Textile Chemicals Market expected to reach US$ 11.6 Bn & ~ 5.4 % CAGR through 2021-2031

The Asia textile chemicals market is anticipated to reach a valuation of US$ 11.6 Bn by the end of 2020. Over the years, growing environmental and water resources concerns have pushed textile manufactures to seek out alternative and sustainable dyeing practices. The textile industry has especially been heavily criticized for polluting the environment by discharging hazardous wastes. Additionally, Greenpeace concluded that most adult and children’s clothing contains dangerous chemicals such as lead, formaldehyde, perfluorinated and polyfluorinated chemicals (PFC) and phthalates which have an adverse impact on the human body.

In the wake of such trends, leading textile companies are weaning away from such harmful chemicals and opting for safer and more durable approaches towards cloth manufacturing. Government agencies have played a pivotal role in ensuring that large textile corporations adhere to legal safeguards implemented to minimize adverse environmental impacts. For this, strict controls over supply chains have been imposed, with many companies working in close proximity with their manufacturing units. This allows them to regulate the nature of the chemicals being utilized in the production process.

“Research is underway to develop microbes capable of producing high-performance renewable dyes to address the needs of the mainstream textile industry. Using synthetic biology, it is possible to culture microbes from agricultural by-products, such as molasses, to develop colorants required in textile dyeing. This is poised to not only mitigate environmental degradation, but would also prove very inexpensive as a raw material,” infers a prominent FMI analyst.

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Asia Textile Chemicals Market- Key Takeaways

• Textile auxiliaries acquire an edge over textile colorants, due to growing emphasis on higher quality chemicals that are compliant with existing regulations.
• China emerged as the kingpin of the Asian textile chemicals market, accounting for three-fifths of the market share. The strong presence of manufacturing industries has attracted key market players, generating significant revenue.
• India has emerged as the second-largest textile chemical consumer, attributed to a burgeoning textile industry due to the availability of cheap labor.
• The Asian textile chemicals market expanded at a CAGR of 7.6% between 2014 and 2020, demonstrating a steady growth trajectory.
• The finishing process recorded the fastest growth amongst all processes. Growth in demand for textiles and apparels for specific functional finishes is the principal growth driver.

Asia Textile Chemicals Market- Prominent Drivers

• Development of innovative and differentiated product offerings to secure a foot hold in the wake of the fragmented nature of the industry is driving the adoption of sustainable textile chemicals by manufacturers.
• Emerging markets such as Indonesia, Cambodia, Bangladesh and Vietnam are encouraging vendors to initiate their businesses across these regions. Availability of inexpensive labor has provided manufacturers with an opportunity to lower their production costs, maximizing revenue prospects.

Asia Textile Chemicals Market- Key Constraints

• Conventional textile chemicals are anticipated to be relegated to the backseat, owing to their highly hazardous nature, hindering market prospects due to stringent government regulations.

Anticipated Impact of the Coronavirus Outbreak

The textile chemicals industry has experienced a significant slump due to the coronavirus pandemic. This decline is attributed to a nosediving demand for textile products in domestic as well as international markets. Amongst all Asian countries, China has recorded the maximum bust, given the fact that it is the epicenter of the pandemic. The imposition of nationwide lockdowns to contain the virus’s spread, major textile industries have ceased their operations. Additionally, countries such as India and Bangladesh have also taken a major hit, as the entire apparel and textile industry in these countries are highly labor intensive. Mandatory social distancing measures have forced these laborers to remain indoors, affecting productivity by reducing output. According to the International Textile Manufacturers’ Federation (ITMF), an 8% decline in apparel orders were recorded in the past two months due to supply shortages.

The apparel industry has been the most severely affected, with stores remaining shut and buyers postponing or cancelling orders due to piling inventories. As a consequence, garment production has fallen, which has generated sluggishness in the textile chemicals market. The industry is not expected to rebound anytime soon in India, despite it lifting curbs on the lockdown. This is primarily because majority of garment workers are from different states and a majority of them have returned to their hometowns and are unlikely to return to the factories even after production resumes. Hence, the Asian textile chemicals market is looking at a long-term stagnation, requiring a minimum period of 4 to 6 months for business recovery.

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Competition Landscape

The global textile chemicals market is fragmented, with a host of market players engaged in offering textile chemical formulations from a variety of substances. In the Asian market, the prominent vendors are DyStar group, Archroma and Huntsman Corporation. These vendors are concentrating on development of textiles with smart functions, incorporating usage of nanotechnology, biotechnology, specialty coatings, ink-jet printing technologies and use of high-performance protective material. The players are also offering differentiated product offerings in order to acquire a competitive edge in the market. For instance, Archroma is involved in the production of aniline-free indigo to be used in denim clothes production. The dye, christened as Denisol Pure Indigo reduces the risk of exposure to aniline while using it to coat denim products. Additionally, the product is in line with the global outlook towards maintaining sustainability.

Textile Chemicals Market by Category

By Product Type:

• Textile Auxiliaries
• Textile Colorants

By Process Type:

• Pre-Treatment
• Dyeing
• Finishing
• Others

By Application:

• Apparels
• Home Furnishings
• Others

By Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• Asia Pacific excluding Japan
• Japan
• Middle East and Africa (MEA)

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