Newsline-International | February 2016
Textile chemicals market to hit $25.42 bn by 2020
Almost all textile processes require the use of textile chemicals, which are used as either intermediates or compounds for the manufacturing and processing of textiles. It is the task of textile chemicals to alter or modify the nature of the textile itself, usually imparting superior properties to it. This includes reflective textiles, fireproof textiles, and many other types that are created for special utility or aesthetic appeal. The textile chemicals used are of many types; whether they are used in pre-processing, pre-treatment, or finishing, textile chemicals play an integral role in the global textile industry. It is no wonder then that textile chemicals are in such great demand.
The global textile chemicals market is expected to progress at a CAGR of 3.70 per cent between 2014 and 2020. The market was valued at $19.6 billion in 2013. With its current rate of growth, the global textile chemical market is expected to reach $25.4 billion by the end of 2020. From what is already known, the global textile chemicals market is entirely dependent on the progress rates of the global textile industry. There are certain segments within this industry that achieve greater levels of demand than the other, and technical textiles is one of them. The global textile chemicals market is one of the conventional markets that is undergoing a heightened level of reform. This is to reduce the negative impact of chemicals and toxins released into the environment as a result of their production and/or usage. For instance, the Zero Discharge of Hazardous Chemicals Group has recently finished reviewing the global textile industry. There is a large gap between the measuring methods in each region and their discharge regulations. Although brands and/or multi-brands may adhere to these regulations, there is no direct comparison between the various nations and their toxic chemical output. As such, unified discharge guideline for all companies in the global textile industry in support of an industry-wide waste water management effort has been suggested. At the same time, the EU has also called for new textile-specific regulations. The specific product acts will be aimed at textiles with the intention of minimalising the environmental risks linked to the disposal of chemicals, especially in clothing.