Functional textile finishing agents market share is likely to witness prolific growth over 2022-2028, on account of the rapid advancement of textile finishing technologies, like nanotechnology, to ensure water repellent, color resilience, and other attributes in fabrics. In addition, the rising concerns about ozone layer depletion will also boost the requirement of UV protective functional finishes for textiles during exhaust and padding processes. Functional finishes refer to wet processes used to improve specific properties and produce special effects on fabrics to increase customer appeal and augment their properties for particular end-uses such as protective clothing. Functional textiles are fabrics with a range of integrated functions for adjusting or controlling as per their applications and are generally developed with a focus on function than aesthetics.
Increasing per capita disposable income and the burgeoning chemical manufacturing sector in emerging economies are the major factors fostering the functional textile finishing agents market trends through 2022-2028. Since workers in this sector are at risks of fire accidents, the heightened demand for chemicals and petrochemicals will fuel the adoption of textile finishing chemicals with flame retardant properties. However, the implementation of stringent regulations to limit the amount of chemicals present in finished textile products may create a hindrance to the industry outlook over the estimated timeline.
Temperature regulation is anticipated to emerge as a prominent product type segment in the functional textile finishing agents industry by 2028, due to the high spending in sporting activities. As sweat absorbing, cooling, and fast drying are major functional requirements for high-activity sports clothing, the need for temperature-controlling textiles and functional finishes of fabric will surge considerably. In 2019, researchers at the University of Maryland invented a smart material made of polymer fibers coated with carbon nanotubes to make them responsive to changes in body heat. Such an advancement in textile nano finishing will further amplify the segmental growth over the coming years.
Europe functional textile finishing agents market is projected to depict a strong growth rate through 2028. This can be credited to the robust presence of UK-based companies, including Eleksen, that integrate smart technical textile technology into consumer goods like clothing. According to the UK Fashion and Textile Association report, there were above 4,200 textile manufacturing businesses in the country, a 12% hike in the past five years. This factor, alongside the thriving construction industry, will also drive the regional market forecast, as construction workers wear PPE to meet safety standards.
Major functional textile finishing agents industry players include OMNOVA Solutions (Synthomer), Sarex, Zydex Industries, Tanatex Chemicals B.V., Wacker Chemie AG, CHT Group, NICCA Chemical Co., Ltd., KAPP-CHEMIE, HT Fine Chemical, Evonik Industries (RAG-Stiftung), The Dow Chemical Company, Archroma, Sumitomo Chemical, Covestro, Huntsman Corporation, and BASF SE, among others. These market players are implementing strategies like new product launches, acquisitions, and mergers to boost their business footprint in the global market. For instance, in March 2021, Huntsman Textile Effects partnered with Sciessent to bring odor-control and antimicrobial functional finishing solutions, including Agion Antimicrobial, to textile mills and brands globally.
COVID-19 to Assert Influence on Functional Textile Finishing Agents Market Trends:
The novel coronavirus pandemic has triggered economic contraction and trade disruptions across industries, including textile. According to the Cotton Textiles Export Promotion Council’s data, the exports of textile and apparel declined by around 13% in 2020-2021 as compared to a year earlier. Such a factor has asserted a negative influence on the steady growth of the functional textile finishing agents industry over the past months. However, the significant increase in the global supply of PPE during the pandemic to safeguard against the virus and other microbial agents may aid industry recovery in the near future.