Synthetic Fibers type 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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