The Asia-Pacific textile chemicals market is estimated to witness a CAGR of 4.1% during the forecast period (2020-2026). The region altogether witnessed higher economic growth and rising per capita income that led to growth in the textile industry, parallelly benefiting the textile chemicals industry. The trades in the region have strengthened in textile space, making it a lucrative region for textile chemicals.
In Asia-Pacific, China has been the frontrunner in the textile chemicals market. China is the largest manufacturer of textiles, globally and is often referred to as the ‘world’s factory’. The market has been boosted in recent years due to the country’s low labor costs, skilled labor, and infrastructure, which has made it an attractive destination for textile manufacturers, consequently making it a profitable market for textile chemicals. Additionally, textile companies are increasingly using China as a manufacturing hub to service its growing consumer market, in addition to exports, which results in an increased demand for textile chemicals in the country.
Browse the full report description of "Asia-Pacific Textile Chemicals Market Size, Share & Trends Analysis Report by Type (Colorants & Auxiliaries, Coating & Sizing Chemicals, Surfactants, Desizing Agents, Finishing Agents, and Others) and by Application (Apparels, Automotive Textile, Home Furnishing, Industrial Textile, and Others), By Raw Material (Synthetic, Cotton, Wool & Cashmere, Silk, Rayon/Viscose, Other) Forecast Period (2020-2026)" at https://www.omrglobal.com/industry-reports/asia-pacific-textile-chemicals-market
Further, the future of the textile chemicals market will be heavily impacted by the outbreak of COVID-19 during 2020, as Asia-Pacific is the worst-hit COVID-19 region globally. Lockdown across the globe disrupted global supply chains whilst suppressing domestic demand. In addition to this, there will be a recession as a result of the pandemic which will impact demand for products and thus have an impact on the performance of the market.
However, due to the strong performance in recent years and considerable development in the textile industry that will continue to take place, the regional market is likely to rebound in 2021 then continue to grow at an improved CAGR throughout the forecast period.
Market Coverage
Key Questions Addressed by the Report
o Recovery Timeline
o Deviation from the pre-COVID-19forecast.
o Most affected region and segment
Asia-Pacific Textile Chemicals Market Report Segment
By Type
By Application
By Raw Material
Asia-Pacific Textile Chemicals Market Report Segment
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