Synthetic fibers are man-made or artificial fibers produced from petrochemicals, which possess superior physical & chemical properties for instance durability, strength, and elasticity. The fibers are water & stain resistant and also cost-effective. The fibers have a wide variety of uses in industrial, commercial, outdoor, and indoor applications along with apparels.
The key advantages are included easy to drying, wrinkle free & require less or no ironing, more durable, light in weight and don’t shrink & lose the color. Apart from advantages, few of the disadvantages are don’t absorb sweat or moisture, not biodegradable, not good for human skin and can catch fiber easily.
According to study, “Synthetic Fibers Market Research Report by Type (Polyester, Nylon, Polyolefin, and Others), Application (Clothing, Home Furnishing, Automotive, and Others), and Region (North America, APAC, Europe, RoW)-Global Forecast to 2023” the key companies operating in the synthetic fibers market are DowDuPont, Bombay Dyeing Inc., Teijin Limited, China Petrochemical Corporation, Toray Chemical Korea, Inc., BP Amono, Reliance Industries Limited, Toyobo Co. Ltd., Lenzing AG, Mitsubishi Chemical Holdings Corporation, Indorama Corporation, Jushi Group, Toho Tenax, Owens Corning, ALFA, Toray, DAK America, Eastman, Akra Polyester, Bayer, Cydsa, Asahi Kasei Fiber, Nan Ya Plastics, Fiber Visions, BASF, Huvis, Guilford Mills, Far Eastern New Century, Hyosung.
Based on product type, synthetic fibers market is segmented into acrylic, polyester, nylon, acetate, polyolefin, aramid, rayon and others. Polyester segment holds major share in market owing to rise in middle-class population in emerging economies. In addition, based on application, market is segmented into home furnishing, automotive, clothing (men-wear, children wear, women-wear, and work wear) and others. Home furnishing segment dominates the market due to upsurge in infrastructural activities. Clothing segment is estimated to witness higher growth rate as a result of growth in e-commerce business during the forecast period.
The synthetic fibers market is driven by growth in demand for lightweight, safe, and high strength materials in automobile, aerospace, and textile industries, followed by increase in low fuel consuming & low carbon emitting vehicles, lack of government restrictions, change in lifestyle & improvement in fashion trend, rise in demand for automotive interior materials, increase in consumer interest in home furnishings and rise in advancements in research & development (R&D) of green bio fibers & green synthetic fiber. However, volatility in the prices & availability of raw materials and strict ecological regulation associated with non-biodegradability of synthetic fiber may impact the market. Moreover, high demand for quality clothing in developed economies and emergence of greener synthetic fibers are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in synthetic fibers market owing to rapid industrialization & increase in disposable income, presence of a number of applications including home furnishing, clothing, automotive, and filtration in the region. The North-American and European regions are projected to witness higher growth rate due to rapid growth of automotive, & home furnishing industries coupled with growth in clothing sector over the forecast period. It is expected that the market will be reached at quick pace on account of high demand in fashion & apparel industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications