Business

Textile Chemicals Market To Reach US$ 33.1 Billion By 2026 – Report

The global textile chemicals market is estimated to be US$ 26.5 billion in 2021 and is projected to reach US$ 33.1 billion by 2026, at a CAGR of 4.6% from 2021 to 2026, according to the latest report by Markets and Markets Research. The driving factor for the textile chemicals market is the growing demand from technical textile sector. Also growing adoption of low VOC and biodegradable materials for textile manufacturing is expected to provide lucrative opportunities for the growth of textile chemicals. Coating and sizing agents is the fastest-growing product type segment in the textile chemicals market. APAC accounted for the largest share of the textile chemicals market in 2020, with China, Japan, India, Vietnam, Bangladesh driving demand in the region. Textile chemicals is a diversified and competitive market with a large number of global players and few regional and local players. Dow, Inc. (US), BASF SE (Germany), Wacker Chemie AG (Germany), Huntsman Corporation (US), Solvay (Belgium) are some of the key players in the market.