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.
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.
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:
Our in-depth analysis of the global scouring agent market includes the following segments:
The Dow Chemical Company has entered into a new engagement with BSB Nanotechnology Joint Stock Company, the world's first producer of premium rice husk-based specialty silica. This engagement is expected to accelerate the company’s commitment towards a bio-based offering.
Huntsman International LLC has introduced the breakthrough ERIOPON E3-SAVE dyeing auxiliary that will support the “single-bath scour-dye-reduction clear concept” and offer the shortest possible processing cycle for polyester thus saving time, water, energy and cost.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The expansion of textile industry and the rise in production of textile fibers are some of the factors that are expected to drive the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Ans: Discharge of high amount of hazardous chemical and the utilization of high amount water are some of the factors that are expected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are The Dow Chemical Company, 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 and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, function and by region.
Ans: The sizing agent is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.