Synthetic Fibers Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global synthetic fibers market was prized by USD 59.95 billion in 2020. It is estimated to witness 6.6% CAGR from 2021 to 2028.

Drivers

The rising demand from customers for maintainable, easy-to-wash, strong, and price efficient fabrics is likely to impel the expansion of the market for synthetic fibers, during the forecast period.

The synthetic fabrics are resulting from chemical amalgamation. It has exceptional mechanical, chemical as well as physical possessions like great shine, softness, wrinkle retrieval, strength, elasticity plus others. Due to these exceptional belongings, these fibers are chosen in a variety of end use manufacturing, for example automobile, clothing, filtration, home furnishing, and others.

In North America local market, the U.S. is estimated to be the highest revenue making nation. Fast varying fashion inclinations together with the growing demand for home furnishing goods, because of the growth of e-commerce stages, are likely to enhance expansion predictions to the general market.

Restraints

On the other hand, the recurrent variations in the prices of raw material as well as processing expenses of fiber may perhaps hinder the development of the market for synthetic fibers. The synthetic fibers are manufactured from petrochemicals or petroleum sourced chemicals. Therefore, fibers like acrylics, polyester, and nylonadhere to the prices of crude oil. So, any instability in oil prices may well influence the rates of these products.

Product Insight

The polyester product section held above 48.0% revenue share and dominated the global synthetic fibers market, in 2020. Owing to its possessions like scratchand chemicalconfrontation, the demand for polyester is increasing. The section will more develop by highest CAGR, during the forecast period. Besides, it is greatly preferable in the production of clothes material because of its properties like wrinkle-free, trouble-free wash down, shape preservation, in addition to greater perspiration.

The growth in demand for the polyester fabrics in industrialized functions, clothing, and home furnishing is anticipated to enhance development of the general market. The greater utilization of industrialized polyester fibers, in the variety of ropes and yarns, which are used for the reinforcements in car Tyres, conveyor belts, safety belts plus others, is expected to maintain the development of the section.

The Nylon sourced products are likely to record major expansion, during the near future, because of their large consumption in the automobile and home furnishing purpose manufacturing. Owing to the speedily growing populace the rising demand for home furnishing products, like carpets, blankets, upholstery, bed linen, plus a range of others is expected to contain an optimistic effect on the expansion of the section, throughout the forecast period.

The other product category, for example rayon and spandex are, moreover, adding development projections to the market because of their extensive use in the leisure & sports use production, in the variety of garments.

The existence of e-commerce displays place and retail stores supplying sports utilities, like superior working cycling and swimming clothing prepared from spandex, is anticipated to stimulate the escalation of the others synthetic fibers section, for the duration of the forecast.

Application Insight

In 2020, the clothing application sector held above 46.0% revenue share and dominated the synthetic fibers market, on account of the constantly altering fashion styles, globally, powering the demand for clothing. The increase in the demand for gainful, convenient, and protecting, clothing, because of the growing populace, is likely to direct the sector for the period of the forecast. Due to the rising demand for extremely artistic interiors, the requirement for synthetic fibers, used for the home furnishing section, is expected to develop by a major speed, during the forecast period.

The growth in the real-estate and housing construction division is projected to enhance the requirement for home furnishing goods, for example mats, carpets, cushion & covers plus others, during the forecast period.

The others application division consists of construction, fishing nets, and ropes. As stated by, Food and Agriculture Organization (FAO), the 45.0% fish, which are trapped, is globally sold. This is estimated to increase the requirement for fishing nets, in that way increasing the enlargement of the division.

Regional Insight

In 2020, Asia Pacific led the global synthetic fibers market, in terms of together the revenue and quantity. Due to the greater manufacture of acrylics, nylon, polyester, plus others in the nations like Japan, Taiwan, China, India, and South Korea, the region retained, above 69.0% revenue share.

The region will maintain the top place and is expected to increase by the highest CAGR, during the forecast period. It is credited to the utilization of home furnishing and clothing products, in addition to increasing populace.

In North America, the demand for the product is mostly resulting from the clothing application sector. The inclination is likely to rise during the forecast period. The movement like made in U.S. program, together with a rising inclination for the online shopping is projected to increase the enlargement of the market, throughout the forecast period.

In Europe the market was anticipated to be 5,424 kilotons in 2020. It is expected to increase by a substantial speed, during the forecast period. This can be credited to the growth in product manufacturing from the nations like Turkey, Italy, and Germany. Besides, increasing use of the product in automobiles intended for airbags, seat covers, drive belts, cushions, plus others are adding more to the expansion of the market.

The demand for the product in Central & South America region is expected to observe major enlargement during the forecasted period because of the rising funds as well as production amenities used for construction, clothing & apparel and automotive manufacturing. The accessibility of low-priced manual labor and increasing industrialized actions within the state are, furthermore, anticipated to increase the development of the market.

Companies

As a result of the attendance of some companies busy in manufacturing the product, the global synthetic fibers market is disjointed. The companies are implementing sophisticated processes and technologies for the manufacturing, for example improvement of hybrid combinations with natural and synthetic fibers.

The market contestants are struggling to augment their trade by way of joint ventures, funds, plus contract with the retailers, owners of the trade name, in addition to e-commerce facilitators.

Some of the companies for synthetic fibers market are:

• Toray Chemical Korea, Inc.
• China Petroleum Corp. (Sinopec Corp.)
• Mitsubishi Chemical Holdings Corp.
• Indorama Corp.
• Bombay Dyeing
• Toyobo Co., Ltd.
• Teijin Ltd.
• Reliance Industries Ltd.
• Lenzing AG
• E. I. du Pont de Nemours and Company

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global synthetic fibers market report on the basis of product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
    • Polyester
    • Nylon
    • Acrylics
    • Polyolefins
    • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
    • Clothing
    • Home Furnishing
    • Automotive
    • Filtration
    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • India
        • Taiwan
    • Central & South America
        • Brazil
    • Middle East & Africa