The market for textile chemicals in Asia is expected to exhibit a steady CAGR of 7.6 per cent during 2014 to 2020. As of 2014, textile chemicals accounted for nearly two per cent of the overall specialty chemicals market.
Textile chemicals are a 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 color to the fabrics during the manufacturing process.
The Chinese textile chemical market is expected to grow at CAGR of 8.6 per cent. In terms of market value, India is the second largest market for textile chemicals in Asia. The Indian textile chemicals market is expected to witness a steady growth at a CAGR of nine per cent in the same period. Countries like Vietnam, Bangladesh, and Indonesia also are expected to witness relatively high growth in the textile chemicals market.
From applications perspective, the market is composed of the apparels segment, the home furnishings segment and other (technical and smart textiles) segments. The apparels segment accounts for the largest share among these segments and is slated to register a CAGR of 6.8 per cent during the forecast period.