According to a recent market research report released by Transparency Market Research, the textile chemicals market in Europe is estimated to grow at a CAGR of 4.20% during the period between 2014 and 2020. The report, titled “Textile Chemicals Market – Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, projects the Europe textile chemicals market to reach a valuation of US$1.6 bn by 2020. The overall market was worth US$1.2 bn in 2013.
The report points out that growing demand for hometech will drive the textile chemicals market in Europe. Further, rising demand for mobiltech and clothtech chemicals will propel the market during the forecast horizon. However, growing environmental concerns regarding the usage of textile chemicals will restrain the overall market. Some textile chemicals are also known to be carcinogenic. This has led to the emergence of biobased alternatives that will hinder the growth of the market. The Europe textile chemicals market has a huge opportunity to grow with the increasing importance of geotextiles across Europe.
On the basis of application, the report segments the Europe textile chemicals market into indutech, sportech, mobiltech, buildtech, hometech, meditech, clothtech, protech, agrotech, packtech, and others including geotech and oekotech. Mobiltech registered the highest growth in the market in 2013 and accounted for a 25% market share. The growth of the segment can be attributed to its extensive demand from industries such as railway, automotive, spacecraft, ship, and aircraft.
The report profiles some of the key players in the Europe textile chemicals market such as OMNOVA Solutions Inc., Archroma LLC, Solvay S.A., Huntsman Corporation, The DysStar Group, The Dow Chemical Company, The Lubrizol Corporation, Kiri Industries Ltd., Bayer Material Science AG, and Zhejiang Longsheng Group Co. Ltd. The key players are mainly active in developing new textile chemicals. For example, The DyStar Group has recently developed textile chemicals that fulfill new EU regulations. The report provides insightful information about the key players such as their company overview, business strategies, financial overview, and recent developments.