In terms of revenue, the Global Synthetic Fibers Market is expected to reach USD 81.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.80% from 2022 to 2028.
The expanding use in a number of industries, including filtration, home furnishings, apparel, and automobiles, is anticipated to fuel market expansion. However, due to the strict lockdowns that interrupted the supply chain and forced the closure of production facilities during the COVID-19 pandemic, the Synthetic Fibers Market experienced a decline in both volume and revenue. The clothing producers, however, resumed their operating activities following the lockout and are looking for new opportunities, such as face masks and personal protective equipment.
Key Developments in the Industry
· Teijin Frontier Co. Ltd. announced in March 2021 that Teijin Modern Yarn Co. Ltd. and Shinwa Limited, two of its subsidiary firms, would unite to form Teijin Frontier Knitting Co. Ltd., which would design, produce, distribute, and process yarns. In addition, the business will develop the following-generation materials for circular knitting patterns, which will include the unique textured yarns produced by combining the technology of its two forebears.
· Toray Industries Inc. successfully acquired Alva Sweden AB, a producer of auto airbag cushions, in January 2020. Alva Sweden AB's issued and outstanding shares as well as two of the business's manufacturing divisions, Alva Confecçes S.A. and Alva Tunisia SA, have all been purchased by the company through this acquisition.
· The eco-friendly Ecovera line of fabrics, created by Raymond Group using one of Reliance Industries Limited's most cutting-edge technologies, was unveiled in April 2019.
· The washable fabrics from Technical Absorbents were on show in Texas in November 2019 at the Premier Event for Absorbent Hygiene & Personal Care Markets.
The market is segmented based on Types, Applications, 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.Region-wise, the Global Synthetic Fibers Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Artificial Synthetic Fibers are produced utilizing petrochemicals. It is renowned for having exceptional chemical and physical characteristics like flexibility, toughness, and durability. The main causes of Synthetic Fibers' increased demand worldwide are their low cost and water- and stain-resistant qualities. The expansion of the worldwide Synthetic Fibers Market has been driven by the increasing uses of Synthetic Fibers in the textile, industrial, indoor, outdoor, and commercial sectors. Acrylic, polyester, nylon, carbon fiber, spandex, and rayon are some of the different regular and unique Synthetic Fibers. The global market for Synthetic Fibers is expanding rapidly due to the rising demand from customers worldwide for materials that are long-lasting, affordable, and simple to clean. Furthermore, the demand for Synthetic Fibers is likely to increase over the course of the projection period as more people turn to them for filtration, clothing, and home furnishings.
The primary development drivers of the Synthetic FibersMarket are anticipated to be the rapidly shifting fashion trends, the expansion of e-commerce, and the rising demand for home furnishings in developed regions like North America and Europe. Growing technological developments in manufacturing techniques have produced Synthetic Fibers with superior mechanical, chemical, and physical properties that are used extensively in textiles and in electronics, food packaging, water purification, air filters, aerospace, and the healthcare industries. This is a significant market driver for Synthetic Fibers worldwide. The Global Synthetic Fibers Market is expanding due to increased urbanization, industrialization, consumer income growth, and shifts in consumer textile preferences.
During the forecast period, the Synthetic Fibers Market in Asia Pacific is anticipated to develop at the quickest rate. Acrylic, polyester, and nylon are widely produced in countries like India, China, Japan, South Korea, and Taiwan in the Asia Pacific, which is the region that produces the most of these materials. One of the biggest markets for textile garments in the Asia Pacific is China, followed by India. In addition, the demand for various products created from Synthetic Fibers is anticipated to increase due to rising urbanization and industrialization, making the Asia Pacific the region with the quickest market growth over the projected period.
The demand for various goods like seat coverings, seat belts, blankets, and bed covers is anticipated to increase due to rising home furnishings demand in Europe and the region's rapidly increasing need for automobiles. Europe is therefore anticipated to experience significant growth during the projection period.
Growing investments in the construction of textile manufacturing facilities in Central and South America, as well as rising technological advancements in textile production, are anticipated to support the growth of the Synthetic Fibers Market during the anticipated time frame.
The Global Synthetic Fibers Market is Segmented as follows
- Other Types
- Home Furnishing
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Synthetic Fibers Market is
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)
The Global Synthetic Fibers Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties 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|