Synthetic fibers have revolutionized the textile industry with their versatility and continuous advancements. These fibers, such as polyester, nylon, and acrylic, offer a wide range of properties, including durability, wrinkle resistance, and moisture-wicking capabilities. Their versatility enables their use in various applications, from clothing and home furnishings to automotive and industrial textiles. Technological advancements have made synthetic fibers increasingly sustainable, eco-friendly, and aesthetically pleasing. Their transformative impact on the textile industry is driven by their ability to meet evolving consumer demands for performance, sustainability, and style.
According to Data Bridge Market Research, the Global Synthetic Fibers Market accounted for USD 62.65 billion in 2021 and is expected to reach USD 89.09 billion by 2029. The market is expected to grow with a CAGR of 4.50% in the forecast period of 2022 to 2029.
“Energy efficiency and low carbon emissions boost the market’s growth”
The synthetic fibers market is experiencing significant growth due to their high use in the apparel industry. Synthetic fibers, such as polyester, nylon, and acrylic, offer desirable properties like durability, wrinkle resistance, and colorfastness. These characteristics make them popular choices for clothing manufacturers, leading to increased demand. Additionally, synthetic fibers often offer cost advantages compared to natural fibers. The growing fashion industry, increasing population, and changing consumer preferences for affordable and functional clothing contribute to the growth of the synthetic fibers market in the apparel sector.
What restraints the growth of the global synthetic fibers market?
“Fluctuations in raw material prices restraints the market’s growth”
Frequent fluctuations in raw material prices restrain the growth of the synthetic fibers market. Synthetic fibers are derived from petroleum-based feedstocks, and any volatility in the price of crude oil can directly impact the cost of raw materials. Unpredictable price fluctuations make it challenging for manufacturers to maintain stable pricing for synthetic fibers, leading to uncertainties in the market. This can affect profit margins and hinder investment in research and development. Strategies such as hedging, diversifying raw material sources, and fostering long-term supplier relationships are essential to mitigate the impact of raw material price fluctuations and drive sustained growth in the synthetic fibers market.
Segmentation: Global Synthetic Fibers Market
The synthetic fibers market is segmented on the basis of type and application.
- On the basis of type, the synthetic fibers market has been segmented into polyester, nylon, acrylics, polyolefin, and others.
- On the basis of application, the synthetic fibers market has been segmented into clothing, home furnishing, filtration, automotive, and others.
Regional Insights: Asia-Pacific dominates the global synthetic fibers market
Asia-Pacific (APAC) dominates the synthetic fibers market because the synthetic fibers market is poised for growth in regions like China, India, and South Korea, which are home to many manufacturers. This concentration of manufacturers is expected to drive market expansion. Furthermore, the rise in disposable income in these regions is anticipated to contribute to increased consumer spending on clothing and textiles, thereby boosting the demand for synthetic fibers. As a result, these factors create favorable conditions for the growth of the synthetic fibers market in China, India, and South Korea.
Europe is expected to witness significant growth from 2022 to 2029 due to increased product manufacturing in countries like Italy, Germany, and Turkey. These countries have witnessed a rise in production activities, contributing to the expansion of the synthetic fibers market in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/fr/reports/global-synthetic-fibers-market
The Prominent Key Players Operating in the Global Synthetic Fibers Market Include:
- BASF SE (Germany)
- Huntsman International LLC (U.S.)
- AdvanSix (U.S.)
- INVISTA (U.S.)
- Toray Industries, Inc. (Japan)
- Ascend Performance Materials LLC (U.S.)
- Goodfellow (India)
- LANXESS (Germany)
- Ube Industries Ltd. (Japan)
- Domo Chemicals (Belgium)
- Ashley Polymers Inc. (U.S.)
- Toyobo Co. Ltd. (Japan)
- Honeywell International Inc. (U.S.)
- Evonik (Germany)
- Mitsubishi Chemical Corporation (Japan)
- Solvay (Belgium)
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- DuPont (U.S.)
- Formosa Plastics Corporation (Taiwan)
- DSM (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of global synthetic fibers market companies contact, https://www.databridgemarketresearch.com/fr/contact
Research Methodology: Global Synthetic Fibers Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
