Textile Finishing Agents Market to Reach USD 4.03 Billion by 2031 Driven by Rising Disposable Incomes and Booming Chemical Manufacturing in Emerging Economies

The SNS Insider report estimates that the Textile Finishing Agents Market, valued at USD 2.71 billion in 2023, is expected to reach USD 4.03 billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 5.02% from 2024-2031.

Growing Demand for Functional and Aesthetically Pleasing Textiles

The growth of the textile finishing agents market is attributed to the surging global population and ever-evolving fashion trends, leading to a rise in apparel consumption worldwide. The large-scale migration from rural to urban areas further intensifies this demand, as people prioritize education, careers, and a modern lifestyle.  Textile products have become essential, not just for basic needs but also as a reflection of social status.  Consumers seek advanced home furnishing items and high-quality fabrics, while others prioritize affordability. Manufacturers rely on readily available and cost-effective raw materials to produce diverse textile finishing agents.

Furthermore, advancements in research & development and the integration of nanotechnology are creating exciting opportunities. For example, in April 2022, Cosmo Specialty launched its “Wetofast” solution to improve fabric quality. This innovative product line effectively removes oils, waxes, and greasy impurities. Additionally, the rising urbanization trend fosters a need for a wider variety of finishing agents, including those that impart fragrance and water repellency.

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The demand for apparel, footwear, and other textile products is expected to propel the industry forward. Finishing agents play a crucial role in enhancing the quality and performance of fabrics used in these products. They add functionalities like water repellency and fragrance, while also improving aesthetics. However, the manufacturing process often involves hazardous chemicals, posing environmental and health risks. Stringent regulations and the complexity of production due to these chemicals can act as potential roadblocks.

Some of the Key Players Included are:

• Dow
• Fineotex Chemical Ltd.
• BASF SE
• Synthomer plc
• Huntsman International LLC
• Sarex
• Resil Chemicals Pvt. Ltd.
• Zydex Group
• DyStar Singapore Pte Ltd.
• Lubrizol Corp.
• Archroma
• Kemin Industries Inc.
• BioTex Malaysia
• AB Enzymes
• Evonik Industries
• Organic Dyes
• Pigments LLC
• Other

The textile finishing agents market is witnessing continuous innovation and strategic partnerships.

• In June 2022,Cosmo Specialty introduced a novel finishing textile auxiliary that imparts a softening effect on various textile types. This product is recommended for diverse fabrics due to its ability to enhance surface smoothness.
• In February 2022, ACATEL entered into a strategic partnership with FiberTrace and ‘Good Earth Cotton’ to introduce new knits and fabrics. This collaboration positioned the product as an active agent for positive environmental change.

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Segment Analysis

By Type: The functional segment dominated the global market in 2023, capturing the highest revenue share of over 80%. This dominance can be attributed to the ability of these products to enhance performance and functional properties like strength and durability. Functional finishing is a backend process that does not alter the product’s aesthetics. Its primary purpose is to improve the overall performance of textile products. For example, functional finishing agents are utilized in the production of umbrellas and raincoats to bolster their water-resistant capabilities.

By Product: The softeners segment held the leading position in the industry in 2023, accounting for the highest revenue share of more than 27%. This dominance is primarily due to the ability of softeners to eliminate the electrostatic charge generated during textile production and usage.

By Application: The apparel segment reigned supreme in the global market in 2023, garnering the highest revenue share of over 45%. This dominance stems from the extensive utilization of these agents in the production of fabrics employed for developing various apparel items like clothes, blankets, bedsheets, and footwear.

By Type:

• Aesthetic
• Functional

By Product:

• Water Repellant
• Flame-Retardant
• Softeners
• Antibacterial & Antimicrobial
• Fragrance Agents
• Others

By Application:

• Apparel
• Home Furnishing
• Technical Textiles
• Other

Impact of The Russia-Ukraine War and Economic Slowdown

The Russia-Ukraine war has disrupted global supply chains, impacting the availability and cost of raw materials used in textile finishing agent production. Additionally, rising energy prices and transportation costs are further squeezing profit margins for manufacturers. The war’s long-term effect on consumer spending habits and overall economic stability remains uncertain, potentially dampening demand for finished textiles and, consequently, textile finishing agents.

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An economic slowdown can also hinder market growth. Reduced consumer spending power can lead to decreased demand for apparel and home furnishings, impacting the demand for textile finishing agents. Manufacturers may need to adjust their pricing strategies and focus on cost-effective production methods to navigate such economic challenges.

The Asia Pacific led the textile finishing agents market with a 58.46% revenue share in 2023.

The rapid pace of urbanization in the region has fueled the demand for modern housing and lifestyle products, leading to a surge in the production of textiles and home furnishings that rely heavily on finishing agents. The Asian textile and chemical manufacturing sectors have demonstrated remarkable resilience in the face of the COVID-19 pandemic. This adaptability has positioned the region as a major player in the global textile finishing agents market.

Key Takeaways

• Rising disposable incomes in developing economies are driving the textile finishing agents market.
• Consumers are demanding more functional and sustainable textiles.
• The market is responding with innovative finishing agents that enhance water repellency, wrinkle resistance, and flame retardancy, while also incorporating eco-friendly production processes.
• The ever-changing fashion landscape and growing consumer demand for diverse apparel options are propelling growth in the apparel segment, which utilizes finishing agents for color, softness, fragrance, and even antibacterial properties.

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