The growing usage of synthetic fibers across a wide array of domains, especially the fashion industry, has been upscaling the market for these fibers. The presence of a large number of international players coexisting with the regional players has made the market highly fragmented. The various market players are making individual efforts to innovate their products by carrying out extensive research activities across a range of applications of these fibers. The companies that can successfully produce synthetic fibers that are customized for various uses are likely to gain the highest market traction. The renowned contemporary players in the market include Mitsubishi Chemical Holdings Corporation, Teijin Limited, Eastman,Indorama Corporation, Lenzing AG, Asahi Kasei Fibers Corporation, China Petroleum Corporation, Toho Tenax, E. I. du Pont de Nemours and Company, Toray Industries, Inc., and Reliance Industries Limited.
Transparency Market Research (TMR) states in a report that, during the period from 2017 to 2026, the global synthetic fibers market is anticipated to grow at a CAGR of 4.10%. This expansion of the market is further projected to help the market value surpass US$ 90 Bn 2026-end. The researchers at TMR believe that the market’s growth over the forecast period would owe to a multiplicity of factors surfacing in the global market. Based on the types of fibers, polyester is expected to attract the highest demand amongst all other types including nylon and acrylic among others. Considering the end-use criteria, the industrial use segment would outdo the demand across other segments such as home furnishing, apparels, and others. The regional analysis shows that Asia Pacific Excluding Japan (APEJ) would reign over all other segments in the production and consumption of synthetic fibers. This would essentially owe to the rising middle-class population in the region that accentuate demand for synthetic fibers for household use.
Home Décor and Better Interior Designing in Houses Consolidates Market
Consumers are becoming immensely welcoming of better furnishing in homes which can underhandedly contribute to the growth of the market. Synthetic fibers are used in bed linen, blankets, upholstery, carpets, wall coverings, and a range of other vital home aesthetics. There is also a propulsion in the number of retail stores that have home furnishing products on their shelves, which further escalates the demand for these fibers in an already robust market. Synthetic fibers are used in the interiors of automotive devices and hence, the amplified growth rate of the industry propels the market for synthetic fibers too. The automotive industry has lately been adopting hybrid and electric vehicles that require light components and nimble accessories. Since polyesters are employed for producing such structures, the market is gaining a positive boost from the dynamic trend. The resistant properties of polyester are further spurring its usage across a number of realms, thus, inorganically bolstering the global synthetic fiber market.
Stringent Regulations Against Use of Synthetic Fibers Inhibits Market Growth
Despite the growing needs for synthetic fibers, their manufacturing that places a negative toll on the environment has kept them under the brunt of criticism. A number of global regulations have surfaced that restrain the market across the globe. A number of developed nations have made amends to their supply chain dynamics or affix the production process but the market in developed nations is anticipated to suffer negatively. Moreover, the environmentalists have started pressurizing the government to add more prerequisites to the production requirements for synthetic fibers, thus, threatening the market. However, the rising demand in furnishing is expected to keep bolstering the market.
The review is based on a research report by Transparency Market Research titled, “Synthetic Fiber Market (Synthetic Fiber Type - Polyester, Nylon, Acrylic, and Other Synthetic Fibres; End-Use Industries - Industrial Use, Apparel, Home Furnishing, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026”
The Global Market for Synthetic Fibers is segmented along the following lines:
Global Synthetic Fiber Market: By Type
Global Synthetic Fiber Market: By End-Use Industry
- Industrial Use
- Home Furnishing
Global Synthetic Fiber Market: By Region
- Asia Pacific Excluding Japan (APEJ)
- Latin America
- North America
- The Middle East and Africa (MEA)
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