Global Textile Finishing Agents
The global textile finishing agents market size is expected to reach USD 3.8 billion by 2030, registering a CAGR of 5.1%.Get more news about Textile Finishing Agents,you can vist our website!
The growth is majorly driven by the rapid changes in fashion trends and increased demand for home decor products. The increasing use of textile products in end-use industries, such as consumer goods, transportation, packing & shipping, and medical & healthcare applications among others, also supports the industry growth.
The growth in individual purchasing power is attributed to the increasing education level and employability across the globe. Consumers are inclined towards following the trend regarding apparel and home decor items, which results in increased demand for textile products. These factors are expected to contribute to the industry's growth.
The rising consumption of different types of apparel worldwide has fueled their production over the years. The flexibility of online shopping, coupled with attractive sales offers, has been encouraging consumers to increasingly purchase apparel, such as clothes and footwear. Growing individual disposable income even in small countries is fueling the demand for different types of apparel.
The Asia Pacific is characterized by the availability and procurement of raw materials, which are used in the production of various textile finishing agents. Several global manufacturers have set up their production units in the country due to cheap labor availability.
Moreover, textile companies in the region are switching to intelligent manufacturing processes from labor-intensive manufacturing processes. This is anticipated to boost product manufacturing across the region, thereby positively impacting the overall industry growth in the coming years.
Textile Finishing Agents Market Report Highlights
Functional type is expected to be the fastest-growing segment during the forecast period due to the performance and functional properties, such as strength and durability, of textile products
According to Yale University, about 400 textile companies had withdrawn their operations from Russia, as of March 2022. This has also influenced the supply of raw materials from Russia, as a result, the prices of the products were impacted
The flame-retardant segment is estimated to register the fastest CAGR from 2022 to 2030 due to the growing utilization of these products in a wide variety of consumer products, such as furnishing (including foam, mattresses, curtains, and carpets) and electronic products (including laptops, computers, televisions, phones, and wires & cables)
The technical textiles application segment is projected to record the fastest CAGR from 2022 to 2030 owing to the increased number of public infrastructure development projects being carried out by the governments of various emerging nations, such as India, China, and Japan
Asia Pacific is projected to be the fastest-growing region during the forecast years due to the increasing product demand from the automobile industry coupled with rising usability of various textile finishing agents, such as oil, stain repellent, flame retardants, water repellent, used in automobile, industrial, and healthcare industries