The process of cross linking the monomers into polymers is known as polymerization process. This process is incorporated for production of Synthetic Fiber. These compounds are utilized in various end-uses to impart aesthetic appearance, glossy finish, and others to the final product. Moreover, they also provide versatility and reliability to the product.
The Global Synthetic Fibers Market has been driven by the range of its application in various sectors such as clothing, automotive, filtration, and others. Moreover, it is estimated that the clothing segment is set to witness the highest growth in the market due to its growing demand in various end-user applications over the forecast period.
Market Segmentation
The Global Synthetic Fibers Market is segregated into the type and application. On the basis of the type, the market is further categorized into acrylics, polyester, nylon, and polyolefin fibers segments. The polyester fibers segment is most widely used due to its growing consumption in end-uses such as furniture, carpets, and others. Moreover, durability and reliability are the major factors behind the popularity of this segment. The increasing use of these materials in footwear, clothing, and other sectors is estimated to drive the market during the assessment period.
On the Basis of the Application, the market is segmented into clothing, home furnishing, automotive, filtration, and others. The clothing sector is the leading segment of the market and is anticipated to observe a rapid growth due to boundless use of synthetic fibers in dresses, jeans, t-shirts, and others. Synthetic fibers are used in these applications to improve the structural properties of the product. Moreover, abrasion resistance, superior performance, and reliable nature are some of the properties offered by these materials in the industry. The automotive sub-segment is predicted to witness a higher growth in the industry due to growing substitution of heavy metals by light weight products in end-use sector.
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Competitive Analysis
Some of the major players functioning in the Global Synthetic Fibers Market are Bombay Dyeing (India), DuPont (U.S.), Indorama Corporation (Singapore), LENZING AG (Austria), Mitsubishi Chemical Holdings Corporation (Japan), Reliance Industries Limited (India), China Petroleum Corporation (China), TEIJIN LIMITED (Japan), Toray Chemical Korea Inc (South Korea) and TOYOBO CO., LTD (Japan) among others.
Segmental Analysis
The Global Synthetic Fibers Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to extension of anti-dumping duty implemented on nylon filament yarn from South Korea, China, Malaysia, Thailand and Indonesia. Countries such as China, Japan, and India are the major players in this region. North America region is estimated to witness a higher growth in the U.S., Canada, and Mexico owing to the increasing demand for artificial fibers in bedspreads, sheets, pillows, and others. The extensive use of polyester fibers in automotive body components, interior and exterior parts have driven the manufacturers to use these materials in the end-use industries due to optimal performance offered by the product. Moreover, it is projected that the implementation of stringent rules and regulations in the major sectors has propelled European region to witness a stagnant growth in Germany, the U.K, and Italy.
The Middle East & Africa is estimated to observe a significant growth due to consumption of man-made fibers in automotive, filtration, home furnishing, and others. Additionally, the growing demand for emulsifying agents in major industries is projected to boost the market in the Latin American region.
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