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Description
Textile Chemicals Market size was valued at USD 24,532.8 million in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period 2022 to 2028. Textile chemicals are used to give materials certain attributes like sweat absorbency, antibacterial properties, wrinkle resistance, stain resistance, and the desired texture and finish. However, toxic compounds released throughout the manufacturing process could endanger the environment and human health. India is the world’s second-largest textile exporter. Several dye plants in China have been forced to close due to strict environmental laws. As a result, Indian companies have been able to break into the international market. Various government initiatives are being implemented to promote textile industry in the country. The Maharashtra state government took one of the measures by establishing nine textile parks to help the domestic manufacturing sector. The majority of Indian firms have moved their attention to investing in product innovation, which is aided by the government’s Make in India initiative. The aspiring youth, who make up the majority of the Indian population, are primarily responsible for the desire for garments with a variety of textures and styles. Over the projected period, rising consumer disposable income combined with an increase in the adoption of casual apparel is expected to boost clothing demand. Environmental worries over textile chemicals have turned large manufacturing businesses’ attention to green (bio-based) chemicals, which are environmentally beneficial. Green chemicals are made from animal and plant fats/oils, making them both environmentally benign and cost-effective when compared to their traditional equivalents. Because low-cost feedstock is readily available, companies that produce bio-based chemicals can compete on price. Some of the key factors fueling the market growth include evolution of environmental friendly chemicals required by textiles industries, increase in demand for home furnishing products, on-going advancements in the textile chemicals, rise in development of apparel consumption, growing adoption of low VoC and biodegradable materials for textile manufacturing. However, fluctuating prices of raw materials and stringent environmental regulations regarding disposal of textile effluents are hindering the market growth. There are number of raw materials used in textile industry. Some of the raw materials include oxalic acid, polyvinyl chloride (PVC), sulfuric acid, acetic acid, peroxide, polychloroprene (neoprene) and polytetrafluoroethylene (PTFE). Surfactants and phenols are other materials which are also used in the industry and prices of these raw materials are fluctuating which poses a challenge to the market players to attain profitability and economies of scale. Global textile chemical market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in May 2019, Archroma launched Appretan® NTR, a water-based textile coating binder based on renewable natural ingredients. In addition, the unique chemistry of this binder makes it resistant to water, mild solvents, oil and fat, and it also provides an increase in dry and wet tensile strength.
Key Development:
In May 2021, Cosmo Specialty Chemicals Pvt. Ltd., a leading industry player, announced the development of eco-friendly ‘Microenz BS’ sourced alkaline pectate lyase, to reduce water wastage.
In April 2020, Huntsman Textile Effects and Phong Phu International (PPJ), announced a strategic partnership agreement that promotes PPJ’s growth across Asia, specifically in Vietnam, for the manufacturing of sustainable and high-performance textiles for leading brands and retailers.
