The global textile finishing chemicals market is estimated to grow from USD 6.2 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 5.5% during the forecast period. The market is witnessing significant growth globally due to the rising demand for finishing chemicals in various applications. The increasing demand for technical textile and functional home textile finishes is expected to drive the textile finishing chemicals market, globally. However, stringent regulations for the disposal of textile finishing effluents pose as a major restraint for this market.
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Huntsman Corporation (US), Wacker Chemie AG (Germany), The Dow Chemical Company (US), Archroma (Switzerland), Evonik Industries (Germany), Dupont (US), Solvay SA (Belgium), Tanatex Chemicals B.V. (Netherlands), and Dystar Singapore PTE Ltd. (Singapore) are the leading textile finishing chemicals manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2015 and 2019 to earn a competitive advantage in market.
Huntsman Corporation (US) is one of the leading players in the textile finishing chemicals market. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2019, the company introduced ERIOPON E3-SAVE dying auxiliary, which significantly reduces the cost of polyester dyeing. It’s an eco-friendly dyeing auxiliary that saves time, water, and energy by enabling pre-scouring, dyeing, and reduction clearing in a single bath. Also, in April 2015, Huntsman textile effects extended its HIGH IQ performance assurance program. This helps mills, brands, and retailers meet customer demands.
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Wacker Chemie AG (Germany) is another major player in the textile finishing chemicals market. In November 2019, the company started up a new silicone metal production site, at Holla site in Norway, increasing the total capacity of the site by 40%. In October 2019, the company presented new polymer- and -silicone based products for the manufacture of coatings, adhesives, and sealants at ABRAFATI 2019. Moreover, in April 2017, the company concluded an agreement with STC Silicones (Brazil) on the co-branding of the ready-to-use silicone products to strengthen its position in the region.
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