Dublin, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The "Synthetic Fibers Market Size, Share & Trends Analysis Report By Type (Acrylics, Polyester, Nylon), By Application (Clothing, Home Furnishing, Filtration), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Synthetic Fibers market is poised for remarkable growth, with an expected size of USD 117.76 billion by 2030, driven by a robust Compound Annual Growth Rate (CAGR) of 7.4%. This growth is attributed to the increasing consumer demand for cost-effective, durable, easy-to-wash, and maintainable synthetic fabrics.
Shifting Fashion Trends and Urbanization Propel Market
The dynamic fashion landscape and the rise of urban populations with modern living standards are creating opportunities for high-end polyester fibers. Synthetic fibers, including acrylics, polyester, nylon, and rayon, exhibit superior properties compared to natural fibers, contributing to their expanding use in the textile industry.
Versatile Applications in Textiles
Fabrics produced from Synthetic Fibers are renowned for their strength, durability, ease of dyeing, softness, and high absorbency. As digitalization transforms production facilities and the textile industry burgeons in emerging economies, market growth is set to surge during the forecasted period.
Asia Pacific Leads the Way
Asia Pacific dominates the Synthetic Fibers market due to its high population density and growing demand across sectors like automotive, textiles, filtration, and furniture. Robust economies like India and China will fuel demand, and the presence of major multinational fashion clothing manufacturers in the region will further boost the market.
Competitive Landscape and Strategies
The Synthetic Fibers market is highly competitive, with numerous players vying for market share. To gain a competitive edge, companies are adopting strategies such as new product launches, mergers, portfolio enhancements, and technological advancements.
Synthetic Fibers Market Report Highlights
- Polyester Dominance: The polyester segment, with USD 30.53 billion in revenue in 2021, is projected to grow at a CAGR of 5.0% from 2022 to 2030. Its application in textiles, home furnishings, and upholstery fuels this growth.
- E-commerce Boosts Polyester: The booming e-commerce industry presents opportunities for sports apparel retailers, driving the demand for lightweight, moisture-wicking polyester fiber products.
- Clothing Reigns: Clothing applications accounted for 46.7% of revenue in 2022, driven by the growing demand for gym apparel and changing fashion trends, coupled with the rise of artificial silk.
- Home Furnishing: Increasing consumer spending capacity and aspirations for better interiors drive demand for home furnishings, consequently boosting the Synthetic Fibers market.
- Asia Pacific Growth: Asia Pacific is expected to witness substantial growth at 5.5% CAGR from 2022 to 2030, driven by infrastructural investments and the expanding apparel and textile industry.
Innovative and Sustainable Practices
Key market players are actively engaging in mergers, collaborations, and R&D investments to expand their reach, increase production capacity, and address environmental concerns. Breakthroughs in polyester production and Synthetic Fibers recycling are vital steps towards a sustainable future.
Companies Mentioned
- Bombay Dyeing
- E. I. du Pont de Nemours and Company
- Indorama Corporation
- Lenzing AG
- Mitsubishi Chemical Holdings Corporation
- Reliance Industries Limited
- China Petroleum Corporation (Sinopec Corp.)
- Teijin Limited
- Toray Chemical Korea, Inc.
- Toyobo Co., Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $66.11 Billion |
| Forecasted Market Value (USD) by 2030 | $117.76 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Major Raw Material Trends Analysis
3.3. Regulatory Framework
3.4. Technology Framework
3.5. Synthetic Fibers Market - Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges
3.6. Business Environmental Tools Analysis: Synthetic Fibers Market
Chapter 4. Synthetic Fibers Market: Types Estimates & Trend Analysis
Chapter 5. Synthetic Fibers Market: Application Estimates & Trend Analysis
Chapter 6. Synthetic Fibers Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/sa0kma
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