Synthetic Fibers Market to reach USD 82 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Synthetic Fibers Market is expected to grow at a CAGR of around 6.6% from 2022 to 2030 and reach the market value of over US$ 82 Billion by 2030.

In 2020, Asia Pacific dominated the market in terms of both volume and revenue. High production of polyester, nylon, acrylics, and other synthetic fibers in countries such as China, South Korea, Taiwan, India, and Japan are factors that contribute to the growth of the global synthetic fibers market. Due to the rising population and consumption of clothing and home furnishings, the region will maintain its lead, growing at the fastest CAGR from 2021 to 2028. Aside from that, product demand in North America is primarily driven by the clothing application segment, and this trend is expected to continue throughout the forecast period. Trends such as the Made in the USA initiative, along with an increasing preference for online shopping, are expected to drive market growth during the forecast period.

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On the other hand, the European market is expected to grow at a rapid pace over the forecast period, owing to increased product manufacturing in countries such as Italy, Germany, and Turkey. Furthermore, increasing product applications in automobiles for seat covers, cushions, drive belts, airbags, and other items are contributing to market growth. Product demand in Central and South America is expected to rise significantly over the forecast period as a result of increased investments and manufacturing facilities in the clothing and apparel, automotive, and construction industries. Rising industrial activity and the availability of low-cost labor in the region are also expected to drive market growth.

Market Dynamics

The global demand for synthetic fibers is expected to rise due to increased demand for safe, lightweight, and high-strength materials in the aerospace, automotive, and textile industries. Furthermore, the demand for low-fuel-consuming, low-carbon-emitting vehicles is expected to drive the global market for synthetic fibers even further. Advances in the research and development of green bio fibers and green synthetic fibers are fueling the growth of the global synthetic fiber market. However, one of the major drawbacks of the synthetic fiber market around the world is its tendency to melt and burn easily when compared to natural fiber. Stringent government regulations and growing environmental concerns are adding to the global synthetic fiber market's challenges.

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Segmental Outlook

The global synthetic fibers are segmented as products and applications. Based on product, the market is segmented as polyester, nylon, acrylics, polyolefin's, and others. By application, the market is segmented as clothing, home furnishing, automotive, filtration, and others.

Competitive Landscape

Some of the leading competitors are Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corp., Lenzing AG, Mitsubishi Chemical Holdings Corp., Reliance Industries Ltd., China Petroleum Corp. (Sinopec Corp.), Teijin Ltd., Toray Chemical Korea, Inc., Toyobo Co., Ltd., and among others.

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Some of the key observations regarding the synthetic fibers industry include:

• In March 2018, Kuraray Co., Ltd., a manufacturer and/or distributor of innovative coal, wood, and coconut-based activated carbon products announced acquisition with Calgon Carbon Corporation. Calgon Carbon Corporation is reported as a part of the Functional Materials Company of Kuraray, along with Kuraray's Carbon Material Business Division. This functional materials company includes the methacrylate division and medical division.

• In April 2019, Raymond Group, fashion and textile manufacturer and retailer, announced friendly "Ecovera", a range of fabrics manufactured by using R|Elan, the latest technology from Reliance Industries Ltd (RIL). This new product range will be manufactured using the green fiber made by Reliance Industries.

• In November 2019, Technical Absorbents announced display its washable fabrics range at the Hygienix, The Premier Event for Absorbent Hygiene & Personal Care Markets in Texas. The company has developed this superabsorbent SAF washable fabric technology, as it may attract a huge set of people which prefer reusable, absorbent hygienic products.

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