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17th Sep, 2020

Global Textile Finishing Chemicals Market Forecasting 2020-2025

Global Textile Finishing Chemicals Market Forecasting 2020-2025

The global textile finishing chemicals market size is predicted to grow from USD 6.2 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 5.5% during the forecast period. Research and Market, a Dublin Ireland based research organization published their global textile finishing chemical market forecasting report on February 2020

Despite the COVID-19 pandemic, the growing adoption of eco-friendly fabric finishes from technical and home applications is the key driver for this demand. The growth of these applications is likely to propel the market. However, stringent environmental regulations regarding the disposal of textile finishing effluents and COVID-19 after effect are likely to hinder the growth of the market.

The Technical Textile application is projected to register the highest CAGR during the forecast period. Technical textiles are largely used in non-aesthetic applications such as transportation, automotive, medical & personal hygiene, industrial, packaging, and sports. Technical textiles provide protection; the demand for protective clothing has increased dramatically due to COVID-19, because of the increased level of awareness of health & safety and hygiene. All these factors are boosting the outgrowth of technical textile applications within the textile finishing chemical market.

Basically, the textile finishing chemicals have been divided into 6 major types - softening finishes, repellent finishes, wrinkle-free finishes, coating finishes, anti-microbial finishes, and others. The softening finishes portion is highly consumed and is projected to be the fastest-growing type of textile finishing chemicals during the predicted period.

The textile industry contributes a remarkable $2.5 trillion to $3 trillion to the global cash flow each year.  Correspondingly the textile chemicals market as a supportive industry that was valued to be $26.2 billion as of 2020.