Global Synthetic Fibers Market is expected to reach USD 88.5 billion by 2025. Fabrics and fibers play key role in day-to-day life. Fiber is a hair like strand of material, which can be woven into a fabric. Synthetic fibers are usually semi-crystalline polymers, which are spun into threads. The fibers are uniaxial concerned with the wet, melt, or dry spinning process that gives fiber strength and high tenacity. These fibers are then transformed to yarn by twisting numerous incessant fibers together to a uniform yarn with all strands more or less united equivalent to the yarn axis. These fibers can be stronger than natural fibers. The Synthetic Fibers Market is estimated to grow at a significant CAGR of 6.3%over the forecast period as the scope and its applications are rising enormously across the globe.
The changing lifestyle and improving fashion trend, high demand for high strength and light weight material amongst populace, and enhancements in green synthetic fibers are documented as major factors of synthetic fiber market that are estimated to enhance the growth in the years to come. However, strict ecological law associated with non-biodegradability of synthetic fiber may restrain overall market growth in the coming years. Synthetic fibers industry is segmented based on product types, applications, and region.
Polyolefin, Polyester, Acrylics, Nylon, and other product types could be explored in Synthetic Fibers in the forecast period. Polyester sector accounted for the largest market share of Synthetic Fibers and is estimated to continue its dominance in the coming years. This may be because of its properties like chemical and abrasion resistance, high demand from middle-class populace due to an affordable cost, and availability of labor in developing countries.
The market may be categorized based on applications like filtration, clothing, automotive, home furnishing, and others that could be explored in the forecast period. Clothing sector accounted for the largest market share of Synthetic Fibers and is estimated to lead the overall market in the coming years. Clothing sector comprises of work wear, menswear, children wear, and womenswear. The sector is at top most position, due to changing lifestyle and growing urbanization, it is easy to maintain, convenient, and offers protection, and high demand from developing countries like India and China.
Globally, Asia Pacific accounted for the largest market share of Synthetic Fibers and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be high demand due to presence of applications like automotive and clothing and occurrence of key manufacturers in the region. The developing countries like India and China are the major consumers of Synthetic Fibers in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. The aspects that may be ascribed to the growth comprise fast development of home furnishing and automotive industries. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Synthetic Fibers Market are China Petroleum Corporation, Toray Industries, Inc., Reliance Industries Limited, E. I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, Lenzing AG, and Indorama Corporation. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Synthetic Fiber Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
Synthetic Fiber Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
• Home Furnishing
Synthetic Fiber Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Research Support Specialist, USA