Synthetic Fibers Market Aims to Expand at Double-Digit Growth Rate | The CHA Textiles Group, Toray Chemical Korea Inc, Toyobo Co., Ltd

Report Ocean releases its latest report on the global Synthetic Fibers Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Synthetic Fibers Market.

The global synthetic fibers market is expected to grow at a CAGR of 6.9% during the forecast period 2021-2027.

Synthetic fibers offer greater durability, high water and heat resistance, and protection against chemical degradation. Properties of synthetic fibers can be altered to meet the demand of specific applications through modification of chemical composition and process conditions. They are designed to be more stain-resistant, waterproof, and water-resistant than natural synthetic fibers. These synthetic materials are used in varied applications such as apparel, automotive, home furnishing, and household, among others.

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Growth Drivers
The global synthetic fibers market is driven by rising disposable income of consumers, improving lifestyles, and greater demand for cost-effective and easy-to-maintain fabrics. Rising urbanization and growing demand from the automotive and furnishing sectors have accelerated the adoption of synthetic fibers. There has been increasing use of synthetic fibers to manufacture upholstery, blankets, carpets, and wall coverings.

The market is also influenced by growing adoption of western culture in emerging economies and rapidly changing fashion trends. There has been an increasing application of synthetic materials in the automotive sector. The rise in demand for passenger vehicles, growing modernization of vehicles, and increasing penetration of luxury vehicles further influence the growth of the market. New product launches and acquisitions by leading players in the market coupled with improvement in manufacturing processes have increased the demand for synthetic fibers across the globe.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Synthetic Fibers Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Synthetic Fibers Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Synthetic Fibers Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Synthetic Fibers Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Synthetic Fibers Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Synthetic Fibers Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Synthetic Fibers Market provides insight into the factors influencing its growth. This market study breaks down the Synthetic Fibers Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Synthetic Fibers Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Synthetic Fibers Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Synthetic Fibers Market are:

BASF, Bombay Dyeing, China Petroleum Corp, E. I. du Pont de Nemours and Company, Indorama Corporation, Lenzing AG, Mitsubishi Chemicals Holdings Corporation, Reliance Industries Ltd., Teijin Ltd, The CHA Textiles Group, Toray Chemical Korea Inc, Toyobo Co., Ltd. 

The global Synthetic Fibers Market segmentation focuses on:

By Type
Nylon
Polyester
Acrylics
Rayon
Acetate
Others

By Application
Apparel
Furnishing
Automotive
Construction
Healthcare
Others

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This release was published on openPR.