Analysis of COVID-19 Crisis-driven Growth Opportunities in Textile Chemicals Market
The textile chemicals market is projected to account for a profitable revenue of ~US$ 33.4 billion by the end of 2027. Increasing awareness about the environment and water resources has pushed market players to adopt sustainable manufacturing practices. For instance, U.K. based company – Colorifix – adopted the method of synthetic biology to develop sustainable dyestuff. This trend is justified, since dyes and dyestuffs are estimated to account for the second-highest production output amongst all product offerings in the textile chemicals market, with a forecast volume of ~3,600 kilo tons by the end of 2027.
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Companies are increasing research & development to grow microbes through proper fermentation processes that are capable of producing high performance-renewable dyes that cater to the mainstream textile industry. Microorganisms are orchestrated with advanced synthetic biology processes that alter agricultural by-products, such as sugar molasses, into colorants applicable for textile dyeing. The cost-effectiveness of the synthetic biology method has encouraged companies to fabricate colorful dyes in the most environmental-friendly manner. Sustainable chemical management is being actively talked about in the fashion industry. For instance, global apparel retailer – Gap – announced a process to manufacture denims using a waterless foam-dyeing technique, by teaming up with Banana Republic – an American premium clothing & accessories company, and Tejidos Royo – a Spanish denim mill.
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Innovative Business Models in Apparel Industry Translate into Incremental Opportunities
Manufacturers in the textile chemicals market are seeking incremental opportunities in the apparel industry. The apparel industry is set to rank the second-highest in production amongst all applications in the textile chemicals market, with an estimated output of ~6,100 kilo tons by the end of 2027. As such, stakeholders in the textile chemicals value chain are capitalizing on innovative business models such as recommerce and clothing rental, which support textile recycling programs to incentivize product take-back.
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Sustainability has emerged as a key trend in the textile chemicals market. Companies are aiming toward a circular economy, as consumers are growing increasingly aware about the hazardous consequences of conventionally-manufactured textile chemicals. For instance, DyeCoo – a Dutch textile technology company, announced the launch of a first-of-its-kind, commercially-available textile dyeing machine that alleviates the need for water and processing chemicals in the dyeing procedure.
Rapid growth of the apparel industry has driven manufacturers in the textile chemicals market to collaborate with stakeholders in the apparel industry value chain. These stakeholders are also growing conscious about sustainable chemical management, and are taking initiatives to chemically-recycle non-reusable textiles and plastic bottles into virgin-quality fibers. Thus, with the help of these initiatives, stakeholders in the textile value and supply chain are establishing an eco-friendly industry environment that seamlessly complies with regulatory norms.
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