Synthetic Fibers Market By Type, Distribution Channel and Industry Analysis Forecast to 2030

As per industry experts, the global apparel market valued $1.7 trillion in 2017, and it will likely reach $2.6 trillion by 2025. Earlier one of the three basic necessities for humans, along with food and dwelling, clothes have taken on a whole new significance with the passage of time. People in developing and developed countries both consider their clothes as an expression of their personality. This is why new pieces of clothing and textiles are being invented and ridiculous amounts are being spent on their promotion.

Therefore, P&S Intelligence expects the synthetic fibers market value to increase from ~$60.0 billion in 2020 at a significant rate between 2021 and 2030. This is because to produce new and stylish items of clothing, natural fibers, such as jute and cotton, are being replaced with polyester, acrylic, nylon, and polyolefins. For instance, polyesters, of which polyethylene terephthalate (PET) is a type, are widely utilized in eveningwear, shirts, pants, jackets, suits, socks, and undergarments.

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Apart from apparel, synthetic fibers have numerous other applications in the automotive, industrial, and furnishing sectors. For instance, nylon is used to make umbrellas, fishing and mosquito nets, ropes, and sleeping bags. In the same way, acrylic is used for the manufacturing of upholstery, carpets, and rugs, while polyester is used for sewing threads and luggage. Polyolefins, on the other hand, are used for medical-grade masks, wipers, hair caps, and industrial-grade filters. Thus, with so many applications, the demand for all these synthetic fibers is bound to increase.

These fibers can be bought from offline and online channels, of which sales via online channels are set to increase faster in the coming years. This would be because of the consistent growth of the e-commerce industry, especially with the widening access to the internet and surging penetration of smartphones. Additionally, online shopping channels allow people to pay as per their convenience, browse and compare products of numerous brands, and have the products delivered at their home. Moreover, since the social distancing measures implemented during COVID-19, many offline shoppers have shifted to offline channels.

Currently, Asia-Pacific (APAC) dominates the synthetic fibers market, a situation that will stay the same in the coming years. This will be because the region is home to many of the world’s largest producers of apparel, including India, China, Bangladesh, Vietnam, and Hong Kong. Moreover, synthetic fibers are used for automotive upholstery, which is another reason APAC will create the highest demand for them; APAC produces the most vehicles in the world.

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Additionally, APAC is witnessing a rapid increase in its urban population, with China and India expected to lead the global urbanization rate increase till 2050. This will drive the demand for automobiles, clothing, and household upholstery and furnishings, which will raise the consumption of polyester, acrylic and polyolefin fibers, and nylon. Plus, with the strengthening influence of the Western culture, people here are becoming fashion-savvy, which is propelling the demand for stylish clothes and home furnishings.

Thus, the demand for synthetic fibers will rise with their widening application area.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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