WASHINGTON, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The Global Synthetic Fibers Market is valued at $ 61.5 Billion in 2021 and is projected to reach a value of $ 81.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.9% over the forecast period 2022-2028.
One of the most significant economic areas is the Synthetic Fibers business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also goes into detail about the global drivers of the demand for Synthetic Fibers, including rising investment requirements, developing technology, and new laws.
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Synthetic Fibers Market Overview
According to Vantage Market Research, some key factors anticipated acceleratingthe Synthetic Fibers Market growth over the forecast period.The expanding use in several industries, including filtration, home furnishings, apparel, and automobiles, is anticipated to fuel market expansion. It is projected that the development and further expansion of the e-commerce sector would increase demand for clothing and, at the same time, stimulate the market for Synthetic Fibers.
We forecast that the polyester category in Synthetic Fibers Market sales will account for more than 30% of total sales by 2028. The expanding use of polyester in upholstery, safety belts, home furnishings, tire reinforcement, plastic reinforcement, and clothing is anticipated to spur market expansion.
Synthetic Fibers Market Dynamics
The Main Trend is the Preference for Synthetic Fibres over Natural Fibers
A significant trend in the market for Synthetic Fibers is the rising preference for synthetic over natural fibers. The broad range of applications for Synthetic Fibers in various industries, their wide availability, and their affordability are the main factors influencing this trend. The availability of agricultural products and favorable temperatures, which are inconsistent due to global warming, are necessary for processing natural fibers. On the other hand, synthetic fabrics can be recycled and made from non-renewable raw materials.
Increased Utilization of Polyester Fibers in Various Applications is a Key Growth Factor
The advantages of polyester fibers, such as their high strength, low cost, elasticity, and recyclability, make them a popular choice in heavy-duty industrial applications, like the reinforcement of conveyor belts and automobile tires. This is the main factor driving the growth of the synthetic fiber market. These fibers are also used to make car carpets, upholstery, side, roof, floor, and door panels, airbags, fuel filters, safety belts, tires, engine air filters, and insulation materials.
Global Synthetic Fibers Market Segmentation
By Type
- Polyester
- Nylon
- Acrylics
- Polyolefin
- Other Types
By Application
- Clothing
- Home Furnishing
- Automotive
- Filtration
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Top Trends in Global Synthetic Fibers Market
- One trend that Vantage Market Research (VMR) expects to see in the Synthetic Fibers industry is the rising demand for environmentally friendly and sustainable products. Customers are searching for alternatives to conventional materials that are bad for the environment as they become more aware of how their purchases affect the environment.
- Another trend that VMR predicts will continue in the Synthetic Fibers industryis the development of novel uses for Synthetic Fibers. Numerous novel uses, including filter media, geotextiles, and automotive fabrics, increasingly useSynthetic Fibers.
Top Report Findings
- Based on types, most of the Synthetic Fibers Market's revenue is controlled by thepolyester category. This is mainly because polyester fibers are resistant to chemicals and abrasion. Additionally, this fabric is preferred for clothing because it is simple to wash, keeps its shape, is wrinkle-free, and has a high sweat absorption rate.
- Based on application, the clothingcategory dominated the Synthetic Fibers Market, and this trend isanticipated to continue. The strength, resilience, wear resistance, high durability, wrinkle-free, and easy-to-clean qualities provided by synthetic fibres to clothing are responsible for this.
Top 10 Players Generates More Than 45% of the Global Synthetic Fibers Market Revenue
The report also found that the largest players in the Synthetic Fibers Market are technology providers such as Bombay Dyeing (India), Indorama Corporation (Singapore), Mitsubishi Chemical Holdings Corporation (Japan) and Reliance Industries Limited (India).These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players 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.As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Polyester Category in Synthetic Fibers Market to Generate Over 30% Revenue
Synthetic Fibersare an expensive investment. Vantage Market Research has analyzed the market for Synthetic Fibers to understand its current state and potential future growth factors. For better understanding, based on the type, the Synthetic Fibers Marketis divided intopolyester, nylon, acrylics, polyolefin and other types.
During the forecast period, the market for Synthetic Fibers is anticipated to experience the highest CAGR for the polyester category. Due to its high strength, low price, and simple maintenance requirements, polyester, a synthetic fiber derived from petroleum-based products, is widely used in the textile industry. The automotive, construction, and packaging industries are just a few other industries that use it.
On the other hand, the acrylics category is anticipated to grow significantly over the forecast period. Acrylic fibers are known for their softness, tenacity, and resistance to shrinking and wrinkling and are made from the chemical acrylonitrile. They are frequently utilized in home décor, hats, gloves, and sweaters.
Top Players in the Global Synthetic Fibers Market
- 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)
Synthetic Fibers Market Regional Analysis:
Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. The demand for Synthetic Fibers in the region is driven by the increasing awareness of fitness, growing demand for clothing, growing urban population, and rising disposable incomes.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Synthetic Fibers Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 61.5 Billion |
| Revenue Forecast by 2028 | USD 81.9 Billion |
| CAGR | 4.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | 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. |
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