Synthetic Fibers Market
Synthetic Fibers Market - Global Industry Assessment & Forecast
- By Types Polyester, Nylon, Acrylics, Polyolefin, Other Types
- By Applications Clothing, Home Furnishing, Automotive, Filtration, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 61.5 Billion|
|Revenue 2028:||USD 81.9 Billion|
|Revenue CAGR (2021 - 2028):||4.9%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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The Global Synthetic Fibers Market was valued at USD 61.5 Billion in 2021 and is forecast to reach a value of USD 81.9 Billion by 2028. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period.
The Synthetic Fibers Market is driven by the increasing demand for these fibers in various end-use industries. The superior properties of Synthetic Fibers over natural fibers have been a key factor driving their demand. The growing automotive industry is a major consumer of Synthetic Fibers, as these fibers are used in various auto parts such as tires, seat belts, and airbags. The construction industry is another major consumer of Synthetic Fibers, as these fibers are used in concrete reinforcement, insulation, and carpeting. The advancement of technology has also been a key driver of the Synthetic Fibers Market. The development of new and improved synthetic fiber materials has made them more versatile and durable, which has expanded their applications in various industries. Synthetic Fibers are also being increasingly used in the textile and apparel industry due to their superior properties such as resistance to wrinkles and shrinkage, colorfastness, and durability.
The explosion in the popularity of activewear is one of the key drivers of the Synthetic Fibers Market. Consumers are increasingly looking for clothing that can keep up with their busy lifestyles, and Synthetic Fibers are able to provide the durability and performance that they need. Other key drivers include population growth, urbanization, and increased disposable incomes. As populations grow and urbanize, there is an increasing demand for clothing that can withstand tough conditions. Synthetic Fibers are able to meet this demand thanks to their durability and performance. Additionally, as disposable incomes rise, consumers are able to spend more on discretionary items like clothing. This means that they are more likely to purchase items made from Synthetic Fibers, which are often seen as being of higher quality than natural fibers.
Synthetic Fibers Market Size, 2021 To 2028 (USD Billion)
There are a number of additional factors that are driving the Synthetic Fibers Market. First, there is increasing demand from end-use industries such as automotive, construction, and apparel. This is due to the fact that Synthetic Fibers have a number of advantages over natural fibers, including being stronger, more durable, and more resistant to environmental factors such as UV light and moisture. Second, the availability of raw materials is another key driver of the Synthetic Fibers Market. Synthetic Fibers are typically made from petroleum-based chemicals, and with the advent of hydraulic fracturing or "fracking," there has been a significant increase in the production of natural gas and crude oil. This has led to lower raw material costs for synthetic fiber manufacturers, making them more competitive with natural fiber producers. Finally, new technologies are also enabling the Synthetic Fibers Market to grow. For example, advances in nanotechnology are leading to the development of new types of Synthetic Fibers that have unique properties and can be used in a variety of applications.
There is a rising demand for medical products globally, which is driving the Synthetic Fibers Market. The major types of Synthetic Fibers used in medical applications are polyester, polypropylene, and nylon. Polyester is the largest type of synthetic fiber used in medical applications, due to its low cost and high strength. Polypropylene is also a popular choice for medical applications due to its resistance to chemicals and pathogens. Nylon is sometimes used in medical applications due to its high strength and flexibility. The rising demand for medical products is driven by the aging population, the increasing prevalence of chronic diseases, and the growing middle class in emerging markets. The aging population is especially important because they have a higher incidence of chronic diseases that require treatment with medical products. The increasing prevalence of chronic diseases is also driving the demand for medical products as more people are diagnosed with conditions such as cancer, diabetes, and heart disease. The growing middle class in emerging markets is also driving the demand for medical products as they can afford to pay for treatments that were previously out of reach.
The Global Synthetic Fibers Market is growing at a healthy pace, however, there are some restraints that are limiting the growth of this market.
Major restraints of the Synthetic Fibers Market include
● High raw material costs: The major raw materials used in the production of Synthetic Fibers are petroleum-based products and thus, their prices are highly volatile. This makes it difficult for synthetic fiber manufacturers to plan their production in advance and results in high risk and uncertainty.
● Stringent environmental regulations: The production of Synthetic Fibers releases a lot of harmful emissions into the environment. To comply with the stringent environmental regulations, manufacturers have to incur high costs which ultimately get passed on to the consumers.
● Competition from natural fibers: Natural fibers such as cotton and wool are cheaper and readily available as compared to Synthetic Fibers. They also have superior properties such as being biodegradable and hypoallergenic. This makes them a viable option for many applications where Synthetic Fibers are used, thereby limiting the growth of the latter.
Top Market Trends
● The Synthetic Fibers Market is constantly evolving, as new technologies and materials are developed. Here are some of the latest trends in this ever-changing market:
One of the biggest trends in the Synthetic Fibers Market is the increasing demand for sustainable and eco-friendly products. Consumers are becoming more conscious of the impact their purchases have on the environment, and they're looking for alternatives to traditional materials that are harmful to the planet. As a result, manufacturers are working hard to develop sustainable Synthetic Fibers that meet consumer demands.
