The textile chemicals market stands a great chance to climb the growth ladder with ease during the forecast period. Textile chemicals are special chemicals that are used for varied purposes such as finishing, coloring, and dyeing in the textile industry. Sustainable textile chemical manufacturing has become a prominent factor for growth as many companies are implementing green methods due to increased opportunities.
Growing environmental concerns urging textile chemical manufacturers to turn toward green chemicals
A shift to green chemicals has emerged as a major trend for textile chemicals market and is expected to generate growth for the textile chemicals market. Green chemicals produced using animal and plant extracts not only aids the eco-friendly factor but also encourage cost-effectiveness due to its affordability.
In addition stringent regulations imposed by governments are also proving to be a strong point for switching to green chemicals. The Chinese Government in 2017 carried environmental inspection and this led to the shutting of huge factories producing synthetic dyes used in the textile industry. Another instance is the European Union’s Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulation also applies to all chemical applications and checks the safety quotient of the chemicals used in various industries.
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Technological innovations to produce green chemicals for use in textiles are also expected to propel the growth of the textile chemicals market. For instance, Ecofoot has developed ecofoot indigo, a hybrid pigment used for dyeing denim. It does not use toxic reducing agents that cause environmental harm when discharged in water. Similar technologies reducing the need for water and processing chemicals in the dyeing procedure are also expected to bolster the growth of the textile chemicals market. Synthetic biology processes may also prove to be growth multipliers for the textile chemicals market.
Key players involved in the textile chemicals market are Huntsman, Evonik Industries AG, Lonsen Inc., Archroma, Solvay, and CHT Group.