Increasing demand from various textile applications is expected to drive the textile finishing chemicals market. The global textile finishing chemicals market size is expected to grow from USD 6.
New York, March 17, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Textile Finishing Chemicals Market by Type, Process, Application, Region - Global Forecast to 2024" - https://www.reportlinker.com/p05863994/?utm_source=GNW
2 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 5.5% during the forecast period. It is driven by various factors, such as high demand from the technical textile and home textile applications. The growth of these applications is likely to propel the market. However, stringent environmental regulations regarding the disposal of textile finishing effluents are likely to hinder the growth of the market.
The softening finishes type segment is estimated to drive the global textile finishing market during the forecast period.
The global textile finishing chemicals market has been divided into 6 major types - softening finishes, repellent finishes, wrinkle free finishes, coating finishes, mothproofing finishes, and others.The softening finishes segment is projected to be the largest and the fastest-growing type of textile finishing chemicals, globally during the forecast period.
Softening finishes are commonly used because they assist textiles to attain softness, smoothness, flexibility, superior drape, and elastic properties.Moreover, softening finishes provides a refreshing fragrance as well as reduces the danger of germ invasion.
These finishes reduce the wear and tear of the apparel and also provide shape retention, which further fuels the demand for textile softener finishes in the market. The growth is mainly attributed to the increasing use of softening finishes in the clothing textiles and home textiles.
The pad-dry cure process segment is estimated to drive the market during the forecast period.
Based on process, the textile finishing chemicals market has been segmented into three types -pad-dry cure process, exhaust dyeing process, and others.The pad-dry cure process is projected to be the largest and the fastest-growing process in the textile finishing chemicals market during the forecast period.
It is a continuous high speed process that saves time and cost.Also, this process can be used on all kinds of textiles and on a variety of finishing chemicals.
Thus this process is the most common process of application for textile finishing chemicals.
The technical textile application is projected to register the highest CAGR during the forecast period.
On the basis of application, the textile finishing chemicals market can be divided into four major types – clothing textile, home textile, technical textile, and others.The technical textile application is projected to be the fastest-growing application for textile finishing chemicals market during the forecast period.
These textiles possess unique and special characteristics.Technical textiles are largely used in non-aesthetic applications such as transportation, automotive, medical & personal hygiene, industrial, packaging and sports.
Technical textiles provide protection; the demand for protective clothing has increased not only because of industrialization but also because of the increased level of awareness of health & safety and hygiene. All these factors are boosting the growth of technical textile application in the textile finishing chemicals market.
The textile finishing chemicals market in APAC is expected to record the highest growth during the forecast period.
APAC is projected to be the largest and the fastest-growing region for textile finishing chemicals market, globally during the forecast period.The emerging economies of APAC, such as China, India, Bangladesh, Vietnam, and Indonesia, play a major role in the growth of textile finishing chemicals market.
The expansion of the textile industry and the rising awareness of consumers toward fashion and quality apparel will drive the market of this region during the forecast period.Moreover, there is increasing competition among emerging markets such as Vietnam, Indonesia, and Bangladesh.
The textile finishing chemicals market in APAC is projected to register the highest CAGR due to the growing economy, increasing textile exports, presence of huge textile manufacturers, and low labor cost.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the textile finishing chemicals market.
• By Company Type - Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%
• By Designation - C Level: 21%, Director level: 23%, Others: 56%
• By Designation - North America: 45%, Europe: 27%, APAC: 15%, South America: 7%, Middle East & Africa: 6%
The textile finishing chemicals market comprises major solution providers, such as Huntsman Corporation (US), Wacker Chemie AG (Germany), The Dow Chemical Company (US), BASF (Germany), Archroma (Switzerland), Evonik Industries (Germany), Dupont (US), Solvay SA (Belgium), Tanatex Chemicals B.V (Netherlands), and Dystar Singapore PTE Ltd. (Singapore). The study includes an in-depth competitive analysis of these key players in the textile finishing chemicals market, with their company profiles, recent developments, and key market strategies.
The report covers the global textile finishing chemicals market based on type, process, application, and region.This study aims at estimating the size and future growth potential of the market across various segmentation types.
It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the global textile finishing chemicals market and its sub segments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses in a better way and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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