The global textile chemicals market size is projected to reach USD 26.97 billion by the end of 2026. The increasing applications of the product across diverse industry verticals will emerge in favor of the growth of the market. According to a report published by Fortune Business Insights, titled “Textile Chemicals Market Size, Share & Industry Analysis, By Product Type (Coating & Sizing Chemicals, Colorant & Auxiliaries, Finishing Agents, Surfactants, De-sizing Agents and Others), By Application (Apparel, Home Furnishing, and Technical Textiles) and Regional Forecast, 2019-2026,” the market was worth USD 20.67 billion in 2019 and will exhibit a CAGR of 3.5% during the forecast period, 2019-2026.
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Textile chemicals are products that are used in the treatment of textile material at various stages in the manufacturing process. The product plays an important role in obtaining favorable textile properties. The rising applications of textile chemicals across diverse industry verticals will emerge in favor of the growth of the overall market in the forthcoming years. The massive investments in the development of efficient textile chemicals by major companies across the world will contribute to the growth of the market. Accounting to the rising awareness regarding the use of harmful chemicals and their adverse effects on the quality and durability of textiles, there is an increasing demand for green textile chemicals across the world. The increasing R&D activities will play a crucial role in the development of green textile chemicals in the coming years.
The Asia Pacific Likely to Emerge Dominant; Presence of Major Textile Manufacturers will Bode well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. Asia Pacific is the hub for leading textile manufacturers. The region is home to companies such as DIC Corporation, Sarex Chemicals, and Kiri Industries. The favorable climatic conditions have led to an ease of availability of raw materials in several countries across this region. As of 2019, the market in Asia Pacific was worth 1.54 billion and this value is projected to increase at a considerable pace in the coming years.
Information source: https://www.fortunebusinessinsights.com/textile-chemicals-market-103284