According to Future Market Insights, overall textile chemicals sales in Asia are set to register a 6% CAGR during the forecast period of 2023 and 2033 and reach a valuation of US$ 24,600 Million by 2033.
As per the recent Asia textile chemicals market analysis report released by FMI, following a growth of 7.4% during the period covering 2017 to 2022, the present valuation of the overall market has reached nearly US$ 14,200 Million in 2023. The Asia textile chemicals market is expected to develop at a rate of 6% from 2023 to 2033, and reach a valuation of US$ 24,600 Million by 2033.
This expansion is projected due to a growing demand for apparel, technical textiles, home textiles, and other products. With an increasing population, demand for clothing and other textile items is predicted to boost the demand for textile chemicals and challenge the industry’s manufacturing capacity.
The recent rise of the textile chemicals business has been driven supported by an increase in the textile industry, shifting fashion trends, and a preference for home décor and furnishing around the world. Moreover, the application of these chemicals in flooring and construction purpose has linked the Asia textile chemicals market growth with the infrastructure and real estate business as well.
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Nevertheless, as the market product’s application breadth expands, customer preferences for bio-chemicals with similar qualities are expected to fuel development and limit the Asia textile chemicals market growth to certain degrees. Furthermore, the rising consumption of technical textiles in the automotive industry is likely to present new opportunities for market players in Asia.
Also, global commerce is becoming more difficult as a result of the recession in several nations, resulting in currency swings. The Eurozone crisis and the trade war of China with the US are two other key difficulties confronting the textile chemicals sector.
Key Takeaways from the Asia Textile Chemicals Market
Competitive Landscape for the Asia Textile Chemicals Market Players
The Asia textile chemicals industry is dominated by a number of small regional players as well as large-scale producers and suppliers competing at the global level. The majority of textile chemicals companies are implementing new strategies and tactics through extensive R&D, mostly to meet the evolving needs for eco-friendly chemicals.
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Recent Developments in Asia Textile Chemicals Industry
Textile Chemicals Market by Category
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Explore FMI’s Extensive Ongoing Coverage in the Chemicals & Materials Domain
Asia Pacific Waterproofing Chemicals Market: The Asia Pacific waterproofing chemicals market is expected to reach US$ 4,327.20 Mn in 2022, according to FMI, and is expected to grow at a CAGR of 8.2% from 2022 to 2032.
ASEAN Cosmetic Chemicals Market: According to FMI, the ASEAN Cosmetic Chemicals market is estimated to be valued at US$ 1768.0 Mn in 2022 and is projected to increase at a CAGR of 6.2% in the forecast period from 2022 to 2032.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, and is headquartered in Delaware, USA. A recipient of the Clutch Leaders Award 2022 on account of a high
Mar 15, 2023