The global Synthetic Fibers market size is expected to be worth around US$ 99.80 billion by 2030, according to a new report by Vision Research Reports.
The global Synthetic Fibers market size was valued at US$ 59.95 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2030.
Growth Factors
Increasing demand for clothing and apparel due to the changing fashion trends across the globe is likely to drive the market growth over the forecast period.
The properties offered by these products, such as stretching, waterproofing, and resistance to stain, sunlight, & oil, are likely to boost their demand during the forecast period. In addition, product application in various industries, such as clothing, home furnishing, automotive, filtration, and others, is expected to add significant growth to the market.
The market is heavily dependent upon the demand and changing consumer preferences, especially from the clothing and home furnishing products. Increasing adoption of strong and durable fabric for various land & air adventure sports applications involving parachutes and ropes is expected to have a positive impact on the market growth over the forecast period.
The majority of the players in the market are adopting recycling and advance technology methods. It involves the usage of recycling secondary raw materials (MPS) from synthetic textile fiber wastes and composites that exhibit anti-microbial properties. This trend is expected to increase during the forecast period in the wake of rising environmental and health concerns across the globe.
Report Highlights
The polyester product segment led the synthetic fibers market accounting for more than 48% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 due to the rising demand for polyester, which is driven by its properties, such as chemical and abrasion resistance. In addition, it is much preferable in the manufacturing of clothing materials due to its easy wash, shape retention, wrinkle-free, and high perspiration properties.
The rise in demand for polyester fabrics in clothing, home furnishing, and industrial applications is expected to add growth to the overall market. High usage of industrial polyester fibers in the form of yarns and ropes that are used in car tire reinforcements, safety belts, conveyor belts, and others is likely to support the segment growth.
Nylon-based products are estimated to register significant growth over the coming years owing to their significant use in the home furnishing and automotive application industries. Increasing demand for home furnishing products, such as blankets, bed linen, upholstery, carpets, and various others, due to the rapidly increasing population is likely to have a positive impact on the segment growth during the forecast period.
Other product types, such as spandex and rayon, are also adding growth prospects to the market due to their wide usage in the sports & leisure application industry in the form of clothing and apparel. In addition, the presence of retail stores and e-commerce platforms serving sports utilities, such as high-performance swimming & cycling apparel made from spandex, is expected to fuel the growth of the others synthetic fibers segment during the forecast period.
The clothing application segment led the market in 2020 accounting for a revenue share of more than 46%, owing to the ever-changing fashion trends influencing the demand for clothing across the world. The rise in the demand for convenient, protective, and cost-effective clothing due to the increasing population is expected to drive the segment during the forecast period.
The presence of different clothing brands to serve the specific needs of customers is another factor impacting the demand positively. A rising number of e-commerce platforms in the Asia Pacific region coupled with consumer awareness about different clothing brands due to the Internet-of-Things (IoT) has boosted the sales of online clothing in the region. The demand for synthetic fibers for the home furnishing segment is expected to grow at a significant rate over the projected period owing to the increasing demand for highly aesthetic interiors.
the rise in the housing and real-estate construction sector is expected to boost the demand for home furnishing products, such as carpets, cushion & covers, and mats, over the forecast period. The others application segment includes fishing nets, ropes, and construction. As per, Food and Agriculture Organization (FAO), 45% of fish that are caught, is traded internationally, which is expected to boost the demand for fishing nets, thereby augmenting segment growth.
Asia Pacific dominated the market both in terms of volume and revenue in 2020. The region held a revenue share of more than 69% in 2020 owing to the high production of polyester, nylon, acrylics, and others in countries, such as China, South Korea, Taiwan, India, and Japan. The region will retain the leading position growing at the fastest CAGR from 2021 to 2028 due to the rising population and consumption of clothing and home furnishing products.
The product demand in North America is mainly derived from the clothing application segment and the trend is expected to ascend over the forecast period. Trends, such as made in U.S. initiative, coupled with an increasing preference for online shopping are expected to boost the market growth during the forecast period.
The market in Europe was estimated to be 5,424 kilotons in 2020 and is anticipated to rise at a considerable rate over the forecast period, which can be attributed to the rise in product manufacturing from countries such as Italy, Germany, and Turkey. In addition, rising product applications in automobiles for seat covers, cushions, drive belts, airbags, and others are further adding to the market growth.
The product demand in Central & South America is likely to witness significant growth over the projected period owing to the increasing investments and manufacturing facilities for the clothing & apparel, automotive, and construction industries. Rising industrial activities and the availability of cheap labor in the region are also expected to boost the market growth.
Key Players
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.
Market Segmentation
Product Outlook
Polyester
Nylon
Acrylics
Polyolefins
Others
Application Outlook
Clothing
Home Furnishing
Automotive
Filtration
Others
Regional Outlook
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Asia Pacific
China
India
Taiwan
Central & South America
Brazil
Middle East & Africa
The Synthetic Fibers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Synthetic Fibers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Synthetic Fibers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Synthetic Fibers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Synthetic Fibers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Synthetic Fibers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Synthetic Fibers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Synthetic Fibers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Synthetic Fibers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Synthetic Fibers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Synthetic Fibers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Synthetic Fibers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Synthetic Fibers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Synthetic Fibers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Synthetic Fibers market. These factors have benefited the growth of the global market for Synthetic Fibers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Synthetic Fibers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Synthetic Fibers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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