Synthetic Fiber Market Overview
According to the research study published by DataM Intelligence, the global Synthetic Fiber Market is projected at a compound annual growth rate of 5.4% during the forecast period 2022-2029. Synthetic fibers are human-made fibers, which are synthesized from chemicals and have superior qualities as compared to natural fibers. They are more durable and are accessible to dye.
Market Growth Drivers:
Compared to natural fibers, many synthetic fibers are more water-resistant and stain-resistant. Synthetic fibers account for about 64% share within the world’s fiber market. Rapid industrialization, low production cost, changing consumer preferences for textiles, and increasing disposable income are projected to drive the global synthetic fiber market over the next few years.
Weak supply and the high cost of natural fibers such as cotton and wool is another factor driving the global synthetic fiber market.
The non-biodegradability of synthetic fibers can restraint the growth of the market. Also, synthetic fibers are not so skin-friendly, which makes them uncomfortable for prolonged wearing. Some people are allergenic to synthetic fibers. Thus, the above factors can be a potential threat to the global synthetic fiber market growth.
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Market Segmentation Analysis:
The Global Synthetic Fiber Market report segments the market by type and application. By nature, the segment includes Polyester, Rayon, Nylon, Polyolefin, and Others. Polyester is the most used fiber among all.
These fibers are extensively used in apparel and home furnishings, from shirts and pants to jackets and hats, bed sheets, blankets, upholstered furniture, and computer mouse mats.
Industrial polyester fibers are used in car tire reinforcements, fabrics for conveyor belts, safety belts, coated fabrics, and plastic reinforcements with high-energy absorption. Polyester fiber is used as cushioning and insulating material in pillows, comforters, and upholstery padding. Because of the extensive use of polyester fibers in various industries, it is the most in-demand synthetic fiber.
Based on the Application of synthetic fibers, the market has been segmented as Apparel, Home Furnishing, Industrial Use, and Others.
Regional Insights:
Based on Geography, the market can be segmented as North America, South America, Europe, Asia-Pacific, and the Rest of the World.
Asia-Pacific Synthetic Fiber Market
Asia-Pacific is estimated to be the largest market for synthetic fibers during the forecast period. The growing middle-class population in countries like India and China is increasing the demand for home furnishing products and apparel.
North America Synthetic Fiber Market
The North American region especially the U.S. is growing significantly in the market due to the adoption of lightweight materials in home furnishing and automotive industries. The growth in end-use sectors is expected to drive the demand for synthetic fibers in this region. The home furnishing sales in the U.S. were about USD 111.47 billion in 2016. Also, the high standard of living and growing demand for synthetic clothes in the region will propel the market growth in the forecast period.
Market Key Players:
Some of the key players in the Global Synthetic Fiber market are Asahi Kasei Corporation, Indorama Corporation, Toray Industries, Inc., E.I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, China Petroleum Corporation, Reliance Industries Limited, Tongkun Group Co., Ltd., Teijin Limited and Kolon Industries, Inc.
Reasons for purchasing this report
- Visualize the composition of the Synthetic Fiber market across each indication, regarding the gas type and end-user industry highlighting the critical commercial assets and players.
- Identify business opportunities in the Synthetic Fiber market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of the Synthetic Fiber market-level 4/5 segmentation
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
- Product mapping in excel for the critical Synthetic Fiber market products of all major market players.
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