Global Synthetic Fibers Market, By Type (Polyester, Nylon, Acrylics, Polyolefin and Others), Application (Clothing, Home Furnishing, Filtration, Automotive, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Synthetic fibers are being utilized in weaving fabrics, narrow fabrics and felts, and finish and fabricate fabric products. These fabrics are widely being deployed for manufacturing home furnishings products and apparels.
Global Synthetic Fibers Market was valued at USD 62.65 billion in 2021 and is expected to reach USD 89.09 billion by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. Polyester accounts for the most prominent type segment in the respective market owing to increased demand for polyester, which is driven by its properties. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Synthetic fibers are secured from polymers and are also called as man-made fibers. They exhibit essential features for instance strength, elasticity, lightweight, washability, softness, cost efficient and specific features as wrinkle resistance, crease recovery, moisture resistance and high lustre. Due to these factors, the fibers are approved in many implementations for instance clothing, home furnishing, automotive, filtration, construction, toys, different types of ropes and net manufacturing as it conveys essential and important features including heat and moisture resistance.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Polyester, Nylon, Acrylics, Polyolefin and Others), Application (Clothing, Home Furnishing, Filtration, Automotive, Others)
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa (MEA).
Market Players Covered
BASF SE (Germany), Huntsman International LLC. (US), AdvanSix. (US), INVISTA (US), Toray Industries, Inc. (Japan), Ascend Performance Materials LLC (US), Goodfellow (India), LANXESS (Germany), Ube Industries Ltd. (Japan), Domo Chemicals (Belgium), Ashley Polymers Inc. (US), Toyobo Co. Ltd. (Japan), Honeywell International Inc. (US), Evonik (Germany), Mitsubishi Chemical Corporation. (Japan), Solvay (Belgium), Arkema (France), Asahi Kasei Corporation (Japan), DuPont. (US), Formosa Plastics Corporation. (Taiwan), DSM (Netherlands), among others
Synthetic Fibers Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- High Use in Apparel
The enormous increase in the necessity for apparel, particularly in the growth-centric nations acts as one of the major factors driving the growth of synthetic fibers market. Quick development and increase in the disposable income has a positive impact on the market.
- Penetration of Social Media
The increase in experience to social media and the growing acceptance of e-commerce, influencers, and the social media business accelerate the market growth. The increase in technological advancement in new upholstery products resulting from coated fabrics drives the market.
- Use of Various Industrial Textile Applications
The increase in the use of textile fabric in several processes, such as knitting, crocheting, weaving, and others, are largely used to manufacture a wide range of finished and semi-finished goods in bedding, clothing, apparel, medical, and other accessories assist in the expansion of the market.
Additionally, surge in investments, expansion of oil and gas sector, and advancements in the chemical industry positively affect the synthetic fibers market.
Furthermore, increase in customer interest in home furnishings extend profitable opportunities to the market players 2022 to 2029. Also, rise in home furnishings along with the advanced existence of retail stores will further expand the market.
Restraints/Challenges faced by the Synthetic Fibers Market
On the other hand, frequent fluctuations in raw material prices and fiber processing costs are expected to obstruct the market. Also, stringent regulations are projected to challenge the synthetic fibers market in the forecast period of 2022-2029.
This synthetic fibers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the synthetic fibers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 had a minimal Impact on Synthetic Fibers Market
COVID-19 had a negative impact on various industries including synthetic fibers market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. The synthetic fibers industry faced huge problems due to the shortage of laborers declining the low production. A decline in the demand for textile fabric was witnessed owing to the limited production and shut down of industries. However, the synthetic fibers market is expected to witness growth in demand after the post-covid-19 situation.
Global Synthetic Fibers Market Scope
The synthetic fibers market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Home Furnishing
Synthetic Fibers Market Regional Analysis/Insights
The synthetic fibers market is analyzed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the synthetic fibers market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the synthetic fibers market because of the presence of a large number of manufacturers in the region which is estimated to boost the synthetic fibers market growth. China, India and South Korea are expected to show large amount of growth because of the increase in the disposable income.
Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rise in product manufacturing from countries such as Italy, Germany, and Turkey.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Synthetic Fibers Market Share Analysis
The synthetic fibers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to synthetic fibers market.
Some of the major players operating in the synthetic fibers market are
- BASF SE (Germany)
- Huntsman International LLC. (US)
- AdvanSix. (US)
- INVISTA (US)
- Toray Industries, Inc. (Japan)
- Ascend Performance Materials LLC (US)
- Goodfellow (India)
- LANXESS (Germany)
- Ube Industries Ltd. (Japan)
- Domo Chemicals (Belgium)
- Ashley Polymers Inc. (US)
- Toyobo Co. Ltd. (Japan)
- Honeywell International Inc. (US)
- Evonik (Germany)
- Mitsubishi Chemical Corporation. (Japan)
- Solvay (Belgium)
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- DuPont. (US)
- Formosa Plastics Corporation. (Taiwan)
- DSM (Netherlands)