China Synthetic Fiber Market Future Looks Bright for Market Size with Soaring Projections

The China synthetic fiber market is predicted to achieve substantial growth over the forecast period, as per the Allied Market Research report. Driven by the building & construction sector's increased use of synthetic fibers and the growing presence of automotive key players, the market is estimated to reach $26.5 billion by 2027 from $17.0 billion in 2019, reflecting a CAGR of 6.0% from 2020 to 2027. The report delves into top investment pockets, winning strategies, market size, competitive landscape, and shifting market trends.

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One notable barrier to this growth, however, is the environmental pollution associated with synthetic fibers. Nevertheless, the rise in the apparel sector presents promising opportunities for market expansion.

Covid-19 has significantly impacted the market by widening the supply-demand gap and reducing passenger vehicle sales. This decrease in sales has negatively affected the demand for synthetic fibers in the automotive sector, where they are used in various applications such as automobile mats, seating textiles, safety girdles, and airbags. Moreover, the sharp decline in passenger vehicle production has further dampened the market.

Analyzing the market by fiber type, the polymer non-woven segment accounted for over two-fifths of the total market share in 2019 and is expected to maintain its dominance. The mineral wool segment is expected to exhibit the fastest CAGR of 8.0% from 2020 to 2027.

Regarding applications, the building & construction segment contributed to over two-fifths of the total market revenue in 2019 and is projected to retain its lead by 2027. This segment is also anticipated to have the fastest CAGR of 7.2% during the forecast period.

Key players in the China synthetic fiber market include China Jushi Co. Ltd., Foshan Rayson Non-Woven Co. Ltd., Hebei Yuniu Fiberglass Manufacturing Co. Ltd., Owens Corning, Rockwool China, Shuhai Huali Advanced Material Co. Ltd., Jia He Taizhou Glass Fiber Co. Ltd., Changzhou Tianma Group Co. Ltd., Luyang Energy-Saving Materials Co, Ltd., and Toray Fibers (Nantong) Co. Ltd. These players have adopted various strategies such as partnership, expansion, collaboration, joint ventures, and others to strengthen their foothold in the industry.

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