Global Scouring Agent Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global scouring agent market is estimated to garner a revenue of ~USD 8 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 3 billion in the year 2021. The primary growth factor of the scouring agent market in the forecast period is the expansion of textile industry. It has been estimated that the global textile industry accounted around USD 910 billion in 2018. It is further projected to reach approximately USD 1,220 billion by 2024, with a steady CAGR of nearly 6%.
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The main purpose of scouring agent is to remove soluble and insoluble impurities found in fabrics. This process of removable of waxes, oils, gums, and other impurities through a scouring agent reduces trouble in dyeing and finishing. Additionally, the scouring process helps in making the textiles water absorbent and the hydrophobic character is removed. Therefore, the prevalence of high number of textile manufacturers is anticipated to bolster the usage of scouring agents in the industry for cleaning fabrics in the upcoming years. It is estimated that in 2021, the number of textile and cloth manufacturing companies in the European Union was totaled to be 142,500.
Global Scouring Agent Market: Growth Drivers and Challenges
Growth Drivers
- Expansion in the Production of Textile Fibers – According to recent data, the worldwide production volume of textile fibers rose from 98 thousand metric tons in 2017 to 108 thousand metric ton in 2020.
- Increased Spending in R&D Activities – As per the World Bank, the Research and Development expenditure accounted 2.63% of total GDP in 2020. This was a rise from 2.13% of total GDP in 2017.
- High Expenditure on Advanced Materials and Chemicals – According to the recent statistics, the global research and development expenditure spending on advanced materials and chemicals was accounted for USD 41 billion in 2019.
- Engagement of Population in the Field of Material Science – As per statistics by the U.S. Bureau of Labor Statistics, as of May 2019, there were active 6,690 material scientists employed in the United States. Further, the employment rate of chemists and materials scientists in the region is anticipated to grow by 6% in the period from 2020 to 2030. Also, around 9,100 openings for chemists and materials scientists are projected each year, over the decade.
Challenges
- Discharge of High Amounts of Chemical Loads
- High Consumption of Water and Harmful Chemicals
- Stringent Rules Regarding Environment Protection
The scouring agent market is segmented and analyzed for demand and supply by function into sizing agent, stains agent, lubricating agent, alkali-resistant agent, mercerizing agent, penetrating agent and wax removing agent. Out of these, the sizing agent is attributed to garner the highest revenue by 2031. High consumption of starch and polyvinyl alcohol, the two most important materials used in textile sizing is expected to fuel the market growth. Recently, it was calculated that global consumption of polyvinyl alcohol (PVOH) is forecasted to grow at a rate of 4.7% from 2021 to 2026. Further, the production volume of starch in India was accounted to be 690 thousand metric tons during the fiscal year 2018.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Scouring Agent Market Regional Synopsis
Regionally, the global scouring agent market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. The primary reason for the market growth in the region is the rising population along with their increasing demand and manufacturing of textiles. The recent statistics revealed that China was the top-ranked global textile exporter in 2021 with a value of approximately USD 118.5 billion, almost 52% of the total textile export market in Asia. Bangladesh is also a leading textile exporter with a value around USD 39 billion. Another growth factor of the market is the high involvement of the population in the clothing industry. According to the International Labor Organization, in 2019 around 65 million people were employed in the garment sector in Asia-Pacific, which accounted for 75% of all garment workers worldwide.
The global scouring agent market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global scouring agent market includes the following segments:
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Top Featured Companies Dominating the Global Scouring Agent Market
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The Dow Chemical Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- QuoteMedia, Inc.
- Evonik Industries AG
- Viswaat Chemicals Limited
- HT Fine Chemical Co., Ltd
- Tata Chemicals Limited
- Archroma Management GmbH
- Fineotex Chemical Limited
- SAREX
- Rung International
- Huntsman International LLC
