New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Fibers Global Market Report 2023" - https://www.reportlinker.com/p06281530/?utm_source=GNW
), Teijin Limited, Toray Chemical Korea Inc, and Toyobo Co, Ltd.
The global synthetic fibers market will grow from $161.11 billion in 2022 to $174.16 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The synthetic fibers market is expected to grow from $231.33 billion in 2027 at a CAGR of 7.4%.
The synthetic fibers market consists of the sales of rayon, microfiber, and spandex synthetic fibers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Synthetic fibers are man-made textiles that are usually made from chemical synthesis materials, such as rayon and acetate from cellulose, or regenerated protein synthetic fibers from zein or casein, as well as fully synthetic fibers.
Asia Pacific was the largest region in the synthetic fibers market in 2022.Western Europe was the second-largest region in the synthetic fibers market.
The regions covered in the synthetic fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The types of synthetic fibers are polyester, nylon, acrylics, polyolefin, and other types.Polyester is a group of polymers that consist basically of repeated units of an ester and are used mainly in making fibers or plastics.
The applications involved are clothing, home furnishings, automotive, filtration, and other applications. The distribution channels are online and offline.
Synthetic fiber is used in a broad range of applications, including the textile industry and home furnishings, owing to its physical and chemical properties such as high durability and stain-resistant characteristics.Polyester is one major fiber used in tires, belts, and hoses, whereas nylon is used for the preparation of carpets.
According to a report, by 2030 it is expected that the consumption of polyester will be approximately three times that of cotton fiber. Thus, the increased usage of synthetic fibers in end-user industries is expected to drive the synthetic fiber market.
Synthetic fibers are non-biodegradable and affect the environment negatively.Fragmentation and withering of large synthetic fibers generate microplastics, which affect the ecosystem.
Any plastic that is less than 5 mm in length is microplastic.Microplastics act as a medium through which harmful chemicals and micro-organisms enter the human body easily.
According to a recent study that was started by the World Wildlife Fund and conducted by researchers at the University of Newcastle in Australia, it is estimated that people consume around 5 grams of plastic a week, which is similar to a credit card. As a result, governments impose stringent regulations to curb the use of synthetic fibers, restraining the growth of the market.
Increased demand for lightweight and fuel-efficient materials or advanced composite materials is increasing the need for synthetic fibers.Synthetic fibers made from polymer aromatic polyamide are mainly of two types: para-aramid and meta-aramid.
Aramids, UHME polyethylene, and POA are the major types of specialty synthetic fibers.Marine, medical, sporting goods, pressure vessels, and reinforcement materials industries are the significant applications for the specialty synthetic fiber market, and growth in these markets is driving the synthetic fiber market.
For instance, some of the new products using synthetic fibers include bioplastics, plastic composites/nanocomposites, self-healing polymers, plastic electronics, and smart and reactive polymers.
In February 2022, Bast Fibre Technologies, a Canada-based textile engineering company, acquired Lumberton Cellulose for an undisclosed amount.This acquisition of the Lumberton facility diversifies BFT’s natural fiber offerings, allowing entry into complementary product categories for cosmetic cotton, filtration, hygiene, and other nonwoven applications.
Lumberton Cellulose is a US-based manufacturer of premium natural fibers.
The countries covered in the synthetic fibers market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The synthetic fibers market research report is one of a series of new reports that provides synthetic fibers market statistics, including synthetic fibers industry global market size, regional shares, competitors with a synthetic fibers market share, detailed synthetic fibers market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic fibers industry. This synthetic fibers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06281530/?utm_source=GNW
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