Technical Textile Chemicals Market Will Grow to $4.96 Billion from 2014 to 2020 : Grand View Research, Inc

The global technical textile chemicals market is expected to 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 is expected to drive the global technical textile chemicals market. Positive outlook on global automotive industry is also expected to have a positive influence on the market growth over the next six years. Increasing industrial growth rate in 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 are expected to remain a key challenge for market participants.

Transtech emerged as the largest application segment and accounted for 25.1% of total market volume in 2013. Growth of automotive industry particularly in BRIC nations coupled with resurgence of American automotive industry is expected to drive the market. Geotech is expected to witness the highest growth rate of 6.4% from 2014 to 2020. Growth of geotextiles market particularly in Asia Pacific and Middle East is expected to remain a key driving factor for this segment.

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