The market for textile chemicals in Asia will exhibit a steady CAGR of 7.6% during 2014 to 2020, according to a report published by Future Market Insights (FMI). According to FMI’s in-depth analysis of the textile chemicals market in Asia, it will reach US$ 11,626 million by 2020.

Textile chemicals are class of specialty chemicals and comprise chemicals and intermediates that are used in various stages of textile processing, such as preparation, dyeing, printing and finishing. These are often used to enhance or impart desired properties and colour to the fabrics during the manufacturing process. As of 2014, textile chemicals accounted for nearly 2% of the overall specialty chemicals market.

FMI’s report called Asia Textile Chemicals Market Analysis & Opportunity Assessment, 2014 – 2020 analyses the Asian textile chemicals market in terms of market value on the basis of product types, end use applications and countries of the Asian region.

Fragmented industry

The major players in the textiles industry across the globe are emphasising on channelising efforts towards ensuring sustainability throughout the value chain. As such, there is an ever-increasing demand for eco-friendly chemicals that minimise the amount of water and energy required in various stages of textile processing and are in compliance with regional and international regulations.

Textile chemicals industry is highly fragmented and comprises large number of small and big players catering to the demands of textile manufacturers. Due to this fragmented nature, developing innovative and differentiated product offerings has emerged as a key to gain competitive advantage. Moreover, growth in demand for functional finishes has resulted in a steady growth of textile finishing chemicals that impart desired specific finishes to textile and apparels.

From regional perspective, China accounted for a major share in overall Asian textile chemicals market in 2014. China textile chemicals market is expected to exhibit a CAGR of 8.6% during the forecast period 2014─2020. In terms of market value, India is the second largest market for textile chemicals in Asia. It is expected to witness a steady growth at a CAGR of 9.0% in the same period. Countries like Vietnam, Bangladesh, and Indonesia also are expected to see relatively high growth.

Apparel segment drives growth

From product type perspective, the market size of textile auxiliaries segment is expected to grow faster than the textile colourants segment. The segments are projected to witness high single-digit growth during the forecast period.

From the process perspective, the finishing process segment is slated to experience faster growth than that of pre-treatment, dyeing and other segments. It is expected to register a CAGR of 8.6% between 2014 - 2020. This is primarily due to growth in demand for textiles and apparel with specific functional finishes.

From applications perspective, the market is composed of apparel segment, home furnishings segment and others (technical and smart textiles). The apparels segment accounts for largest share among these segments and is slated to register a CAGR of 6.8% during forecast period.

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