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).
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.
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.
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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.
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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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