Asia Textile Chemicals Market Size, Share, Demand & Trends by 2033

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 According to Future Market Insights, an ESOMAR-certified consulting firm, the global Asia Textile Chemicals Market will grow at a 6% CAGR between 2023 and 2033.

However, growing global demand for PPE kits and masks improved the supply-chain of textile chemicals in China, India, and Japan.

The apparel industry’s increasing demand for non-toxic chemicals is driving up global textile chemical sales. To meet the demand in the textile and apparel industries, key players are investing heavily in research and development for the development of eco-friendly non-toxic chemicals.

The development of chemicals that reduce water consumption in textile production and processing will boost textile chemical demand in China, India, and Vietnam, boosting growth.

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FMI forecasts, South Korea and Japan, collectively, accounted for around 12% global market share backed by the burgeoning demand within apparel industry in 2021.

According to the FMI’s analysis, the global Textile chemicals market reached a valuation of US$ 13,360 Mn in 2022.

Key Takeaways from FMI’s Textile chemicals Market Study

  • By application type, apparel segment will lead the global textile chemicals market over the forecast period.
  • In terms of product type, textile auxiliaries will retain its dominance, witnessing high single digit growth during the forecast period
  • Finishing process will be the most preferred process among textile chemicals manufacturers, registering a growth of 10.6% CAGR
  • Japan will emerge as the leading market across North America backed by the high demand within the textile & apparel industry
  • India will emerge as the most lucrative market registering fastest growth in terms of value over the forecast period
  • China is anticipated to lead the East Asia’s Textile chemicals market, exhibiting the growth at 10.6% CAGR

Increasing sustainability approach for reduced water consumption and adoption of non-toxic chemicals are fuelling the demand from apparel industry. This has in turn strengthened growth opportunities for the market players, says the FMI analyst.

Competitive Landscape

Huntsman Corporation, Archroma Management LLC, Evonik, Kemira, Solvay, Lonsen, CHT Group and DyStar Group among others are some of the key players profiled in the textile chemicals market.

As per the FMI’s analysis, the market is dominated with top 5 players operating in Textile chemicals market, accounting for around 20-25% of market share.

Key players are adopting sustainable approaches to strengthen their position in the industry while adhering to the stringent regulations for textile chemicals laid down by government.

Long-term agreements with apparel industry stakeholders and targeted mergers & collaboration to improve the revenue generation will be one of the key strategy adopted by industry players.

For instance, Department of Textile Engineering, University of Engineering and Technology (UET), in May 2021, announced the launch of the textile sustainability working group to conduct training and seminars, mill assessment related to energy conservation and sustainability research & development projects.

In July 2019, Achitex Minerva announced the acquisition of the corporate assets of Minerva Color Columbiana for the expansion of the market structure of Achitex Minerva Colombia LTD, in Bogota

More Insights on the Global Textile Chemicals Market

In its latest report, FMI provides an incisive coverage on the global Textile chemicals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (textile auxiliaries and textile colorants), application type (apparels, home furnishings, and others), and process type (pre-treatment, dyeing, finishing, and others)

Table of Content

1. Executive Summary

    1.1. Asia Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

To be continued…!

Browse Full Report @ https://www.futuremarketinsights.com/reports/asia-textile-chemicals-market

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