The global Synthetic Fibers market size is expected to be worth around US$ 99.80 billion by 2030, according to a new report by Vision Research Reports.
The global Synthetic Fibers market size was valued at US$ 59.95 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2030.
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Increasing demand for clothing and apparel due to the changing fashion trends across the globe is likely to drive the market growth over the forecast period.
The properties offered by these products, such as stretching, waterproofing, and resistance to stain, sunlight, & oil, are likely to boost their demand during the forecast period. In addition, product application in various industries, such as clothing, home furnishing, automotive, filtration, and others, is expected to add significant growth to the market.
The market is heavily dependent upon the demand and changing consumer preferences, especially from the clothing and home furnishing products. Increasing adoption of strong and durable fabric for various land & air adventure sports applications involving parachutes and ropes is expected to have a positive impact on the market growth over the forecast period.
The majority of the players in the market are adopting recycling and advance technology methods. It involves the usage of recycling secondary raw materials (MPS) from synthetic textile fiber wastes and composites that exhibit anti-microbial properties. This trend is expected to increase during the forecast period in the wake of rising environmental and health concerns across the globe.
The polyester product segment led the synthetic fibers market accounting for more than 48% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 due to the rising demand for polyester, which is driven by its properties, such as chemical and abrasion resistance. In addition, it is much preferable in the manufacturing of clothing materials due to its easy wash, shape retention, wrinkle-free, and high perspiration properties.
The rise in demand for polyester fabrics in clothing, home furnishing, and industrial applications is expected to add growth to the overall market. High usage of industrial polyester fibers in the form of yarns and ropes that are used in car tire reinforcements, safety belts, conveyor belts, and others is likely to support the segment growth.
Nylon-based products are estimated to register significant growth over the coming years owing to their significant use in the home furnishing and automotive application industries. Increasing demand for home furnishing products, such as blankets, bed linen, upholstery, carpets, and various others, due to the rapidly increasing population is likely to have a positive impact on the segment growth during the forecast period.
Other product types, such as spandex and rayon, are also adding growth prospects to the market due to their wide usage in the sports & leisure application industry in the form of clothing and apparel. In addition, the presence of retail stores and e-commerce platforms serving sports utilities, such as high-performance swimming & cycling apparel made from spandex, is expected to fuel the growth of the others synthetic fibers segment during the forecast period.
The clothing application segment led the market in 2020 accounting for a revenue share of more than 46%, owing to the ever-changing fashion trends influencing the demand for clothing across the world. The rise in the demand for convenient, protective, and cost-effective clothing due to the increasing population is expected to drive the segment during the forecast period.
The presence of different clothing brands to serve the specific needs of customers is another factor impacting the demand positively. A rising number of e-commerce platforms in the Asia Pacific region coupled with consumer awareness about different clothing brands due to the Internet-of-Things (IoT) has boosted the sales of online clothing in the region. The demand for synthetic fibers for the home furnishing segment is expected to grow at a significant rate over the projected period owing to the increasing demand for highly aesthetic interiors.
the rise in the housing and real-estate construction sector is expected to boost the demand for home furnishing products, such as carpets, cushion & covers, and mats, over the forecast period. The others application segment includes fishing nets, ropes, and construction. As per, Food and Agriculture Organization (FAO), 45% of fish that are caught, is traded internationally, which is expected to boost the demand for fishing nets, thereby augmenting segment growth.
Asia Pacific dominated the market both in terms of volume and revenue in 2020. The region held a revenue share of more than 69% in 2020 owing to the high production of polyester, nylon, acrylics, and others in countries, such as China, South Korea, Taiwan, India, and Japan. The region will retain the leading position growing at the fastest CAGR from 2021 to 2028 due to the rising population and consumption of clothing and home furnishing products.
The product demand in North America is mainly derived from the clothing application segment and the trend is expected to ascend over the forecast period. Trends, such as made in U.S. initiative, coupled with an increasing preference for online shopping are expected to boost the market growth during the forecast period.
The market in Europe was estimated to be 5,424 kilotons in 2020 and is anticipated to rise at a considerable rate over the forecast period, which can be attributed to the rise in product manufacturing from countries such as Italy, Germany, and Turkey. In addition, rising product applications in automobiles for seat covers, cushions, drive belts, airbags, and others are further adding to the market growth.
The product demand in Central & South America is likely to witness significant growth over the projected period owing to the increasing investments and manufacturing facilities for the clothing & apparel, automotive, and construction industries. Rising industrial activities and the availability of cheap labor in the region are also expected to boost the market growth.
- Bombay Dyeing
- E. I. du Pont de Nemours and Company
- Indorama Corp.
- Lenzing AG
- Mitsubishi Chemical Holdings Corp.
- Reliance Industries Ltd.
- China Petroleum Corp. (Sinopec Corp.)
- Teijin Ltd.
- Toray Chemical Korea, Inc.
- Toyobo Co., Ltd.
- Product Outlook
- Application Outlook
- Home Furnishing
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
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