ALBANY, N.Y, Nov. 19, 2020 /PRNewsCentre/ — The textile chemicals market may harness extensive growth from 2019 to 2027 due to the rise in disposable income and the deepening penetration of organized retail across the globe. The demand for creatively designed textiles, especially from the millennial category may invite great growth prospects for the textile chemicals market during the forecast period of 2019-2027.
Textile chemicals form an important part of the apparel production process. They are added during fabric processing. The chemicals add varied features to textiles such as stain resistance, antimicrobial properties, sweat absorbency, wrinkle resistance, and others. This aspect may bring tremendous growth opportunities for the textile chemicals market.
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The researchers at Transparency Market Research (TMR), after a scrutinized study on all the factors related to growth, conclude that the textile chemicals market may expand at a CAGR of ~4 percent during the forecast period of 2019-2027. The global textile chemicals market is expected to attain a valuation of ~US$ 33.4 bn by 2027.
The advent of smart textiles across the globe and the growing focus on improving the functional quality of textile chemicals may bring immense growth prospects for the textile chemicals market. Cost-effectiveness is also a major factor that can prove to be a game-changer for the textile chemicals market during the assessment period of 2019-2027.
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Textile Chemicals Market: Analysts View
The analysts at Transparency Market Research expect the textile chemicals market to gain immensely on the back of the novel trends across the forecast period of 2019-2027. The analysts further state the growing focus of the companies on inorganic strategies such as mergers and acquisitions. The analysts’ further advise the players in the textile chemicals market to introduce new manufacturing techniques such as CO2-dyeing that eliminates the need for chemical and water dyes.
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Textile Chemicals Market: Key Revelations
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Textile Chemicals Market: Growth Boosters
The sustainability factor is penetrating deep across the textile chemicals market. This aspect may prove to be a great growth generator for the textile chemicals market during the forecast period of 2019-2027.
Textile Chemicals Market: Growth Dampeners
Stringent regulations on the use of chemicals like chlorine bleach, VOCs, and formaldehyde may serve as a prominent obstacle in the growth of the textile chemicals market. The ban on these chemicals is due to the health issues caused due to them. However, research is in full throttle to explore eco-friendly chemicals that can provide the same benefits as traditional chemicals.
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Global Textile Chemicals Market: Segmentation
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Petrochemicals Market – In terms of value, the global petrochemicals market is anticipated to expand at a CAGR of 4% from 2020 to 2030. Petrochemicals are an important part of commodities that are used in daily lives. Petrochemical products are used in various end-use industries, ranging from manufacturing to consumer goods. These chemical compounds are derived from petroleum as well as other hydrocarbons, which are obtained from natural gas and crude oil. Petrochemical products are primarily used as chemical building blocks in various applications and materials. Various organic chemicals are manufactured in the petrochemicals industry. These include methanol, ethylene, butadiene, propylene, benzene, xylene, and toluene. Ethylene, butadiene, and propylene, along with butylene, are collectively called olefins. These belong to a class of unsaturated aliphatic hydrocarbons with chemical formula CnH2n. Benzene, xylene, and toluene are commonly referred to as aromatics. These are unsaturated cyclic hydrocarbons containing multiple rings. Olefins, methanol, and aromatics are precursors to various chemical products; and are generally referred to as primary petrochemicals.
Oleic Acid Market – Based on value, the global oleic acid market is anticipated to expand at a CAGR of 3.5% from 2020 to 2030 and cross value of US$ 400 Mn by 2030. In terms of production and consumption, Asia Pacific led the global oleic acid market in 2019. This trend is expected to continue from 2020 to 2030. Rise in global consumption of palm-based oleochemical products and increase in demand for oleic acid in processed food and demand for oleic acid in personal care products are estimated to boost the overall demand for oleic acid during the forecast period.
Aluminum Potassium Sulfate Market – The wastewater treatment process helps convert wastewater into effluents. Currently, various advanced treatment solutions are available to treat wastewater. Aluminum potassium sulfate is one such chemical used by industries to treat wastewater. Aluminum potassium sulfate is used as a flocculant in water treatment. Addition of flocculants to raw water causes colloids and other suspended particles to stick together and form heavier particles (floc), which are removed by sedimentation or filterability. The flocculation (or called coagulation) process helps in the removal of contaminants such as fine solid pollutants or microscopic molecules that are difficult to remove through filtration alone. Therefore, rise in usage of aluminum potassium sulfate to treat water is expected to drive the aluminum potassium sulfate market during the forecast period.
Textile Binders Market – In terms of value, the global textile binders market is anticipated to expand at a CAGR of ~4% from 2020 to 2030. Textile binders are used in printing paste to print several types of natural fibers such as silk, cotton, wool, and viscose due to their ability to react with chemicals in printing paste in order to bond colors to fibers after being steamed. Additionally, textile binders provide high wash fastness that enables color retention even after washing. Pigment dyes are the independent type of fibers that are utilized to print on synthetic and natural fabrics. Additionally, these dyes are primarily utilized in traditional printing techniques, as the process is highly economical.
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