India will be the most profitable market for textile chemicals due to its rapid expansion
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06 December 2021, Mumbai:
India will emerge as the most attractive market in the textile chemical business over the next ten years, with the quickest increase in terms of value. Future Market Insights (FMI), a major consulting organization, predicted the same. China is expected to lead East Asia's textile chemical market, with a 10.6% compound annual growth rate.
Japan will overtake the United States as the biggest market in North America, owing to strong demand in the textile and garment industries.
According to the analysis, the worldwide textile chemical industry will develop at a 5.40 percent compound annual growth rate (CAGR) during the next ten years. In 2021, the worldwide textile chemical market was valued at US $ 22,126.3 million.
According to the research, the clothing industry's increased desire for non-toxic chemicals is driving up sales of textile chemicals throughout the world. To meet the demand in the textile and clothing industries, leading corporations are spending extensively on the research and development of eco-friendly non-toxic chemicals.
"The development of chemicals that minimize water use in textile production and processing would help to boost demand for textile chemicals in China, India, and Vietnam," the paper said. According to FMI, in 2021, South Korea and Japan would account for roughly 12% of the global market share, owing to increasing demand in the garment sector. Over the projected period, the clothing sector will lead the worldwide textile chemical market by application type.
Textile auxiliaries will continue to lead in terms of product type, with high single-digit growth expected throughout the projected period. Some of the main competitors featured in the textile chemicals market are Huntsman Corporation, Archroma Management LLC, Evonik, Kemira, Solvay, Lonsen, CHT Group, and DyStar Group, among others.
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