Synthetic Fibers Market is Estimated to Grow at a CAGR of 4.9% from 2022 to 2028
As stated in our extensive report; the Global Synthetic Fibers Market accounted for USD 61.5 Billion in 2021.
The expanding use in several industries, including filtration, home furnishings, apparel, and automobiles, is anticipated to fuel market expansion. Additionally, polyester fiber is being more widely used across varied industries due to its benefits, such as affordability, outstanding strength & flexibility, and recyclability, making it a preferred alternative in the textile industry. It creates automotive carpets, upholstery, side panels, roofs, flooring, seatbelts, tire, airbags, fuel filters, insulators, and other parts. In the upcoming years, demand for synthetic fibers is anticipated to increase due to the rising importance of health and fitness and the nation’s widespread use of outdoor sports. Due to the increased need for medical products such as face masks, gowns, surgical cover drapes, blankets, and personal care wipes, the United States market witnessed increased demand for synthetic fiber.
Factors Influencing Global Synthetic Fibers Market Growth
The growth of the Global Synthetic Fibers Market can be attributable to the following:-
- The increased demand for clothing and apparel by international fashion trends is anticipated to fuel market revenue growth over the forecast period.
- Prospects for superior polyester fibers would arise due to changing fashion trends, modern living standards, and an increase in the urban population.
- The textile and apparel industries are also using synthetic fibers more frequently owing to their superior qualities, such as resistance to wrinkles & shrinkage, durability, and colorfastness.
- An increase in the demand for synthetic fibers in home décor items like pillows, curtains, and carpets is fueling market revenue development.
- Synthetic fibers are well known for their use in general textiles and play a crucial role in key end-user industries such as healthcare, electronics, automotive, aerospace, food packaging, air filters, water purification, etc. This is due to technological advancements in production methods and superior physical, chemical, and mechanical characteristics.
- It is anticipated that the growth of the synthetic fiber market will be influenced by other factors such as affordability, durability, and ease of maintenance.
On the other hand, environmental issues, including the non-integrability of synthetic fibers, could limit market expansion in the future.
Asia Pacific Region to Take Over the Market
Asia Pacific currently has the most market share for Synthetic Fibers and is predicted to keep growing during the forecast period. Polyester, acrylic, and nylon are widely produced in countries like China, India, Japan, South Korea, and Taiwan in Asia Pacific, the region that makes the most of these materials. China, followed by India, is one of the biggest markets for textile garments in Asia Pacific. Moreover, the demand for various products created from synthetic fibers is anticipated to increase due to rising urbanization and industrialization, making Asia Pacific the region with the quickest market growth for the projected period.
The ever-increasing demand for these fibers in different end-user industries and the advancement of technologies in this industry has positively influenced the overall Synthetic Fibers Market sales.
The well-known players of the Global Synthetic Fibers Market 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.