Synthetic Fibers Market Driven by Surging Integration Of Polyester Fibers In Numerous Applications

The major drivers in the global synthetic fibers market are rising awareness to protect resources and surging integration of polyester fibers in numerous applications, such as coated fabrics, conveyor belt fabrics, and tires. Furthermore, there is increasing utilization of recycled polyester fibers in automobile upholstery, particularly in seat covers and carpets. The outbreak of COVID-19 had ruptured the entire circular economy and this market was not an exception: facing a steep fall in figures. Moreover, lockdowns were imposed in numerous economies disrupting the entire logistical network. But the market will recover at a significant pace.

Within the type segment, the polyester category rules the synthetic fibers market and will continue to grow at a significant pace in the coming years. This can be attributed to the abrasion and chemical aversion of polyester fibers. Furthermore, because of the high perspiration, wrinkle-free, shape retention, and convenient wash properties of this material, there is an inclination of producers toward this material in apparel manufacturing. Moreover, polyester has a rising application in heavy-duty industrial applications, including safety belts and conveyor belts. Apart from this, it is extensively used in car tire reinforcements.

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The skyrocketing demand for synthetic fibers in comparison to natural fibers will spur the global synthetic fibers market growth. This can be credited to the enhanced scalability of this sector on account of the surging integration of these fibers in countless industries. Apart from the wider scope of scalability, they are economic and have enormous availability. Furthermore, the production of natural fibers is not consistent because of excessive global warming and crop failures. On the contrary, synthetic fibers have a consistent global supply as they are prepared from non-renewable resources.

Geographically, APAC holds the biggest synthetic fibers market share and is predicted to witness the highest CAGR in the coming years. Being home to some of the most populous countries including Japan, China, and India, it will exhibit significant growth in the coming years. This can be because of the growing population, rising disposable income, swift urbanization, and consequently, consumers' increasing purchasing power. Moreover, this will go hand in hand with the massive production of acrylic, nylon, and polyester fibers on account of their economic aspects.

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Hence, the surging integration of polyester fibers in numerous applications will drive the market, opening the closed opportunities for the highly competitive market players including Toray Chemical Korea Inc., Bombay Dyeing & Manufacturing Co. Ltd., E. I. du Pont de Nemours and Company, Indorama Corporation and Teijin Frontier Co. Ltd. to retain their position in the market.

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This release was published on openPR.