USD 61.70 billion
Report ID:
SQMIG15A2163 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Global Synthetic Fibers Market size was valued at USD 66.2 billion in 2022 and is poised to grow from USD 71.03 billion in 2023 to USD 124.81 billion by 2031, growing at a CAGR of 7.3% during the forecast period (2024-2031).
The global synthetic fibers market is experiencing significant growth and evolution, driven by various factors that include increasing demand from diverse end-use industries, technological advancements, and a shift towards sustainable and eco-friendly alternatives. Synthetic fibers, which are derived from petrochemical sources, such as polyester, nylon, acrylic, and polypropylene, offer several advantages over natural fibers, including superior strength, durability, resistance to wrinkles and shrinkage, and lower costs. These fibers find extensive applications in industries such as textiles, automotive, construction, healthcare, and sports and leisure. The textile industry, in particular, dominates the market due to the high demand for synthetic fibers in the production of clothing, home textiles, and technical textiles. Additionally, the automotive sector is witnessing a surge in demand for synthetic fibers in vehicle interiors and components, driven by their lightweight properties and ability to enhance fuel efficiency. Furthermore, the construction industry is adopting synthetic fibers for reinforcement purposes in concrete, contributing to enhanced structural strength and durability. In recent years, there has been a growing emphasis on sustainability and the development of eco-friendly synthetic fibers. Manufacturers are investing in research and development to create bio-based and recycled synthetic fibers, reducing environmental impact and meeting consumer preferences. Moreover, the Asia-Pacific region dominated the synthetic fibers market, driven by rapid industrialization, urbanization, and a rising middle-class population. However, the market also faces challenges, including volatility in raw material prices, stringent environmental regulations, and the competition posed by natural fibers and alternative materials. Nevertheless, with ongoing technological advancements and a growing focus on sustainability, the global synthetic fibers market is poised for continued growth in the coming years.
US Synthetic Fibers Market is poised to grow at a sustainable CAGR for the next forecast year
Global Market Size
USD 61.70 billion
Largest Segment
Polyester
Fastest Growth
Polyester
Growth Rate
7.3% CAGR
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Global Synthetic Fibers Market is segmented by type, application, and region. Based on type, the market can be segmented into Polyester, Nylon, Acrylics, Polyolefin and Others. Based on application, the market is segmented into Clothing, Home Furnishing, Automotive, Filtration and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The polyester segment dominated the global synthetic fibers market. Polyester fibers, known for their excellent strength, durability, and resistance to stretching, shrinking, and wrinkling, have gained widespread popularity in various industries, including textiles, automotive, and home furnishings. The textile industry, in particular, extensively utilizes polyester fibers in the production of garments, sportswear, upholstery, and bedding, owing to their versatility, cost-effectiveness, and wide availability. Polyester's dominance can be attributed to its favorable properties, such as moisture-wicking capabilities, resistance to chemicals, and ease of dyeing, which make it suitable for a wide range of applications and contribute to its market leadership.
On the other hand, the fastest-growing segment in the global synthetic fibers market is the polyolefin category. Polyolefin fibers, including polypropylene and polyethylene, are witnessing a surge in demand due to their lightweight nature, high strength-to-weight ratio, and exceptional chemical resistance. These fibers find increasing applications in industries such as automotive, construction, and geotextiles. The automotive sector, in particular, is driving the growth of polyolefin fibers, as they offer benefits such as reduced vehicle weight, improved fuel efficiency, and enhanced design flexibility. Additionally, the construction industry is adopting polyolefin fibers for applications such as concrete reinforcement, thermal insulation, and geosynthetics, contributing to their rapid expansion. The growth of the polyolefin segment is further fueled by the rising focus on sustainable and eco-friendly materials, as polyolefin fibers can be recycled and offer potential for reducing environmental impact.
Analysis by Application
The clothing segment dominated the global market, primarily influenced by the dynamic fashion trends that drive the global demand for apparel. The growing population and their need for convenient, protective, and cost-effective clothing are expected to fuel the demand for clothing throughout the forecast period. Furthermore, the presence of diverse clothing brands catering to specific customer preferences contributes positively to the overall demand.
The home furnishing sector is projected to witness significant growth in the demand for synthetic fibers. This growth can be attributed to the increasing consumer desire for aesthetically pleasing interiors in their living rooms and bedrooms. Additionally, the expansion of housing and real estate construction projects is expected to bolster the demand for home furnishing products such as carpets, cushions, covers, mats, and others in the coming years.
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Asia Pacific emerges as the leading region in the global synthetic fibers market. The region's dominance can be attributed to several factors, including rapid industrialization, urbanization, and a burgeoning middle-class population. Countries such as China, India, and Bangladesh are major contributors to the growth of the synthetic fibers market in Asia Pacific. These countries have witnessed significant expansion in industries such as textiles, automotive, and construction, which are the major consumers of synthetic fibers. Additionally, the presence of a robust manufacturing base, favorable government policies, and increasing investments in infrastructure development further bolster the dominance of Asia Pacific in the synthetic fibers market.
