The global denim finishing agents market was valued at USD 1,469.3 Million in 2019 and is projected to reach USD 2,263.1 Million by 2027 expanding at a CAGR of 6.7% during the forecast period, 2020-2027. Denim fabrics are widely recognized for their durability and appearance. The performance and appearance of denim materials largely rely on an appropriate finishing process. The fabric is mechanically and chemically handled after weaving to make it soft and stabile. The process of finishing involve several stages which includes brushing, singeing, stretching, drying, and shrinking. The primary steps of brushing eliminates impurities and evens the denim fabric surface. Stretching controls the hand and stiffness of the fabric and guarantees its dimensional stability by compressive shrinking. These fabrics are sent for making up; wherein, the fabric is cut into appropriate width depending on the required size.
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Market Dynamics
The market is majorly driven by factors such as increasing preference of denim apparels among a huge population base. Furthermore, the advent of e-commerce has created a high demand for denim across the fashion industry, resulting in high production of denim garments, which in turn, is driving the global denim finishing agents market.
Rising adoption of ecological finishing solutions in the denim finishing agents has created a preference for new finishing agents and technologies such as ozone fading technology. These ecological solutions help denim manufacturers reduce process treatment time, while lowering energy costs. These attributes have resulted in the expansion of the global denim finishing market.
Segment Analysis
On the basis of type, the global denim finishing agents market is segmented into Enzymes, Resins, Softeners, Defoamers, Bleaching, Crush-Resistant, Anti-Back Staining, and Others. The enzymes segment is expected grow at a CAGR of over 7% during the forecast period. The usage of enzymes in the denim finishing, as biocatalysts, which helps in degrading hard starch present on the denim fabric. Furthermore, the process consisting enzymes as finishing agents is less corrosive to the fabrics, while also eliminating major fabric issues. Additionally, organic enzymes are considered eco-friendly for washing processes and with the increasing adoption of eco-friendly products, the growth of the enzymes segment is projected to expand at a significant pace.
Based on End-users, the global denim finishing Agents market is classified into SMEs, and Large Enterprises. The SMEs segment is projected to constitute more than half share of the market in 2019. The growth of the segment is attributed to the rise in presence of local players in the denim garments industry, resulting in the high usage of denim finishing agents among SMEs. The large enterprises segment is expected to grow at a considerable CAGR during the forecast period. The growth of the segment is attributed to the emergence of counterfeit goods among several local enterprises which has resulted in denim manufacturing companies to focus their purchases from established market players, further increasing the growth of the segment in the market.
Regional Outlook
In terms of regions, the market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is a promising region for the market. The region held more than half of the market in terms of share in 2019 and expected to retain its dominance during forecast period 2020-2027. The growth of the market in Asia Pacific is attributed to the proliferation of e-commerce in the region, which has resulted in a rapid rise of clothing and apparel sales in the region. Furthermore, most of the denim production is carried out in Asia Pacific, with China being one of the leading producers. This, is in turn, is expected to increase the demand for denim finishing agents in the region.
Competitive Landscape
Key players in the market include Dow Chemical Company BASF SE, Huntsman International LLC, CHT Group, and Fashion Chemicals GmbH & Co. KG, and others. These players are considered as leading manufacturers of denim finishing Agents based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system.
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