Transparency Market Research in a study reports the need for better and smarter textiles to support evolving industrial applications that will encourage the introduction of enhanced textiles using innovative textile chemicals. From airbags to fire resistant textiles, top players in global textile chemicals market are focusing on enhancing their facilities and investing in R&D to cater to the evolving consumer demands.
Players such as The Dow Chemical Company, are launching antimicrobial technology that protects textiles against the growth of harmful bacteria. Given this scenario, companies will have to put in place strategies for meaningful mergers and acquisitions to grab more market share. This move will also help them add to their existing portfolio of products.
A TMR analyst notes, "Strengthening economies and rising agricultural activities, increasing healthcare infrastructure, expanding clothing industries, growing number of participants in the sporting activities, and other industries that employ skilled human resource are driving the demand for textiles, thereby augmenting the textile chemicals market."
The demand for textile chemicals will grow exponentially in the coming years due to their ability to enhance the characteristics of textiles by adding strength and versatility. The rise of the packaging industry is also expected to boost the global textile chemicals market in the near future.
The harmful effects of chemicals on the environment and to human health is a serious challenge the industry faces. The disposal of water from textile chemical industries into the local water bodies has created not just polluted water bodies but also a water shortage. Furthermore, the quality of the soil is being degraded by these chemicals, thereby creating a severe impact on the human life.
Despite many issues faced by industry the global textile chemicals market has a bright future. For example, the use of chemicals to add to the strength of the textiles will make textiles a notable option to replace conventional construction materials such as wood, concrete, and glass amongst others.
TMR analysts have estimated that the opportunity in the global textile chemicals market will be valued at US$ 29.15 bn by 2024 rising from US$ 21.02 bn in 2015. The steady growth of 3.7 per cent in this market from 2016 to 2024 will be attributable to the soaring demand for home furnishings. Asia Pacific holds the biggest share in the overall textile chemicals market in terms of volume.