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Report predicts rosy future for US textile chemical market
22
May '15
Use of textile chemicals during the manufacturing and processing of textile products enhances product quality and provides special properties to the fabric. Due to such properties, usage of these chemicals in textile manufacturing is increasing, according to a report by TechSci Research, a global market research and consulting company.

The report titled “United States Textile Chemicals Market Forecast and Opportunities, 2020", says the US textile chemicals market is forecast to cross $2 billion by 2020. The textile chemicals market is broadly classified into two different segments - auxiliaries and colorants. Due to rising labor cost internationally, domestic textile manufacturers are shifting their focus on local production, thereby reviving the textile sector in the US. Currently, the leading manufacturers of textile chemicals operating in the US are DuPont, DOW Chemicals and BASF, TechSci Research said in a statement.

In spite of the decline in production capacity over the last few years experienced by the textile industry, the market is anticipated to recover during the forecast period due to the increasing focus on domestic production, which in turn is expected to fuel demand for textile chemicals, the report said.

In addition, increasing consumer preference towards domestically manufactured goods due to their high quality and ongoing promotion of the 'Made in USA' campaign is expected to positively impact the country's textile chemicals market. Exports of textile products from the United States are also increasing due to growing demand for superior quality products in the international markets.

"In United States textile chemicals market, the textile auxiliaries account for a higher share in revenue terms in comparison to colorants due to their inevitable usage during textile production process. Presently, home textile application segment holds the dominating share, however, consumption of textile chemicals in technical textile segment is expected to grow at a faster rate over the next five years," said Karan Chechi, research director with TechSci Research. (SH)

Fibre2fashion News Desk – India

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