As for the fastest-growing region, North America stands out due to several factors. The region's growth is primarily driven by factors such as technological advancements, increasing consumer demand for sustainable and eco-friendly products, and the presence of well-established end-use industries. The North American market for synthetic fibers is witnessing a surge in demand, especially in sectors like automotive, healthcare, and sports and leisure. Additionally, the rising focus on recycling and the development of bio-based synthetic fibers are further fueling the market growth in North America. Moreover, the region's emphasis on research and development, coupled with collaborations between industry players and academia, is driving innovation and contributing to the fast-paced growth of the synthetic fibers market in North America.
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Drivers
Increasing demand from textile industry
Restraints
Volatility of prices of raw materials
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The global synthetic fibers market is experiencing a rising adoption of advanced technologies and approaches, including the development of hybrid composites that combine synthetic and natural fibers. Market participants are actively seeking to enhance their sales by investing in partnerships and agreements with brand owners, e-commerce facilitators, and retailers, thereby contributing to the overall growth of the market. The market landscape is characterized by a fragmented nature, with numerous companies involved in product manufacturing. This fragmentation is attributed to the presence of extensive manufacturing and distribution facilities, catering to a large consumer base worldwide, which adds significant growth opportunities to the market.
Top Player’s Company Profiles
Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global synthetic fibers market analysis, the market is witnessing significant growth and transformation driven by various factors. The market is dominated by polyester, while polyolefin emerges as the fastest-growing segment. The demand for synthetic fibers is propelled by industries such as textiles, automotive, and construction. The market is characterized by advancements in technology, including the development of hybrid composites and sustainable synthetic fibers. Asia Pacific holds the dominant position due to rapid industrialization and urbanization. However, volatility in raw material prices poses a challenge to the market. Key market players are investing in partnerships and agreements to enhance sales and cater to diverse customer needs. Overall, the market is driven by a focus on sustainability, technological advancements, and the increasing demand for synthetic fibers in various applications.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 61.70 billion |
Market size value in 2031 | USD 116.32 billion |
Growth Rate | 7.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Synthetic Fibers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Synthetic Fibers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Synthetic Fibers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Synthetic Fibers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONSynthetic Fibers Market size was valued at USD 61.70 billion in 2021 and is poised to grow from USD 66.2 billion in 2022 to USD 116.32 billion by 2030, growing at a CAGR of 7.3% during the forecast period (2023-2030).
The synthetic fibers market is experiencing a rising adoption of advanced technologies and approaches, including the development of hybrid composites that combine synthetic and natural fibers. Market participants are actively seeking to enhance their sales by investing in partnerships and agreements with brand owners, e-commerce facilitators, and retailers, thereby contributing to the overall growth of the market. The market landscape is characterized by a fragmented nature, with numerous companies involved in product manufacturing. This fragmentation is attributed to the presence of extensive manufacturing and distribution facilities, catering to a large consumer base worldwide, which adds significant growth opportunities to the market. 'Bombay Dyeing (India)', 'E. I. du Pont de Nemours and Company (US)', 'Indorama Corporation (Thailand)', 'Lenzing AG (Austria)', 'Mitsubishi Chemical Holdings Corporation (Japan)', 'Reliance Industries Limited (India)', 'China Petroleum Corporation (Sinopec Corp.) (China)', 'Teijin Limited (Japan)', 'Toray Chemical Korea, Inc. (South Korea)', 'Toyobo Co., Ltd. (Japan)', 'Asahi Kasei Corporation (Japan)', 'Invista (US)', 'Hyosung Corporation (South Korea)', 'Formosa Plastics Corporation (Taiwan)', 'Kolon Industries, Inc. (South Korea)', 'Far Eastern New Century Corporation (Taiwan)', 'Sinopec Yizheng Chemical Fibre Company Limited (China)', 'Nan Ya Plastics Corporation (Taiwan)', 'Huvis Corporation (South Korea)', 'Tongkun Group Co., Ltd. (China)'
One key market driver in the synthetic fibers market is the increasing demand from the textile industry. The textile industry is a major consumer of synthetic fibers, utilizing them in the production of clothing, home textiles, and technical textiles. The growing population, changing fashion trends, and rising disposable incomes are driving the demand for clothing, thereby fueling the demand for synthetic fibers.
One key market trend in the synthetic fibers market is the growing demand for sustainable and eco-friendly synthetic fibers. With increasing environmental consciousness and regulations promoting sustainable practices, there is a rising consumer preference for synthetic fibers that have minimal impact on the environment. Market players are responding to this trend by investing in research and development to create bio-based synthetic fibers and utilizing recycled materials in their manufacturing processes. This trend reflects the industry's commitment to addressing environmental concerns and meeting the evolving consumer demand for sustainable textile solutions.
Asia Pacific emerges as the leading region in the synthetic fibers market. The region's dominance can be attributed to several factors, including rapid industrialization, urbanization, and a burgeoning middle-class population. Countries such as China, India, and Bangladesh are major contributors to the growth of the synthetic fibers market in Asia Pacific. These countries have witnessed significant expansion in industries such as textiles, automotive, and construction, which are the major consumers of synthetic fibers. Additionally, the presence of a robust manufacturing base, favorable government policies, and increasing investments in infrastructure development further bolster the dominance of Asia Pacific in the synthetic fibers market.
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Report ID: SQMIG15A2163