Synthetic Fibers Analysis Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 – 2027
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. 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. Synth