Market Overview
The Asia-Pacific textile chemicals market is anticipated to grow at a CAGR of 6% during the forecast period 2024-2031. The region as a whole experienced higher economic growth and rising per capita income, which contributed to the expansion of the textile industry, which in turn benefited the textile chemicals industry. The region's textile industries have strengthened, making it a lucrative market for textile chemicals.
Textile chemicals are specialty chemicals that are in high demand as the range of fabrics manufactured expands. These compounds aid in the improvement of fabric quality, elasticity, and durability. They are an important element of the textile industry and play an important role in the production of many types of textiles, such as weather resistant fabrics.
China has been the market leader in textile chemicals in Asia-Pacific. China is the world's largest textile producer and is sometimes referred to as the "world's factory." The industry has grown in recent years as a result of the country's cheap labor costs, skilled personnel, and infrastructure, making it an appealing location for textile producers and, as a result, a lucrative market for textile chemicals. Furthermore, textile businesses are increasingly leveraging China as a manufacturing base to serve the nation's booming consumer market as well as exports, resulting in increased demand for textile chemicals in the country.
Market Scope
| Metrics | Details |
| CAGR | 6% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Application |
| Countries Covered | India, China, Japan, and the rest of Asia Pacific. |
| Largest Country | China |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Drivers
The demand for disposable income in the Asia Pacific textile chemicals industry is on the rise.
Consumers in the Asia-Pacific region have increased buying power for apparel and textiles as disposable incomes rise. The market for textile chemicals is driven by the increase in expenditure on fashion and textiles that results from this growth in income levels. As income levels rise, consumers are increasingly inclined to purchase high-end, value-added textile items.
The Asia-Pacific textile manufacturing industry has experienced significant growth over the past five years, which has had a significant positive impact on the textile chemicals market in the region. Increasing disposable incomes and the dominance of rapid fashion have led to an increase in textile chemical demand in the region. Developing nations such as India and China have made substantial contributions to the worldwide textile industry.
The textile industry in India is driven by technological advances in textile compounds, inexpensive labor, and the "Make in India" initiative. Due to its competitively priced products, Bangladesh has been one of the leading textile-producing nations in the region, making it a lucrative market for textile chemicals.
Covid-19 Impact Analysis
the outbreak of COVID-19 in Asia-Pacific in 2020 will have a significant impact on the future of the textile chemicals industry, as Asia-Pacific is the region hardest affected by COVID-19 worldwide. The global lockdown disrupted global supply chains and lowered domestic demand. In addition, a recession will occur as a result of the pandemic, which will have an effect on product demand and, consequently, market performance.
However, due to the strong performance in recent years and considerable development in the textile industry that will continue to take place, the regional market is likely to rebound in 2021 and then continue to grow at an improved CAGR throughout the forecast period.
Market Segmentation
The Asia Pacific textile chemicals market is segmented by type into pretreatment auxiliaries, printing auxiliaries, finishing auxiliaries, and others; by application into home furnishings, apparel industries, industrial, and others; and by country into China, Japan, India, and Rest of Asia-Pacific.
Based on Application: Apparel industries Segment to Account for the Major Share during the Forecast Period
The apparel industries segment represented the largest market revenue share. The apparel segment includes shirts, t-shirts, suits, blazers, trousers, skirts, shorts, children's clothing, and swimwear, among other items. Increasing apparel production to satisfy increasing demand from a growing population is the segment's primary growth driver.
The fashion industry is a dynamic sector that is influenced by shifting consumer preferences. In order to sustain in a highly competitive environment, apparel manufacturers are more focused to maintain the quality of their products and implement the latest manufacturing techniques & basic materials.
Therefore, textile chemicals are widely utilized in the apparel industry. In addition, rising discretionary income in emergent economies has generated a substantial demand for apparel and luxury apparel. Thus, it is anticipated that the favorable development of the apparel industry will increase demand for textile compounds.
Market Regional Share
By region, the Asia Pacific Textile Chemicals market is segmented into India, China, Japan, and the rest of Asia Pacific.
China has the world's largest textile sector in terms of both total output and exports. Growth in the Chinese market has been driven by rising disposable income and the dominance of fast fashion, which has propelled China to become the world's largest apparel exporter. This is particularly important for urban customers who desire fresh looks at inexpensive costs.
The popularity of brands like H&M and Inditex in third-tier cities has helped to establish consistent demand in the retail industry, resulting in growth for the manufacturers. Similarly, expanding urbanization, rising disposable incomes, and rising buying power have fueled expansion in the Indian consumer market, creating demand for consumer goods across both groups.
Major Companies
The major companies operating in the Asia Pacific textile chemicals market are Archroma, BASF, Bayer, Dow Chemical, and Huntsman.