● Another big trend in the Synthetic Fibers Market is biodegradability. More and more consumers are concerned about what happens to their clothes after they're done wearing them, and they don't want their discarded items to end up in landfills. Biodegradable Synthetic Fibers offer a solution to this problem, as they can break down naturally over time without harming the environment.
● Finally, there's been a trend toward performance-enhancing Synthetic Fibers in recent years. With consumers becoming more active and health-conscious, they're looking for clothing that will help them perform at their best. Synthetic fabrics that are designed to wick away sweat or provide extra support during physical activity are becoming increasingly popular as a result.
● The increasing demand for polyester and nylon fibers: Polyester and nylon are the most popular Synthetic Fibers, owing to their flexibility, durability, and easy care properties. These fibers are widely used in a variety of applications such as apparel, home furnishings, industrial textiles, and carpets.
● Performance fibers are becoming increasingly popular. These fibers are designed to offer superior performance in terms of strength, durability, and other properties.
● There is an increasing preference for eco-friendly Synthetic Fibers such as bamboo viscose, soybean fiber, and milkweed fiber among consumers. These fibers are biodegradable and offer a number of environmental benefits. Recycled Synthetic Fibers are another growing trend. These recycled fibers can help reduce waste and conserve resources.
● Synthetic Fibers are being used more and more in sustainable construction projects. This is due to their low environmental impact and long lifespan.
● Multifunctional Synthetic Fibers are also on the rise. These fibers can offer multiple benefits, such as UV protection or fire resistance.
● The emergence of new applications for Synthetic Fibers: Synthetic Fibers are increasingly being used in a variety of new applications such as filtration media, geotextiles, and automotive fabrics. This is opening up new growth opportunities for the Synthetic Fibers Market.
● Finally, biodegradable Synthetic Fibers are beginning to enter the market. These innovative fibers can decompose naturally, making them a more sustainable option for many applications
The market is segmented based on Type, Application, and Region. According to the Type, the market is segmented into Polyester, Nylon, Acrylics, Polyolefin, and Other Types. According to the Applications, the market is segmented into Clothing, Home Furnishing, Automotive, Filtration, and Other Applications.
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Based on Type
The polyester segment dominated the Synthetic Fibers Market based on product type in 2018 and is projected to continue this trend over the forecast period. Polyester is a synthetic fiber made from petroleum-based products and is widely used in the textile industry due to its high strength, low cost, and easy care properties. It is also used in various other industries such as automotive, construction, and packaging. The acrylic segment is projected to be the fastest-growing product type over the forecast period. Acrylic fibers are made from acrylonitrile and are known for their softness, durability, and resistance to shrinkage and wrinkling. They are commonly used in sweaters, hats, gloves, and home furnishings. The nylon segment is also expected to witness significant growth over the forecast period. Nylon is a strong, lightweight synthetic fiber that was originally developed 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.
Polyester is a synthetic fiber that was first introduced in the early 1950s. It has since become the most widely used type of synthetic fiber in the world, accounting for more than 50% of all Synthetic Fibers produced. There are several reasons why polyester has come to dominate the Synthetic Fibers Market. First, polyester is extremely versatile. It can be made into a wide variety of fabrics with different properties, such as wrinkle-resistant or static-resistant. Polyester can also be blended with other fibers to create even more types of fabric. Second, polyester is very strong and durable. It does not break down as easily as other fibers, so it withstands repeated washings and wearings well. Additionally, polyester is resistant to many chemicals and does not support the growth of mildew or bacteria. Third, polyester is affordable. It is less expensive to produce than other Synthetic Fibers, so it can be sold at a lower price point. This makes it an attractive option for consumers who are looking for budget-friendly options. Fourth, polyester is easy to care for. It can be machine-washed and -dried without fear of damage or shrinkage. Polyester clothing requires little ironing and can often be worn without wrinkles. Finally, polyester has a range of environmental benefits. It is a recyclable material, so it reduces waste in landfills. Additionally, polyester garments often last.
Based on Application
The Global Synthetic Fibers Market is primarily driven by the growing demand for clothing, owing to the comfortable and durable nature of the fabric. Based on application, the clothing segment garnered the highest market share in terms of both value and volume in 2017 and is expected to maintain its dominance over the forecast period. The rise in disposable income, changes in lifestyle, and favorable government initiatives are projected to drive the growth of this segment over the forecast period. The automotive segment is expected to be the fastest-growing application segment over the forecast period. The growing demand for fuel-efficient vehicles and lightweight components is anticipated to boost the demand for Synthetic Fibers in this application over the next eight years. The construction industry is also a major consumer of Synthetic Fibers, owing to their use in reinforcement applications. The Asia Pacific region is expected to be the largest market for Synthetic Fibers, due to the growing construction industry in countries such as China and India.
