With technical textile increasingly being used in specialised high-end industries like military, medical and transportation, it may be confidently assumed that the technical textile chemicals’ market will reach new heights globally.
By 2020, the global technical textile chemicals’ market will reach US$4.96 billion, experts say.
A positive outlook on global automotive industry will also lead to an increased market growth over the next six years.
To add to that, the rise in industrial growth in some of the world’s emerging markets — China, India, Brazil and Russia — will further boost the market growth.
However, the challenges like unstable prices of essential raw materials and the growing concerns about the environment will pose major hurdles before these markets.
Back in 2013, Transtech emerged as the largest application segment, accounting for 25.1 per cent of the total market volume. The growth of automotive industry, particularly in the BRICS nations, coupled with the fresh surge in the US automotive industry, is expected to further drive the market growth. Geotech is, meanwhile, expected to witness the highest growth rate of 6.4 per cent from 2014 to 2020. Growth of geo-textiles market, particularly in Asia Pacific and West Asia is expected to remain a key driving factor for this segment.
In 2013, the global technical textile chemicals demand was 1,646.6 kilo tonnes. It is expected to reach 2,124.5 kilo tonnes by 2020, growing at an estimated CAGR of 3.7 per cent from 2014 to 2020.
According to a Technical Textile Chemicals Market Analysis by Application (Agrotech, Buildtech, Geotech, Medtech, Miltech, Packtech, Protech, Transtech) and Segment Forecasts to 2020, Asia Pacific emerged as the leading regional market for technical textile chemicals, accounting for over 55 per cent of the total market volume in 2013. According to the report, Asia Pacific will also witness the highest growth rate over the forecase period from 2014 – 2020.
Apart from the growth in the automotive industry in the BRICS nations, a similar surge is visible in countries like Indonesia and Thailand. This too, along with the increased spending on infrastructure will will the drive the regional market manifold. The region is expected to grow at an estimated CAGR of 4.1 per cent during this forecast period.
Meanwhile in Europe, technical textile chemicals market is expected to exceed a market, worth US$750 million by 2020, growing at a CAGR of 3.7 per cent from 2014 to 2020.
Market leaders that have been and is expected to be instrumental in this growth include Lonsen, DyStar Group, The Lubrizol Corporation, Kiri Industries, The Dow Chemicals Company, Sumitomo Chemicals, BASF SE, Huntsman Corporation, Bayer Material Science AG, Archroma, Clariant International, Omnava Solutions Incorporated, Solvay SA, and Kemira.
