The specialty synthetic fiber market is estimated to observe considerable growth during the forecast period of 2017-2026. These fibers have superior properties as compared to natural fibers. Hence, these aspects serve as a prominent growth-generating factor for the specialty synthetic fiber market.
Growing demand from the cosmetics and personal care industry is expected to bring tremendous growth opportunities for the specialty synthetic fiber market. Furthermore, specialty synthetic fibers are developed through chemical synthesis unlike natural fibers which are derived from living beings directly. The chemical synthesis aspect invites considerable demand for specialty synthetic fibers.
The rising disposable income and the growing urbanization in various regions will assure considerable growth opportunities for the global specialty synthetic fiber market. Accelerated urbanization has led to a rapidly changing lifestyle and has increased the purchase of home goods to a considerable extent. Thus, all these factors bode well for the growth of the specialty synthetic fiber market.
Research and development activities form an important part of the specialty synthetic fiber market growth trajectory. The players invest in these activities for deriving new formulations and methods that help in increasing the demand for specialty synthetic fiber among the end-user industries. Thus, all these factors lead to an increase in the revenues, eventually boosting the growth prospects of the specialty synthetic fiber market.
Strategic collaborations are crucial for the growth of the specialty synthetic fiber market. Mergers, acquisitions, joint ventures, and partnerships are significant as they strengthen the influence of the players in the specialty synthetic fiber market, ultimately contributing to the growth of the specialty synthetic fiber market.
The properties of specialty synthetic fibers such as ease of maintenance, flexibility, and durability will prove to be growth boosters for the specialty synthetic fiber market. Furthermore, factors such as industrialization and changing consumer spending patterns will have a large influence on the growth of the specialty synthetic fiber market. In this study, the specialty synthetic fiber market, on the basis of type, can be classified into nylon, polyester, acrylic, and other specialty synthetic fibers. The use of these fibers in home furnishing, industrial use, apparel, and others will bring good growth prospects.
Transparency Market Research’s (TMR’s) report on the specialty synthetic fiber market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on specialty synthetic fiber by TMR suggests a stable growth period.
According to the TMR experts, the market for specialty synthetic fiber is prognosticated to expand at 4.1% CAGR during the forecast period of 2017-2026. In the context of valuation, the specialty synthetic fiber market is estimated to reach a valuation of US$ 90000 mn by 2026.
Key Findings of Report
Retail Industry to Contribute Immensely to Specialty Synthetic Fiber Market
The growing demand for lifestyle-related products is bringing considerable growth prospects for the specialty synthetic fiber market. Products like bed cloth, upholstery, covers, etc. are gaining considerable traction. The large-scale presence of middle class and upper middle class families will set the stage for the growth of the specialty synthetic fiber market. These fibers are stain-safe, helpful to color, and simple to use. These properties make specialty synthetic fibers an important material in the design industry.
Automotive Sector to Add Considerable Growth Prospects
Specialty synthetic fibers are used for making the material in the interior of passenger vehicles. The seats are prominently designed using these materials. Thus, the growing sales of automobiles due to the rising disposable income will paint a bright picture of growth on the specialty synthetic fiber market landscape.
In addition to the automotive industry, the demand from apparel industry for specialty synthetic fibers is also expected to invite extensive growth prospects.
Some well-entrenched players in the specialty synthetic fiber market are China Petroleum Corporation, Indorama Corporation, Reliance Industries Limited, E. I. du Pont de Nemours and Company, and Toho Tenax.
Global Synthetic Fiber Market, By Type
Global Synthetic Fiber Market, By End-Use Industry
Global Synthetic Fiber Market, By Region
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