Asia-Pacific Textile Chemicals Market to Signify Strong Growth by 2024-2031

The Asia-Pacific textile chemicals market is anticipated to grow at a CAGR of 4.1% during the forecast period. The Asia-Pacific textiles and apparel market has accelerated over the historic period, with strong rates achieved in the last three years (2017, 2018, 2019), which consequently benefited the textile chemicals industry in the region. However, the textile chemicals sector has recorded negative growth in 2020, owing to the strong decline in the textile and apparel market, due to the COVID-19 pandemic, although will record growth in the subsequent years.
In the last five years, the Asia-Pacific textile manufacturing industry has recorded significant growth, which has extensively benefited the textile chemicals space in the region. Increasing disposable incomes coupled with dominating fast fashion space has resulted in an increased demand for textile chemicals in the region. Developing countries such as India and China have been contributing majorly to the global textile industry. In India, the textile industry is driven by advancement in textile chemicals technology, low-priced labor, and the “Make in India” initiative. Bangladesh has also been one of the major textiles making counties in the region, due to its competitively priced goods, making it a lucrative market for textile chemicals.
The Asia-Pacific textile chemicals market is segmented based on type, application, and raw material. Based on application, the market is classified into apparel, automotive textile, home furnishing, industrial textile, and others. The rising demand for new furniture in emerging countries, such as India, and China, is estimated to boost the demand for textile chemicals. The increasing demand for furniture, owing to the rising commercial construction activities, coupled with the increasing furniture exports from the above-mentioned countries, is fueling the demand for textile chemicals in these countries.
Based on geography, the market is segmented into China, Japan, India, and the Rest of Asia-Pacific. The textile industry in China is the world’s largest in terms of both overall production and exports. Growth in the Chinese market has been driven by increasing disposable income and the dominance of fast fashion, which has driven China to become the leading exporter of clothing. This is especially relevant for consumers in urban areas, who want new looks at low prices. The popularity of companies such as H&M and Inditex in third-tier cities has helped cement regular demand in the retail market which has translated into growth for the manufacturers. Similarly, growth in the Indian consumer market has been driven by rapid urbanization, increasing disposable incomes, and growing purchasing powers, which has created the demand for consumer products across both segments.
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Asia Pacific Textile Chemicals Market Segmentation
By Type
• Colorants &Auxiliaries
• Coating &Sizing Chemicals
• Surfactants
• Desizing Agents
• Finishing Agents
• Others
By Application
• Apparel
• Automotive Textile
• Home Furnishing
• Industrial Textile
• Others
By Raw Material
• Synthetic (Polyester, Nylon)
• Cotton
• Wool & Cashmere
• Silk
• Rayon/Viscose
• Other
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Regional Analysis
· India
· China
· Japan
· South Korea
· Rest of APAC
Company Profiles
• Archroma
• Dow Inc.
• Asahi Kasei Corp.
• BT BIOTEX Sdn BHD
• Fineotex Chemical Ltd.
• Formosa Plastics Corp.
• Mitsubishi Chemical Corp.
• NICCA Chemical Co., Ltd.
• OmyaInternational AG
• Shandong Qing Shun Chemical Co., Ltd.
• Sumitomo Chemical Co., Ltd.
• Rossari Biotech Ltd.
• SABIC
• Sarex Chemical Ltd.
• Tata Chemicals Ltd.
• Toray Industries, Inc.
• Zhejiang Longsheng Group Co., Ltd.
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