Synthetic Fibers Research Business Prospects, Growth Opportunities, Regional Analysis ,Statistics and Forecast to 2027
The latest study conducted by Market Research Future (MRFR) reveals that the global market for synthetic fiber is set to exhibit an above-average CAGR of 7.25% during the forecast period (2018-2023). Unlike natural fibers, synthetic fibers are produced using chemicals. The procedure involves polymer and monomers linking through polymerization. Synthetic fibers are artificial and possess superior chemical and physical properties such as lightweight, high durability, elasticity and wrinkle resistance. This has helped in driving the popularity of synthetic fibers extensively. Moreover, such fibers have a relatively lower-price tag then bio-based or natural fibers. They are used in manufacturing products that require moisture resistance, and easy crease recovery. These essential qualities of the synthetic fiber makes it an apt material for the textile industry. Synthetic fibers are increasingly used in clothing, home furnishing and automotive interior designing applications. By the year 2023, the global synthetic fiber market is expected to reach USD 144,279.9 Mn in terms of value.
Synthetic fibers use in the automotive interiors and
home furnishings manufacturing has increased substantially in recent years. The
constantly evolving fashion trends and lifestyles has led to an increase demand
for fibers, which is creating opportunities for market players. Further, the
supply and demand gap in natural fiber is also acting as major growth enabler
for the global synthetic fiber market. Nonetheless, volatility in raw material
prices like those of caprolactam and acrylonitrile has an undesirable effect on
the market. Manufacturers are focusing on production of bio-based or green
synthetic fibers to overcome such hurdles.
Global Synthetic
Fiber Market: Segmental Analysis
MRFR’s report includes a segmental analysis of the
market based on type and application. On the basis of type, the market has been
segmented into polyester, acrylic, nylon, polyolefin, and others. In 2017, the
polyester segment accounted for over 67% of the market share. The segment is
expected to remain highly profitable during the assessment period. The growing
demand for affordable and high-performance fiber in clothing and home
furnishing is partly boosting the demand for polyester-based synthetic fibers.
The nylon segment currently holds the second position and likely to exhibit a
healthy CAGR during the review period. Nylon application has increased in
manufacturing of products such as nets, tire cords, tarpaulins, hoses,
monofilament fishing lines, conveyor belts, seatbelts, tents, and parachutes.
On the basis of application, the market has been
segmented into clothing, home furnishing, automotive, filtration, and others.
The clothing segment is expected to retain its leading position over 2023. The
segment stood at USD 45,102.7 Mn in 2017 and is projected to witness a healthy
growth during the assessment period. This can be attributed to the boom of
e-commerce and a rise in spending on premium priced clothing.
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Global Synthetic
Fiber Market: Regional Analysis
The market has been covered across major regions such
as North America, Europe, the Middle East & Africa (MEA), Asia Pacific
(APAC) and South America. During the forecast period, the APAC is expected to
spearhead the global synthetic fiber market. In 2017, APAC accounted for more
than 58% market share. The market in APAC is anticipated to surpass a valuation
of USD 87,800 Mn by the year 2023. The massive population in the region and the
high rate of urbanization is likely to drive the growth of the synthetic fiber
market in APAC over the next several years.
Global Synthetic
Fiber Market: Competitive Landscape
Some of the prominent market players profiled in
MRFR’s report include Bombay Dyeing Inc., Toyobo Co. Ltd, Teijin Limited,
Indorama Corporation, China Petrochemical Corporation, DowDuPont, Mitsubishi
Chemical Holdings Corporation, Toray Chemical Korea, Inc., Lenzing AG, and
Reliance Industries Limited.
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