Textile Colourant Market to Grow at a CAGR of 4.8% Through 2026
Apparel segment by application is expected to remain dominant in the global textile colourant market over the forecast period
Value share of the apparel segment is expected to increase significantly over the forecast period, owing to a rising demand for apparel across the globe. The segment accounted for more than 45% value share in 2016 and is expected to reach a market valuation slightly in excess of 50% by the end of the forecast period, with a gain of 120 basis points in 2026 as compared to 2016. This segment is expected to exhibit a CAGR of 5.0% over the forecast period. The automotive application segment was valued at more than US$ 500 Mn in 2016 and is expected to increase at a CAGR of 4.4% over the forecast period to reach more than US$ 750 Mn by the end of 2026. The household segment by application in the global textile colourant market is expected to create absolute $ opportunity of more than US$ 70 Mn in 2017 over 2016 and incremental $ opportunity of close to US$ 1,000 Mn between 2015 and 2026. In terms of value, the household segment is expected to increase 1.7X by 2026 end. In terms of volume, the accessories segment is expected to expand at a relatively low CAGR over the forecast period, attributed to less demand for textiles in the accessories industry.
Home furnishing market will have a fairly high influence on the global textile colourant market
Textiles are used in home furniture such as drapery, carpet, and other furniture. An increasing demand for home furnishing leads to increasing demand for textiles in the market. This, in turn, results in increasing demand for textile colourant, thereby boosting the growth of the global textile colourant market. The automotive industry is likely to have a moderate impact on the textile colourant market. In regions such as Europe and North America, use of technical textile materials is mandatory for automotive components such as air-bags and seat belts. Markets such as India and China along with Japan are expected to play an important role in driving demand for Mobiltech textiles. This, in turn, is fuelling the textile colourant market growth across the globe. The apparel market will have a moderate impact on the global textile colourant market.
Rapid rate of industrialisation is expected to boost demand in the global textile colourant market during the forecast period
Textile colourants have a wide application in industries such as apparel, automotive, furniture, etc. These industries are growing at a significant growth rate particularly in developing economies, and demand for textile colourant in these countries is on the rise. This factor is driving the global textile colourant market. Industrial application is one of the largest segments in the technical textile market and its growth is directly linked with that of industrial production. This is expected to increase demand for various products under the Indutech textile segment such as textile auxiliary and textile colourant. The textile chemicals market is a key driving factor for the textile colourant market. Textile chemicals are a class of specialty chemicals that are used in various processes involved in textile and fabric processing.
Further, increasing consumer spending on sports and functional apparel is anticipated to witness significant growth in the near future. This in turn is expected to lead to increasing demand for textile colourant in the global market. Rapid rate of technological advancements is also likely to result in increasing demand in the global textile colourant market during the forecast period. The introduction of differentiated chemical offerings and chemicals for customer specific applications by major players in the textile chemicals industry has resulted in a higher profit margin for the manufacturers.