The highest market share in the Synthetic Fibers Market is held by the clothing segment. The applications of Synthetic Fibers in the clothing industry are many and varied, from outerwear to underwear, from sportswear to casual wear. Synthetic Fibers are used in all types of garments, for both men and women. The advantages of Synthetic Fibers over natural fibers are numerous, which is why they have become so popular in the clothing industry. They are strong and durable, easy to care for, wrinkle-resistant, colorfast, and affordable. Synthetic Fibers can be made to imitate other fibers, such as cotton or silk, and can be given a wide range of textures and finishes. The most common Synthetic Fibers used in clothing are polyester, nylon, and acrylic. Polyester is the most widely used synthetic fiber in the world, with applications in everything from shirts and dresses to upholstery fabrics and carpets. Nylon is often used in sportswear because of its strength and elasticity. Acrylic is a wool-like fiber that is often used as a cheaper alternative to woolen fabrics.
Based on Region
The Asia Pacific captured a market share of around 70% and dominated the Global Synthetic Fibers Market in 2021. The region is expected to retain its leading position over the forecast period on account of the rising demand for Synthetic Fibers from various end-use industries such as automotive, construction, and packaging. The growing population and rising disposable incomes are also expected to boost the demand for Synthetic Fibers in the Asia Pacific region. The Asia Pacific region is the largest market for Synthetic Fibers, accounting for around 70% of the global market in 2021. The region's dominance can be attributed to several factors, including the growing demand for Synthetic Fibers in the textile and apparel industries, the large population in the region, and the presence of a large number of manufacturers in China, India, and other countries. The textile industry is the largest end-use industry for Synthetic Fibers, accounting for more than 50% of the global demand. Synthetic Fibers are used in a wide range of applications in the textile industry, including garments, carpets, upholstery, and industrial textiles. The growing popularity of Synthetic Fibers over natural fibers such as cotton and wool due to their superior properties such as resistance to wrinkles, shrinkage, and stains is one of the major drivers for the growth of the Synthetic Fibers Market in the Asia Pacific. The population in Asia Pacific is estimated at around 4.4 billion in 2021 and is expected to grow further over the forecast period. This is one of the key factors driving the demand for Synthetic Fibers in the region as they are used extensively in various sectors such as transportation, construction, packaging, etc., where population growth results in increased demand. China is currently the leading country in terms of both production and consumption of Synthetic Fibers globally. The country has a well-established manufacturing base and is home to some of the leading manufacturers such as Sinopec Yizheng Chemical Fibre.
The North American region is expected to be the second-largest market for Synthetic Fibers, followed by Europe. The growth of the Synthetic Fibers Market in these regions is primarily driven by the growing demand from the automotive industry. The increasing stringency of emission regulations and fuel economy standards are prompting automakers to use lighter-weight materials such as Synthetic Fibers in their vehicles. The Middle East & Africa and Latin America are expected to be the fastest-growing markets for Synthetic Fibers during the forecast period. The synthetics industry in these regions is benefiting from rapid economic growth and rising disposable incomes. Moreover, government initiatives to promote industrial development are also driving the growth of the synthetic industry in these regions.
The key players in the Global Synthetic Fibers Market include- Bombay Dyeing (India), Indorama Corporation (Singapore), Mitsubishi Chemical Holdings Corporation (Japan), Reliance Industries Limited (India), Lenzing AG (Austria), China Petroleum Corporation (China), Teijin Limited (Japan), Toray Industries, Inc. (Japan), TOYOBO CO. LTD. (Japan), DuPont de Nemours Inc. (US) and others.
Some of the key advancements in the market include
● In April of 2019, Raymond Group unveiled its Ecovera, an environmentally friendly variety of fabrics that are made by utilizing one of the most cutting-edge technologies that Reliance Industries Limited has to offer.
● Washable fabrics were among the products that Technical Absorbents showcased at the Premier Event for Absorbent Hygiene & Personal Care Markets in Texas in the month of November 2019.
● The market can be considered to be moderately fragmented due to the existence of a number of national and international market participants. These market participants are continually involved in a variety of development activities such as collaborations, mergers, acquisitions, and the launch of new products in order to obtain a competitive edge over rivals and increase their market share. It is anticipated that existing market participants' increasing spending in research and development will result in the creation of new opportunities in the not-too-distant future.
Segmentation of the Global Synthetic Fibers Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Synthetic Fibers in terms of revenue?
The global Synthetic Fibers valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 4.9%.
Which are the prominent players in the market?
The prominent players in the market are Bombay Dyeing (India), Indorama Corporation (Singapore), Mitsubishi Chemical Holdings Corporation (Japan), Reliance Industries Limited (India), Lenzing AG (Austria), China Petroleum Corporation (China), Teijin Limited (Japan), Toray Industries, Inc. (Japan), TOYOBO CO. LTD. (Japan), DuPont de Nemours Inc. (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 4.9% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Synthetic Fibers include
- Rising adoption of polyester fiber
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Synthetic Fibers in 2020.