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Synthetic Fibers Market: Sustained Growth Fueled by Textile Expansion and Construction Surge
Synthetic Fibers Market
The synthetic fibers market has exhibited robust growth, escalating from $175.06 billion in 2023 to an estimated $190.35 billion in 2024, boasting a remarkable compound annual growth rate (CAGR) of 8.7%. Anticipated projections signal continued strength, with the market reaching $258.43 billion by 2028, maintaining a CAGR of 7.9%.
Exploring The Rise Of Synthetic Fibers In Textiles:
Synthetic fibers have become integral to various applications, notably in the textile industry and home furnishings, owing to their advantageous physical and chemical properties such as durability and stain resistance. Polyester, a major synthetic fiber, finds applications in tires, belts, and hoses, while nylon is utilized in carpet manufacturing. Projections indicate a substantial increase in polyester consumption by 2030, emphasizing the growing significance of synthetic fibers across end-user industries.
Construction Boom as Catalyst:
The escalating demand in the construction sector serves as a catalyst for the synthetic fibers market. Offering advantages like corrosion resistance and high strength-to-weight ratios, synthetic fibers contribute significantly to modern construction practices. The global construction output is projected to surge by $4.5 trillion to reach USD 15.2 trillion between 2020 and 2030, further propelling the demand for synthetic fibers.
Explore the Global Synthetic Fibers Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2685&type=smp
Key Players Driving Market Dynamics:
Prominent companies contributing to the synthetic fibers market's growth include Bombay Dyeing & Manufacturing Company Limited, DuPont de Nemours Inc., Indorama Corporation, Lenzing AG, Mitsubishi Chemical Group Corporation, Reliance Industries Limited, Sinopec Corp, Teijin Limited, Toray Chemical Korea Inc., Toyobo Co. Ltd., Dow Chemical Company, Toho Tenax Co. Ltd., Koch Industries Inc., Formosa Plastics Corporation, TUNTEX Group Co. Ltd., Asahi Kasei Corporation, Kolon Industries Inc., Hyosung Corporation, Radici Group, Far Eastern New Century Corporation, Indorama Ventures PCL, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, China National Chemical Fiber Corp., Huvis Corporation, Unifi Inc., FiberVisions Corporation, Trevira GmbH, Advansa BV, Wellman International Ltd., Kuraray Co. Ltd., Grasim Industries Ltd., Thai Polyester Co. Ltd., JBF Industries Ltd., Polygenta Technologies Limited, Shinkong Synthetic Fibers Corporation.
Innovative Applications Driving Demand:
The synthetic fibers market is witnessing increased demand for innovative applications, ranging from bioplastics to smart polymers. These fibers, particularly para-aramid and meta-aramid, cater to diverse sectors such as marine, medical, sporting goods, and reinforcement materials. The development of new products like bioplastics, plastic composites, self-healing polymers, and smart polymers showcases the versatility and expanding applications of synthetic fibers.
Market Segments and Regional Landscape:
In 2023, Asia-Pacific emerged as the largest region in the synthetic fibers market, with Western Europe securing the second-largest share. The comprehensive market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The synthetic fibers market covered in this report is segmented -
1) By Type: Polyester, Nylon, Acrylics, Polyolefin, Other Types
2) By Application: Clothing, Home Furnishing, Automotive, Filtration, Other Applications
3) By Distribution Channel: Online, Offline
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/synthetic-fibers-global-market-report
Synthetic Fibers Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Synthetic Fibers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on synthetic fibers market size, synthetic fibers market drivers and trends, synthetic fibers market major players, synthetic fibers market competitors' revenues, synthetic fibers market positioning, and synthetic fibers market growth across geographies. The synthetic fibers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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https://www.thebusinessresearchcompany.com/report/plastics-and-rubber-products-global-market-report
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