Published: Jun, 2018
Synthetic fibers have proven their worth in serving requirements where fabrics are needed to be robust, comfortable, lightweight, strain-resistant, and easy in dying. A number of end use industries, including apparel and furniture, are adopting these manmade fibers and consumers are opting for them for their durability. A recently compiled business intelligence study at the headquarters of Transparency Market Research (TMR) has projected that the demand in the global synthetic fibers market will expand at a CAGR of 4.10% during the forecast period of 2017 to 2026. Revenue-wise, the analyst of the report has estimated that there will be opportunities worth US$90.0 billion by the end of 2026.
Global Shares Distributed Among a Large Chunk of Companies
It has been detected by the report that the shares in the global synthetic fibers market are distributed among a large number of players, which is a reflection of low entry barriers and consequently, the presence of several regional players who are eating out substantial chunk of shares. While this fragmented scenario is foreseen to remain so, there are quite a few players who do hold a position of strength, such as E. I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, China Petroleum Corporation, Eastman, Toray Industries, Inc., Indorama Corporation, Teijin Limited, Asahi Kasei Fibers Corporation, Lenzing AG, Toho Tenax, and Reliance Industries Limited.
The moderate position of strength of the aforementioned players is a result of their ability innovate products via research and development activities, whereas smaller players are catering only the traditional products. Prominent players of the synthetic fibers market are aspiring to develop products that can be adequately customized as per diverse applications. They are also expanding geographically and collaborating to gain greater shares.
Based on type, the synthetic fibers market has been segmented into nylon, acrylic, polyester, and others, whereas end-use industries studied under this report are apparel, home furnishing, industrial use, and others. Geographically, Asia Pacific excluding Japan (APEJ) has been identified as the region with maximum demand potential, which is a reflection of vast population residing in the territory.
Automotive Industry Opening New Opportunities
Increased disposable income of urban population is at the forefront among all drivers of the synthetic fibers market. These populations are now adopting advanced furnishings for their homes and opting for bed linens, carpets, blankets, carpets, and upholsteries that are made from synthetic fibers. In the recent past, retail outlets have mushroomed that are strengthening the supply chain of products that are made from synthetic fibers. Additionally, increased usage across the automotive industry for interiors as the trend is to make them lightweight and more fuel efficient. On the other hand, strict regulations pertaining to the production and disposal of these environmentally poor fibers is the primary restraint over the prosperity of this market.
- Global synthetic fibers market to breach 90 billion dollar mark by 2026
- Competitive landscape is fragmented, with regional players eating out a substantial chunk of shares
- Environmental concerns are strongly hindering market’s prosperity, which on the other hand, is driven by its striking benefits
The information presented in this review is based on a Transparency Market Research report, 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.”
Key Segments of the Global Synthetic Fibers Market
By End-Use Industry
- Industrial Use
- Home Furnishing
- Asia Pacific Excluding Japan (APEJ)
- Latin America
- North America
- The Middle East and Africa (MEA)
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