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.
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.
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.