Global textile chemicals market expected to reach USD 25.5 billion in 2020
According to the report published from Zion Research, global demand for textile chemicals was valued at USD 20.5 billion in 2014 and is expected to reach USD 25.5 billion in 2020 with Compound Annual Growth Rate (CAGR) around 4% between 2015 and 2020.
The textile chemical market has been segmented based on product types, applications,and regions. For product types, coatings and sizing chemicals dominated the global textile chemicals market with around 30% share of the total volume consumed in 2014. Colorants and auxiliaries is the second largest product type of global textile chemicals market. Desizing agents is a product type expected to exhibit the fastest CAGR during the forecast period.
For applications, home furnishing is one of the largest applications for textile chemicals. It dominated the global textile chemicals market with over 35% share. However, apparel is expected to show the fastest growing for textile chemicals consumption during the forecast period. For regions, Asia Pacific dominated the global textile chemicals market with over 50% share of the total volume consumption in 2014. This region is also expected to be one of the fastest growing for textile chemicals. (Sources: www.digitaljournal.com, www.marketresearchstore.com)
Global technical textile market to reach USD 193.91 billion by 2020
Technical textile is a special type of material or product designed for specific applications. In addition, technical textile offers the unique and exclusive characteristics,
which are different from those of normal fabrics. The technical textile market was valued at USD 144.07 billion in 2014. It is expected to grow at a CAGR of 5.18% from 2014 to reach USD 193.91 billion by 2020. The technical textiles market is led by Asia-Pacific and North America, respectively.
The Asia-Pacific region is projected to the fastest growing in this market. The technical textile market is projected to grow at a CAGR of 5.63% in term of value from 2015 to 2020. The U.S. is the major market in North America region due to increasing awareness and increasing expenditure on technical textile products. (Source: www.rnrmarketresearch.com)
Automotive industry driving the global textile machinery market from 2015 to 2019
According to the report, demand of vehicles is in a trend of increasing. The automotive industry manufactured 89.75 million vehicles in the year of 2014, and this number is expected to reach 118.15 million vehicles in the year of 2019. With the number of vehicles increasing, demand for fabrics required to design for the interiors of vehicles is likely to increase as well. Rising demand of vehicles is likely to boost the textile machinery market to grow in the period of 2015-2019. (Source: www.researchandmarkets.com)