Press release
Synthetic Fiber Market is estimated to touch USD 87.5 billion in 2029, registering 4.8% CAGR during 2022-2029 | Size, Share, Trends & Forecast
synthetic fibers market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/synthetic-fibers-market/
The factors driving the growth of Synthetic Fiber Market includes rise in the production of medical products such as face masks, gowns, and surgical cover drapes, growing participation of consumers in sports related activities, expansion of the e-commerce industry and increasing application of recycled polyester fibers in automobile upholstery. According to the report published by Statista, the production of face masks by 3M has increased from 0.63 billion units in 2019 to 2.5 billion units in 2021, on-going production of face mask in estimated to accelerate the Synthetic Fibers Market share in the approaching years. Moreover, increasing adoption of advanced technologies by manufacturers, growing demand for activewear and sportswear outfits, rising influence of social media platforms around the world and rapid urbanization, are some of the additional factors supplementing the Synthetic Fibers Market size. In addition, the increasing investments by major corporations on research and development, strategic alliances between industry players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Synthetic Fibers Market is hindered due to variations in the prices of raw materials.
The leading players player operating in the market are Akra Polyester, Performance Fibres, DAK Americas, Mitsubishi Rayon, Jushi Group, Owens Corning, Technical Absorbents Limited, Nan Ya Plastics, Toray Industries, and Dow. among others.
Based on Product, the Polyester segment is predicted to grow at a significant CAGR during the forecast period
Increasing application of polyester in the manufacturing of vehicle carpets, seating fabrics, sides along with its recyclability properties, are some of the factors responsible for the segment's growth.
Based on Application, the Clothing segment is projected to expand at a robust CAGR over the forecast period
Synthetic fibers are increasingly used in the production of clothes owing to its enhanced wear resistance, strong durability, and wrinkle-free properties, is pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Presence of the leading players such as Nan Ya Plastics, Mitsubishi Rayon and Jushi Group, rapid urbanization, increase in the production of masks and surgical cover drapes, technological advancements in automotive upholstery and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In July 2019, DAK Americas partnered with The Recycling Partnership to support organization's plan to enhance residential recycling rates and cater the demand for more availability of recycled materials to support business models.
Market Segmentation
Segmentation by Product
Acrylic
Nylon
Polyester
Rayon
Others
Segmentation by Application
Clothing
Automotive
Aerospace & Defense
Home Furnishing
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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