Global Synthetic Fibers Market Size By Type (Polyester, Nylon, Acrylic), By Application (Construction, Automotive, Healthcare), By Geographic Scope And Forecast

Synthetic Fibers Market Size And Forecast

Synthetic Fibers Market size was valued at USD 62.90 Billion in 2021 and is projected to reach USD 98.84 Billion by 2030, growing at a CAGR of 5.15% from 2023 to 2030.

Rapid industrialization, reduced manufacturing costs, changing textile consumer tastes, and rising disposable income are expected to boost the worldwide Synthetic Fibers Market in the coming years. The Global Synthetic Fibers Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Synthetic Fibers Market Definition

Synthetic fibers are man-made fibers created from chemical substances and polymers. They are also referred to as artificial fibers, as they are not found in nature. Synthetic fibers are made from a combination of various chemical compounds, such as polyethylene, polyester, polypropylene, nylon, and rayon. The production process of synthetic fibers involves heating, spinning, and extruding the polymers into the desired fiber form. Synthetic fibers have become an essential part of the modern fashion and textile industry, and they are widely used in various applications such as clothing, furniture, and technical textiles.

The popularity of synthetic fibers is primarily due to their low cost, durability, and versatility. These fibers are also lightweight and offer easy maintenance, making them a popular choice among consumers. Synthetic fibers have excellent strength, little or no shrinking, rapid drying qualities, low moisture absorption, and other attributes. Sodium hydroxide and carbon disulfide are two chemicals used in the production of synthetic textiles that are often produced from coal, oil, or natural gas. Synthetic textiles are used in a variety of industries, including fashion, construction, and automotive.

Global Synthetic Fibers Market Overview

The increasing demand for lightweight and comfortable clothing has driven the growth of the Synthetic Fibers Market. Synthetic fibers such as polyester and nylon are lightweight, soft, and durable, making them ideal for use in clothing. The growing popularity of athleisure, a trend that combines athletic and leisure wear, has also driven the growth of the Synthetic Fibers Market. Synthetic fibers are often used in athletic wear, as they provide the necessary stretch, durability, and moisture-wicking properties needed for activewear.

Other factors boosting the global Synthetic Fibers Market include a lack of supply and the high cost of natural fibers such as cotton and wool. The non-biodegradability of synthetic fiber limits industry expansion. Furthermore, synthetic fibers are not skin-friendly, making them difficult to wear for extended periods of time. Some people are sensitive to synthetic fibers. As a result, the aforementioned reasons may pose a threat to the worldwide Synthetic Fibers Market growth.

Global Synthetic Fibers MarketSegmentation Analysis

The Global Synthetic Fibers Market is segmented on the basis of Type, Application, and Geography.

Synthetic Fibers Market, By Type

• Polyester
• Nylon
• Acrylic
• Polyolefin
• Others

Based on type, the market is segmented into Polyester, Nylon, Acrylic, Polyolefin, and Others. In 2021, the polyester segment dominated the market accounting for the largest market share. Polyester fibers’ features, such as their superior properties, low cost, flexibility, and recyclability, make them a preferred choice in heavy-duty industrial applications such as conveyor belt reinforcement and automotive tire reinforcement. This is the primary driver of the Synthetic Fibers Market expansion. Additionally, polyester is an affordable alternative to natural fibers, which has increased its demand in the market. Other popular synthetic fibers include nylon, polypropylene, and acrylic, but polyester remains the leading segment due to its widespread use and affordability.

Car carpets, upholstery, side, roof, floor, and door panels, airbags, fuel filters, safety belts, tires, engine air filters, and insulating materials are also made from these fibers. Acrylic is predicted to be the fastest-growing product category throughout the forecast period. Acrylic fibers are well known for their softness, tenacity, and resistance to shrinking and wrinkling. They are made from acrylonitrile. They are frequently used in sweaters, hats, gloves, and home furnishings. The nylon category is likewise expected to grow considerably throughout the forecast period. Nylon is a robust, lightweight synthetic fabric developed primarily for use in tires and other industrial applications. It has since become a popular choice for clothing and other textile applications due to its durability and resistance to stains and wrinkles.

Synthetic Fibers Market, By Application

• Construction
• Automotive
• Healthcare
• Apparel
• Industrial
• Others

Based on Application, the market is segmented into Construction, Automotive, Healthcare, Apparel, Industrial, and Others. In 2021, the apperal category has the largest market share in the Synthetic Fibers Market. Synthetic fibers have a wide range of uses in the garment business, from outerwear to underwear, sporting to casual wear. Synthetic fibers are employed in both men’s and women’s clothing. Synthetic fibers offer various benefits over natural fibers, which is why they have grown so popular in the apparel business.

They are sturdy and long-lasting, easy to care for, wrinkle-resistant, colorfast, and reasonably priced. Over the projected period, the automotive market is predicted to be the fastest-growing application category. Over the next eight years, the increased need for fuel-efficient automobiles and lightweight components is expected to drive demand for Synthetic Fibers in this application. Because of their usage in reinforcing applications, synthetic fibers are also popular in the construction industry.

Synthetic Fibers Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Synthetic Fibers Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In 2021, Asia Pacific accounted for the largest market share and lead the Global Synthetic Fibers Market. Because of the increased demand for synthetic fibers from different end-use sectors such as automotive, construction, and packaging, the region is likely to maintain its leadership position during the forecast period. The Asia Pacific region’s increasing population and rising disposable incomes are also predicted to enhance demand for synthetic fibers. The market for synthetic fiber in North America is mostly driven by increased product demand in the United States.

Consumer spending power in the United States is predicted to drive development in end-use sectors, particularly automobile and home furnishings. The region’s high demand for activewear and sportswear for outdoor activities is likely to fuel demand for synthetic fibers such as nylon and polyester in the coming years. The increasing product penetration in automotive applications is projected to bring up new opportunities for synthetic fiber growth. Germany is one of the world’s major automakers. The presence of major vehicle manufacturers such as Volkswagen, Ford Motor Company, BMW, Porsche, Opel, Audi, and Mercedes-Benz is expected to boost synthetic fiber growth throughout the projection period.

Key Players

The “Global Synthetic Fibers Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Bombay Dyeing, China Petroleum Corporation, DuPont, Indorama Corporation, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, Teijin Limited, Toray Industries Inc., and TOYOBO CO. LTD.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2021, Teijin Frontier Co., Ltd., the Teijin Group’s fibers and products converting firm, stated on April 1 that it will unite its subsidiary companies Teijin Modern Yarn Co., Ltd. and Shinwa Limited to develop, produce, distribute, and particularly process yarns as Teijin Frontier Knitting Co., Ltd. Teijin Frontier Knitting’s formation is intended to integrate the differences of its two predecessors’ knitting machines with new development and quality-control capabilities for tough items. It is also intended to help Teijin Frontier Group’s circular knitting business expand globally.
• In March 2021, Consolidated Fibers has been bought by Stein Fibers. The Charlotte, NC-based company has been a synthetic fiber industry pioneer, focusing on diverse products for the nonwoven market. Consolidated Fibers adds specialty and specialized goods to Stein’s portfolio in addition to polyester and viscose fibers.
• In April 2019, Raymond Group, a textile maker and retailer, introduced Ecovera, an eco-friendly line of textiles made using R|Elan, a Reliance Industries Ltd. technology (RIL). The Ecovera line will soon be available in 1,500 retailers across 700 locations, according to the business.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Synthetic Fibers Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in the Global Synthetic Fibers Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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