Synthetic Fibers Market (By Product: Polyester, Nylon, Acrylics, Polyolefin’s, Others; By Application: Clothing, Home Furnishing, Automotive, Filtration, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027
The global synthetic fibers market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 67.2 Bn by 2027.
Synthetic fibers are man-made fibers made primarily of petroleum raw materials known as petrochemicals. All fabrics are made from fibers that can be obtained from natural or artificial sources. They are made up of a small unit or polymer that is made up of many repeating units known as monomers. Nylon, acrylics, polyurethane, and polypropylene are among them. Every year, millions of tones of these fibers are produced around the world. Synthetic fibers are made up of small molecules that have been synthesized into polymers. The substances used to make such fibers are derived from raw materials such as chemicals derived from petroleum or petrochemicals. These materials are polymerized into a chemical that connects two adjacent carbon atoms.
Market Dynamics
The synthetic fibers market has grown significantly as a result of factors such as increased application in construction, automotive, healthcare, apparel, and household, among others. The growing consumer interest, particularly in home furnishings, is propelling the business segment forward. The rise in home furnishings is being fueled by the expansion of the real estate sector. Another important factor driving the growth of the synthetic fibers market over the forecast period is the increased presence of retail stores selling home furnishings. Polyester fiber is once again in high demand due to its useful properties such as abrasion and chemical resistance. Because of rise in the middle-class population in emerging economies, the demand for polyester as an affordable synthetic fiber in clothing applications is also increasing. Consumers prefer characteristics such as durability, stain resistance, softness, and elasticity in their fiber uses, and manufacturers' ability to provide all such properties at lower costs is one of the primary driving factors for the global synthetic fiber market's growth.
But apart from that, the synthetic fabric market is expected to be driven by high demand in the fashion and apparel industries, as well as rapid growth in the construction and automotive industries, particularly in emerging economies. Environmental concerns and the threat of natural substitutes, on the other hand, may restrain market growth during the forecast period. Furthermore, research and development activities in conductive textiles and nanotechnology in textiles are expected to provide potential growth opportunities.
Market Restraints
Synthetic Fibers in Clothing Contribute to Pollution
According to NBC's Mach, clothing made of synthetic materials such as polyester and nylon contributes to microplastic pollution, which can end up in the ocean and the seafood that humans eat. Micro plastics are thought to account for 1.5 million tonnes of the 8 million tonnes of plastic that end up in the ocean each year. According to the International Union for the Conservation of Nature, fibers from synthetic fabrics account for an estimated 35% of micro plastic that enters the ocean. These plastic-based fibers have been discovered as far north as the North Pole and as far south as Antarctica. The microfibers that cause this pollution are frequently released into the environment through loads of laundry.
Market Segmentation
The global synthetic fibers are segmented as product and application. 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.
Polyester led the synthetic fibers market by product, accounting for the lion's share of the global synthetic fibers market. Rising demand for polyester, driven by properties such as chemical and abrasion resistance, is a key factor driving the growth of the global synthetic fibers market. Furthermore, due to its easy wash, shape retention, wrinkle-free, and high perspiration properties, it is much preferred in the manufacturing of clothing materials. Due to the ever-changing fashion trends influencing the demand for clothing around the world, the clothing segment led the segment by recording a dominant market share. The segment is expected to be driven by the increasing population's demand for convenient, protective, and cost-effective clothing during the forecast period.
Regional Overview
North America is the dominant region in the synthetic fibers market, and it is expected to remain so throughout the forecast period. The region's developed end-use industries are a major driving factor in the growth of the synthetic fibers market. The region's construction sector is expanding significantly as a result of recent investments proposed in Canada and the United States, which is increasing demand for synthetic fibers. Furthermore, North America is regarded as the largest region in the aerospace industry, which is a major end user of synthetic fibre, propelling the growth of the synthetic fibers market.
Due to the presence of the world's most populous economies, such as India and China, Asia Pacific is expected to be the fastest growing region in the synthetic fibers market over the forecast period. The region's economic growth has increased consumers' per capita income, which is increasing demand for apparel in the region. Furthermore, industrialization has accelerated the region's construction industry, which is a major factor driving the growth of the synthetic fibers market. The region's various end-use industries for synthetic fibers, such as automotive and aerospace, are growing at a rapid pace, adding to demand. Another factor positively influencing demand is the availability of various clothing brands to meet the specific needs of customers. A growing number of e-commerce platforms in the Asia Pacific region, combined with increased consumer awareness of different clothing brands as a result of the Internet-of-Things (IoT), have boosted online clothing sales in the region. Because of the growing demand for highly aesthetic interiors, the demand for synthetic fibers in the home furnishing segment is expected to grow at a significant rate over the forecast period.
Competitive Landscape
The prominent players of the global synthetic fibers market involve 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
Market Segmentation
Market By Product
Polyester
Nylon
Acrylics
Polyolefin’s
Others
Market By Application
Clothing
Home Furnishing
Automotive
Filtration
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
What will be the market value of the synthetic fibers market?
Synthetic fibers market is expected to reach a market value of around US$ 67.2 Bn by 2027.
At what CAGR, the synthetic fibers market is expected to grow during the forecast period (2020-2027)?
The synthetic fibers market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
Which is the leading segment in the synthetic fibers market?
Based on product, polyester segment is the leading segment in the overall market.
What are the key drivers of the synthetic fibers market?
The growing consumer interest, particularly in home furnishings is one of the prominent factors that drive the demand for synthetic fibers market.
Which are the prominent players in the synthetic fibers market?
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.
Which region held the highest market share in the synthetic fibers market?
North America is anticipated to grab the highest market share in the regional market
Which region is expected to be the fastest growing market over the forecast period?
Asia Pacific is expected to be the fastest growing market in the forthcoming years
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