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The Global Synthetic Fiber Market- Growth, COVID-19 impact and Forecast (2021-2025)

The Synthetic Fiber market is segmented by Product type (Polyester, Nylon, Acrylics and Others); Application (Clothing, Home Furnishing, Automotive, Fiteration and Others) Geography (APAC, North America, Europe and ROW).

Introduction
  • Synthetic fibers are basically derived from polymers and are considered as man-made fibers. They exhibit advantageous properties such as strength, lightweight, elasticity, washability, cost-effectiveness, softness, and special properties such as wrinkle resistance, crease recovery, moisture resistance, and high luster.


  • Owing to these factors, these fibers are preferred in various applications, including clothing, home furnishing, automotive, construction, filtration, toys, different types of ropes, and net manufacturing.


  • Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is driving the growth of carbon fiber market globally. However, the volatility in the prices and availability of raw materials are likely to limit the markets growth.


  • Along with this, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.

Table of Contents
Market Overview
  • The Global synthetic fiber market is expected to have incremental growth of $23.10 billion during 2020-2025.

  • Growth momentum is expected to accelerate during the forecast period with 6.72% CAGR.

  • Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is expected to drive the market growth.

  • APAC is dominating the market owing to the high production of synthetic fibers in countries, such as China, South Korea, Taiwan, India, and Japan.

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Key Trends
  • Rapidly changing fashion trends coupled with the increasing demand for home furnishing products owing to the rise of e-commerce platforms are expected drive the market in the coming years.


  • Increasing technological advancements in the use of additive manufacturing in is expected to open new avenues for synthetic fiber market


  • Increasing investment on R&D to develop various technologies and processes to impart better technical and safety characteristics in their products is expected to propel the market growth over the forecast period.

Key Market Players
  • Some of the key players in the market are Lenzing, E. I. du Pont de Nemours and Company, Bombay Dyeing, Mitsubishi Chemical, Reliance Industries, China Petroleum Corp.

  • The key players are rigorously competing and offering custom solutions based on industry requirement. Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain.

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Growth Drivers and Challenges
  • Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is driving the market.


  • The increasing of customer interest in home furnishings is driving the market demand.

  • Fluctuations in raw material prices and fiber processing costs are hampering the market growth.


  • Stringent regulations on non-biodegradability of synthetic fiber is another factor restraining the product demand.

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