The textile chemicals market in the Asia Pacific was found to have a year-on-year growth of 7.4 percent, according to Future Market Insights.
In 2022, the market had a valuation of 13,360 million USD.
Overall sales in textile chemicals in Asia Pacific are set to register a 6 percent CAGR during the forecast period of 2023 and 2033. By 2033, the market is expected to reach a valuation of 24,600 million USD. Over the next five years, China and India are predicted to be the key producers and exporters of textile chemicals.
Currently, the textile chemicals market is actively focusing on sustainability and improving textile chemical demand.
Stringent regulations imposed on the usage of hazardous chemicals has put sustainability and health concerns centre stage. Manufacturers are increasingly adopting the usage of non-aqueous dyeing of cotton textiles and sustainable approaches to chemical management. In particular, demand for eco-friendly chemicals that reduce water and energy consumption in textile processing and manufacturing, has soared.
The rising demand for eco-friendly chemicals and prioritisation of water conservation has also caused market players to develop innovative, sustainable products.
Looking ahead, manufacturers of textile chemicals are likely to register incremental opportunities within the apparel industry.
