What Has Been the Progress and Growth of the Synthetic Fibers Market in Recent Years?
The synthetic fibers market has seen considerable growth due to a variety of factors.
• The market size for synthetic fibers has seen a significant increase in the past few years. It is projected to expand from $194.17 billion in 2024 to reach $212.13 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.2%.
The factors driving this historical growth include a rise in the demand for cost-effective fibers, progression in the textile industry, advancements in material science, and superior performance attributes.
What Is The Expected Growth In The Synthetic Fibers Market Size Evolve over the Forecast Period?
The synthetic fibers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for synthetic fibers is predicted to exhibit robust expansion in the upcoming years, anticipating to reach $288.23 billion by 2029, with a compound annual growth rate (CAGR) of 8.0%.
The rise in the forecasted period is mainly due to factors such as the focus on sustainability and recycling, the expansion of technical textiles, advancement in fiber types, and the increasing consumer appetite for performance clothing. Significant trends for the prediction period encompass bio-based synthetic fibers, smart and functional fibers, the inclusion of nanotechnology, and microfiber textiles.
What Main Forces Are Fueling Expansion In The Synthetic Fibers Market?
Owing to their high durability and resistance to stains, synthetic fibers find widespread application across diverse domains, such as the textile industry and home furnishings. Polyester, a major type of synthetic fiber, is primarily utilized in the manufacture of tires, belts, and hoses. On the other hand, nylon, another type of synthetic fiber, is used to make carpets. As per a recent report, by 2030, it is projected that the consumption of polyester will be roughly three times more than that of cotton fiber. As such, the growth of the synthetic fiber market is anticipated to be driven by increased use of these fibers in a variety of end-user industries.
What Are The Primary Segments In The Global Synthetic Fibers Market?
The synthetic fibers market covered in this report is segmented –
1) By Type: Polyester, Nylon, Acrylics, Polyolefin, Other Types
2) By Application: Clothing, Home Furnishing, Automotive, Filtration, Other Applications
3) By Distribution Channel: Online, Offline
Subsegments:
1) By Polyester: PET (Polyethylene Terephthalate), PBT (Polybutylene Terephthalate)
2) By Nylon: Nylon 6, Nylon 66
3) By Acrylics: Polyacrylonitrile (PAN)
4) By Polyolefin: Polypropylene (PP), Polyethylene (PE)
5) By Other Types: Aramid, Spandex, Rayon
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What Emerging Trends Are Influencing The Growth Of The Synthetic Fibers Market?
The necessity for synthetic fibers is growing due to the increased preference for lightweight, fuel-efficient materials, or advanced composite materials. Synthetic fibers, manufactured from polymer aromatic polyamide, predominantly comprise of two types: para-aramid and meta-aramid. The major types of specialty synthetic fibers are Aramids, UHME polyethylene, and POA. Industries like marine, medical, sporting goods, pressure vessels, and reinforcement materials have substantial applications of specialty synthetic fibers, escalating the growth of the synthetic fiber market. Some new products incorporated with synthetic fibers include bioplastics, plastic composites/nanocomposites, self-healing polymers, plastic electronics, and smart and reactive polymers.
Who Are the Key Players In The Synthetic Fibers Market?
Major companies operating in the synthetic fibers market include:
• Bombay Dyeing & Manufacturing Company Limited
• DuPont de Nemours Inc.
• Indorama Corporation
• Lenzing AG
• Mitsubishi Chemical Group Corporation
• Reliance Industries Limited
• Sinopec Corp
• Teijin Limited
• Toray Chemical Korea Inc.
• Toyobo Co. Ltd.
• Dow Chemical Company
• Toho Tenax Co. Ltd.
• Koch Industries Inc.
• Formosa Plastics Corporation
• TUNTEX Group Co. Ltd.
• Asahi Kasei Corporation
• Kolon Industries Inc.
• Hyosung Corporation
• Radici Group
• Far Eastern New Century Corporation
• Indorama Ventures PCL
• Nan Ya Plastics Corporation
• Formosa Chemicals & Fibre Corporation
• China National Chemical Fiber Corp.
• Huvis Corporation
• Unifi Inc.
• FiberVisions Corporation
• Trevira GmbH
• Advansa BV
• Wellman International Ltd.
• Kuraray Co. Ltd.
• Grasim Industries Ltd.
• Thai Polyester Co. Ltd.
• JBF Industries Ltd.
• Polygenta Technologies Limited
• Shinkong Synthetic Fibers Corporation
What Is The Most Dominant Region In The Synthetic Fibers Market?
Asia-Pacific was the largest region in the synthetic fibers market in 2023. Western Europe was the second-largest region in the global synthetic fibers market share. The regions covered in the synthetic fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
