Global synthetic fibers market was worth USD 59.95 billion in 2020. It is projected to grow at 6.6% compound annual growth rate (CAGR), between 2021 and 2028. The market is expected to grow due to increasing consumer demand for durable, cost-effective and easy-to clean fabrics. These fabrics are made from chemical synthesis. They have excellent chemical, mechanical and physical properties such as strength, softness and elasticity. They also have crease recovery and high luster. These fibers are highly sought-after in many industries such as home furnishing and automotive.
The U.S. will be the largest revenue-generating country in North America's regional market. The market is expected to see growth opportunities due to rapidly changing fashion trends and the rising demand for home furnishing products due to the rise in online e-commerce platforms.
In order to produce synthetic fibers for various industries, there are several regulations. The Environmental Protection Agency (EPA), has established guidelines and standards for organic chemicals, plastics, and synthetic fibers (OCPSF), to reduce and limit the release of volatile organic compounds (VOCs) from synthetic fiber production plants.
In 2020, the largest revenue share was held by the clothing segment. The clothing segment uses fabrics made from synthetic fibers such as rayon, nylon, polyester, and nylon. These fabrics are durable, strong, soft, easy-to-dye, and absorbent.
The market's growth may be impeded by the fluctuating prices of raw materials and high fiber processing costs. Synthetic fibers can be made from petroleum-based chemicals, or petrochemicals. Fibers such as nylon, polyester, and acrylics follow crude oil prices. Therefore, volatility in oil prices can affect these products' prices.
The market leader in synthetic fibers was the polyester product segment, accounting for 48% of global revenue in 2020. This segment will grow at a faster CAGR of 5% from 2021-2028, thanks to its high chemical and abrasion resistance. It is also preferred in the manufacture of clothing materials because it is easy to wash, shape retention and wrinkle-free.
The overall market is expected to grow due to increased demand for polyester fabrics in clothing and home furnishing. The segment is expected to grow because of the high use of industrial polyester fibers such as yarns and ropes used in safety belts, conveyor belts and car tire reinforcements.
Due to their widespread use in the automotive and home furnishing industries, nylon-based products will see significant growth in the next few years. The forecast period will see a significant increase in demand for home furnishing products such as carpets, blankets, upholstery, and bed linen due to an increasing population.
Due to their widespread use in sports and leisure industry clothing and apparel, spandex, rayon and other product types are adding growth opportunities to the market. The growth of other synthetic fibers will be fueled by the increased presence of e-commerce platforms and retail stores that sell spandex apparel for high-performance swimming and cycling.
In 2020, the clothing application segment accounted for more than 46% of the market's revenue. This is due to changing fashion trends that have influenced the global demand for clothing. The segment is expected to be driven by the growing demand for cost-effective, convenient, and protective clothing during the forecast period.
Another factor that positively impacts the demand is the availability of different clothing brands to meet the needs of customers. The region has seen an increase in e-commerce platforms, as well as increased consumer awareness regarding different clothing brands thanks to the Internet-of-Things. This has helped boost the sales of online clothing. Due to increasing interior design aesthetics, the demand for synthetic fibers in the home furnishing market is expected to rise at a substantial rate.
Over the forecast period, there will be an increase in demand for home furnishing products such as mats, cushion & covers and carpets due to the rising housing and real estate construction sectors. Other applications include fishing nets and ropes. According to the Food and Agriculture Organization (FAO), approximately 45% of all fish caught is exported internationally. This is expected to increase demand for fishing nets and thus boost segment growth.
In 2020, Asia Pacific was the dominant market in both volume and revenue. Due to high production in nylon, nylon, acrylics and other materials in countries such as China and South Korea, Taiwan and India, the region held a greater than 69% revenue share in 2020. Due to rising consumption and population of home furnishing and clothing products, the region will continue to be the dominant market.
North American product demand is primarily derived from the apparel application segment. This trend is expected to increase over the forecast period. Market growth will be boosted by trends such as the made in America initiative and the growing preference for online shopping.
In 2020, the European market was 5,424 kilotons. This is due to an increase in product manufacturing in countries like Turkey, Germany, Italy, and Germany. The market is also growing due to increased demand for automobile seat covers, cushion, drive belts and airbags.
Due to increased investments in the apparel & apparel, construction, and automotive industries, the product demand in Central & South America will likely see significant growth during the forecast period. The market is expected to grow due to rising industrial activity and availability of cheap labor.
Market players are embracing advanced manufacturing techniques and methods such as the creation of hybrid composites using natural and synthetic fibers. Market players seek to increase sales by forming partnerships and agreements with brand owners, ecommerce facilitators and retailers.
Due to the existence of multiple companies involved in product production, the market is fragmented. The market is characterised by large manufacturing and distribution facilities that have a large customer base around the world, which are contributing significantly to its growth prospects. The following are some of the major players in the global market for synthetic fibers:
Bombay Dyeing
E. I. du Pont de Nemours and Company
Indorama Corp.
Lenzing AG
Mitsubishi Chemical Holdings Corp.
Reliance Industries Ltd.
China Petroleum Corp. (Sinopec Corp.)
Teijin Ltd.
Toray Chemical Korea, Inc.
Toyobo Co., Ltd.
Up Market Research published a new report titled “Synthetic Fibers Market research report which is segmented by Product (Polyester, Acrylics, Nylon), by Application (Clothing, Home Furnishing), By Players/Companies E I du Pont de Nemours and Company, Indorama Corp, Toyobo Co Ltd, China Petroleum Corp (Sinopec Corp), Bombay Dyeing, Teijin Ltd, Reliance Industries Ltd, Toray Chemical Korea Inc, Lenzing AG, Mitsubishi Chemical Holdings Corp”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Synthetic Fibers Market Research Report |
By Product | Polyester, Acrylics, Nylon |
By Application | Clothing, Home Furnishing |
By Companies | E I du Pont de Nemours and Company, Indorama Corp, Toyobo Co Ltd, China Petroleum Corp (Sinopec Corp), Bombay Dyeing, Teijin Ltd, Reliance Industries Ltd, Toray Chemical Korea Inc, Lenzing AG, Mitsubishi Chemical Holdings Corp |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 228 |
Number of Tables & Figures | 160 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Polyester, Acrylics, Nylon), by Application (Clothing, Home Furnishing).
Synthetic Fibers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Synthetic Fibers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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