Technological advancements along with developments in uncooled IR imaging technology is expected to favorably impact market growth.
San Francisco, California (PRWEB) January 23, 2015
The global technical textile chemicals market will reach USD 4.96 billion by 2020, according to a new study by Grand View Research, Inc. Increasing penetration of technical textiles across various end-use industries such as medical, military and transportation will drive the global technical textile chemicals market. Positive outlook on the global automotive industry is also expected to have a positive influence on the market growth over the next six years. The increasing rate of industrial growth in the emerging markets of China, India, Brazil and Russia is further expected to complement the market growth. Volatile prices of key raw materials coupled with growing environmental concerns will be a key challenge for market participants.
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Transtech emerged as the largest application segment and accounted for 25.1% of total market volume in 2013. Growth of the automotive industry, particularly in BRIC nations, coupled with the revival of the American automotive industry will drive the market. Geotech will witness the highest growth rate of 6.4% from 2014 to 2020. Growth of the Geotextiles market, particularly in Asia-Pacific and Middle East will remain a key driving factor for this segment.
Further key findings from the study suggest:
- Global technical textile chemicals demand was 1,646.6 kilotons in 2013 and will reach 2,124.5 kilotons by 2020, growing at an estimated CAGR of 3.7% from 2014 to 2020.
- Asia-Pacific emerged as the leading regional market for technical textile chemicals and accounted for over 55% of total market volume in 2013. Increasing infrastructure spending coupled with the growth of the automotive industry, particularly in emerging markets of China, India, Thailand and Indonesia, will drive the regional market. Asia-Pacific is also expected to witness the highest growth rate over the forecast period. The region will grow at an estimated CAGR of 4.1% from 2014 to 2020.
- European technical textile chemicals market will exceed a market worth USD 750 million by 2020, growing at a CAGR of 3.7% from 2014 to 2020
- Global technical textile chemicals market dominated by top multinational corporations having presence across the value chain. Leading companies are focusing on building new improved high performance products using advanced technologies such as biotechnology, ink-jet printing process and nanotechnology. Major market participants include Lonsen, DyStar Group, The Lubrizol Corporation, Kiri Industries, The Dow Chemicals Company, Sumitomo Chemicals, BASF SE, Huntsman Corporation, Bayer Material Science AG, Archroma, Clariant International, Omnava Solutions Incorporated, Solvay SA, and Kemira.
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For the purpose of this study, Grand View Research has segmented the technical textile chemicals market on the basis of application and region:
Global Technical Textile Chemicals Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
Global Technical Textile Chemicals Regional Outlook (Volume Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. Is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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