texture and finish to the material.
Increasing focus on sustainable clothing has compelled market players to shift focus towards eco-friendly textile chemicals, finds a study. The market also is expected to gain from the advent of novel technologies, aiding the production of smart textiles that offer improved quality and better durability.
The report uncovers hidden opportunities in the market, besides offering a comprehensive overview. Some of the key takeaways from the report are discussed below.
Key takeaways from textile chemicals market report
- While synthetic fibers continue witnessing surging sales, demand for sustainability will bolster growth prospects for the segment comprising natural fiber
- Asia Pacific will continue recording high demand for textile chemicals, backed by the expansion of the apparel industry
- Consistent demand for coating and sizing chemicals will contribute to help the segment dominate the market in terms of product type
- Increasing demand for non-toxic colorant and dyes will significantly fuel demand in the market
The COVID-19 pandemic disrupted numerous industries including the textile chemicals sector. The lockdown imposed in countries has led to shutdowns of several plants and businesses. Lack of raw materials has put a halt to manufacturing. The halt in production and transportation have declined sales and economy in the textile chemicals market. Though the market is going through a downward trend, it is expected to bounce back in 2021.
Research and development efforts to boost growth
Textile chemicals emit toxic substances during manufacturing that are hazardous to human beings. This has led to the implementation of strict regulations by the government regarding the use of textile chemicals, stunting the growth of the market to an extent. To mitigate concerns about environmental threats, manufacturers are now shifting their attention towards creating eco-friendly textile chemicals.
The introduction of bio-chemicals is expected to create lucrative growth opportunities for the players in the market. These chemicals are created using plant and animal fats or oil, making them environmentally susceptible and cost-efficient.
Furthermore, the advent of sterile textiles is expected to rapidly fuel demand in the market. Some of the key players in the market are Archroma Management LLC, Hunstman Corporation, Bozzetto Group, DyStar Singapore Pte, Ltd., Tanatex Chemicals, Rudolf Group, Evonik Industries and Wacker Chemie AG.
These insights are based on a report on Textile Chemicals Market by Fact.MR.