Synthetic Fibers Market Growth: Global Industry Trends, Opportunity and Forecast 2022-2030
The latest study conducted by Market Research Future (MRFR) reveals that the global market for synthetic fiber growth 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 Market Growth 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 Segmental
Analysis Market growth 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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