According
to a report by Grand View Research, Inc., global Synthetic Fibers Market is
projected to value USD 88.5 billion by 2025. Growing requirement for durable
and cost-effective raw materials is anticipated to propel demand for synthetic
fibers. Such fibers can be derived from polymers and known as man-made fibers.
They can possess highly useful properties as raw material such as light weight,
elasticity, moisture resistance, wrinkle resistance, and strength. Growing need
for materials among manufacturers can fuel product demand during the forecast
period (2014-2025).
Full Research Report On Synthetic Fibers Market Analysis:
www.grandviewresearch.com/industry-analysis/synthetic-fibers-market
Increasing
use of synthetic fibers in automotive interior materials coupled with growing
demand for hybrid and electric vehicles can spur market growth. High demand for
home furnishings owing to increasing number of population migrating to urban
areas is expected to fuel growth of market in the forthcoming years. Growing
adoption of attractive and high-value clothes due to expanding e-commerce
business can influence market growth. Stringent regulations on environmental
protection is anticipated to hinder growth of market owing to
non-biodegradability of synthetic fibers.
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The
synthetic fibers market can be segregated on the basis of product type,
application, and region. Based on product type, the market can be classified
into nylon, polyester, acrylics, polyolefin, and others. Growing adoption of
polyester to manufacture clothes owing to its effective properties such as
chemical and abrasion resistance can fuel its demand. In addition,
affordability of polyester to cater to increasing number middle class
population in emerging economies is one of the biggest factors contributing to
market growth. Asia Pacific region is expected to lead in both production and
consumption of polyester and can maintain this lead during the forecast period
too. The nylon segment is expected to grow well in the coming years owing to
its scope in a wide range of applications such as tents, seat belts, airbags,
ropes, and sleeping bags.
Based
on application, the market can be divided into home furnishing, clothing,
automotive, filtration, and others. In 2016, the clothing segment dominated the
market and accounted for 45.48% of global revenue share. Rising number of
consumers preferring clothes which are easy to maintain can spur product
demand. In addition, high consumer demand for clothes offering advanced
protection and convenience owing to hectic lifestyles can further stimulate
product demand. Provision of such essential features in clothes manufactured
from synthetic polymers is anticipated to boost segment demand in the coming
years. Moreover, wide scope of development for clothing industry in growing
economies such as India and China can also influence demand for synthetic
fibers. The growing number of infrastructural activities in China and India is
expected to propel growth of home furnishing segment. In addition, launch of
innovative schemes from local governments such as Make in India and Smart City
Plans can further encourage growth.
Regional
segmentation includes Asia Pacific, North America, Europe, Central & South
America, and Middle East & Africa. In 2016, Asia Pacific dominated the
market and accounted for revenue share equivalent to USD 34,765.2 million. It
is estimated to grow at a phenomenal CAGR of 7% from 2017 to 2025 owing to
increasing number of applications such as home furnishing, automotive,
clothing, and filtration in the region. Growth of these applications in this
region can fuel product demand in the forthcoming years.
North
America stood second in terms of revenue share in 2016 and accounted for 12.51%
of market share in the same year. It is likely to grow at a similar pace during
the forecast period. Fast growth of multiple industries such as automotive,
clothing, and home furnishing utilizing synthetic fiber as a raw material can
augment product demand in the region.
Some
of the leading companies offering synthetic fibers are Reliance Industries
Limited, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Indorama Corporation,
and China Petroleum Corporation (CPEC). Most companies are likely to invest in
R&D activities to develop specific synthetic fibers for better use in
multiple applications. Growing adoption of backward integration of the supply
chain by major players is likely to obstruct entry of new and aspiring players.
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About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more
information: www.grandviewresearch.com
