The textile chemicals market in China is projected to grow at a compound annual growth rate of 9.7 percent through 2019, according to Canadian research and consultant group TechSci Research.
According to the report—“China Textile Chemicals Market Forecast & Opportunities, 2019”—China’s textile and clothing exports grew by 11.4 percent in 2013 as compared to 2012. The growth was attributed to an increase in global demand for men’s formal and casual wear, carpets and home furnishings. Under the country’s 12th five-year plan, the government has set targets toward encouraging product innovation, replacing obsolete machinery and providing financial assistance to enterprises in the central and western parts of China. Such government initiatives are likely to boost new product development and result in the introduction of high-performance textile chemicals, thereby driving market competitiveness in the coming years, the report speculates.
Textile chemicals are specialty chemicals used in textile-processing industries for dyeing and processing textiles during pre-treatment, dyeing and the printing and finishing processes. These chemicals help impart the desired characteristics and aesthetic properties to the fabric. End-user industries using major textile chemicals include apparel, home furnishings and industrial textiles; apparel accounts for the largest market share in China. With increasing per capita disposable income of consumers in both domestic and international markets, the demand for textiles is expected to increase. China is the largest producer and exporter of textiles and apparel in the world.
According to Karan Chechi, research director with Burnaby, British Columbia-based TechSci Research, “In China’s textile chemicals market, colorants account for majority share, in revenue terms, due to increasing prices of dye intermediates in the country. This market segment is expected to grow over the next five years as well, supported by growing demand for darker shade textiles and clothing in global markets.” He also said the market is expected to witness the introduction of more sustainable and greener products over the next five to 10 years due to rising environmental concerns.