Global market for functional textile finishing agents is seeing steady growth. It’s anticipated to grow at a CAGR of five per cent till 2025. Increasing purchasing power and disposable income in emerging economies including China, Russia, Brazil, and India are projected to increase the demand for functional textile finishing agents in the next nine years.
Another factor is rising consumer demand for protective fabrics due to growing health awareness and hygiene concerns. Flame retardant chemicals accounted for over 22 per cent of global consumption in 2015. Increasing use of performance finishing agents to discover innovative value-added fabrics so as to strengthen existing product lines and diversify into new horizons is expected to further boost the industry growth over the forecast period.
The Asia Pacific market is expected to grow at an estimated CAGR of 5.5 per cent from 2016 to 2025. Asian manufacturers are launching innovative performance finishing products to increase their customer base. Expansion of multinational players in the region, along with growing local consumption and stable economic conditions, is projected to support regional growth in the coming years.
Repellent and release agents dominated the textile furnishing finishing agents market in 2015 and are projected to grow at an estimated CAGR of 4.8 per cent from 2016 to 2025.