New York, USA, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Synthetic Fibers Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Synthetic Fibers Market Information By Purity, Application and Region - Forecast till 2030”, the market is estimated to grow at a 6.63% CAGR to reach USD 176,435.6 Million by 2030.
Market Synopsis
Synthetic textiles are made from petrochemical-derived organic synthetic high molecular molecules. Synthetic fibres are produced through the process of fibre extrusion, which can be carried out using dry, wet, or melt spinning techniques. The four product categories on the market are synthetic fibres made of acrylics, polyester, nylon, and polyolefin. Since they are mostly constructed of polymers, they are more enduring than natural and regenerated fibres. These products are renowned for their dependability, adaptability, washability, and affordability. Additionally, the product is anticipated to have unique qualities like high performance and chemical and abrasion resistance.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 176,435.6 Million |
| CAGR | 6.63% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Purity, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The prime factor driving the growth of the global synthetic fibers market is its use in home furnishing. |
| The growth of the home furnishings sector is aided by the growing real estate industry and strong economic development. |
Key Players
Key players profiled in the synthetic fibers market include
- Lenzing AG
- Toyobo Co. Ltd
- Bombay Dyeing Inc.
- Reliance Industries Limited
- Toray Chemical Korea, Inc.
- TEIJIN LIMITED
- China Petrochemical Corporation
- Mitsubishi Chemical Corporation
- DuPont
- Indorama Corporation (Thailand).
- Among others.
The usage of synthetic fibres in home furnishings is the main element boosting the demand for these materials worldwide. The essential elements of a house's furnishings are the floor, furniture, and fabrics. The rising use of synthetic fibres in home decor will be a key factor in the market's growth during the duration of the projection. The real estate sector's expansion and the robust economic growth of rising nations in Asia-Pacific and the Middle East both contribute to the sector's growth. Due to globalisation, consumers today have easier and more accessible access to goods and designs.
Another factor driving the global market for synthetic fibres is the increasing need for materials for car interiors. Because synthetic fibres are adaptable and strong, they are frequently utilised in automobile interiors. The four main categories of synthetic fibres on the market are polyolefin, nylon, polyester, and acrylic. They provide durability, flexibility, washability, and affordability. Due to characteristics including design flexibility, corrosion resistance, and prospective mechanical and material anisotropy, the market for synthetic fibres in automobile interior materials is anticipated to rise during the projection period. Synthetic fibres are used to create automotive carpet, seat belts, car covers, steering wheel covers, and seat covers.
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The availability of raw materials and price fluctuation, however, is a significant barrier for market participants. Petroleum oil and other synthetic organic high-molecular raw materials are used artificially to produce synthetic fibres. Variations in the cost and accessibility of synthetic fibre made from oil are anticipated to restrain market growth during the anticipated time frame. Over the next 10 years, oil-based fibre producers are expected to come under a lot of pressure, which will force them to shift their focus toward sustainable solutions in order to meet global demand. Demand for polymers like acrylic, nylon, and polyolefins is increasing due to alternative applications such as adhesives, films, and consumer goods, which presents additional sourcing and cost challenges for synthetic fibre producers.
Segmentation
Type, application, and geographic regions have all been used to segment the global market for synthetic fibres.
According to type, the synthetic fibres market has been broken down into polyolefin fibres, polyester fibres, carbon fibres, aramid fibres, UHMWPE fibres, acrylic fibres, nylon fibres, and others on the global scale. Due to its relatively widespread consumption throughout the home furnishings sector verticals, the polyester fibres segment held the greatest share in 2020 at 63.7%.
The global market has been segmented based on application into apparel, home furnishings, automotive, aerospace & defence, filtration, and others. Due to its strong sales and shifting fashion trends around the world, the clothes industry had the biggest proportion of these at 48.4%.
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Regional Analysis
The markets for synthetic fibres in Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa have all been researched. Asia-Pacific held the greatest market share of 63.77% in 2020 with a market size of USD 68,755.9 million, and it is anticipated that during the forecast period, it would expand at the fastest rate of 7.16%. The regional market is being driven by a number of significant reasons, including significant investment in the automotive sector, the region's rising focus on lightweight and fuel-efficient automobiles, and the presence of a sizable textile industry. Because of their low system costs, high design versatility, and mechanical strength, synthetic fibres have become widely used in the automotive industry.
As the organised retail industry expands and urbanisation and rising disposable income both increase, so does the demand for home goods.
The rapidly expanding automotive and home improvement industries, as well as the expanding apparel industry, are all expected to stimulate market demand in North America. Additionally, a significant factor in the expansion of the North American region is rising consumer expenditure. Customers have significant purchasing power, which propels end-use industries. As a result, the global market for synthetic fibres is anticipated to expand quickly over the course of the forecasted year.
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