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Synthetic Fibers Market 2022: Current Growth, Global Regions with Industry Share Analysis, Impact of COVID-19, Gross Margin, Regional Demand and Forecast to 2030

The synthetic fibers market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the synthetic fibers market growth. Additionally, the database analyzes and estimates the synthetic fibers market both globally and regionally.

The synthetic fibers market is expected to grow at a CAGR of 6.9% during the forecast period 2021-2027.

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Synthetic fibers are produced through chemical processing of petroleum and coal-derived polymers or chemical modification of naturally occurring materials. Synthetic fibers, such as nylon, polyester, and acrylic fibers, are increasingly being used as an alternative to natural fibers owing to their cost-effectiveness and ease of mass production.

Synthetic fibers offer greater durability, high water and heat resistance, and protection against chemical degradation. Properties of synthetic fibers can be altered to meet the demand of specific applications through modification of chemical composition and process conditions. They are designed to be more stain-resistant, waterproof, and water-resistant than natural synthetic fibers. These synthetic materials are used in varied applications such as apparel, automotive, home furnishing, and household, among others.

The COVID-19 outbreak has restricted the growth of the market due to the impact of operational challenges, disruption of supply chain, reduced demand, and workforce impairment. The pandemic has adversely affected industries such as automotive, home textile, and apparel, resulting in reduced demand for synthetic fibers.

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Manufacturing activities have been halted due to various government regulations across the globe. The supply of raw material has been impacted owing to lockdown, roadblocks, and restrictions on the movement of goods from the Asia-Pacific region. The closure of stores and malls across the globe has further affected the market. However, medical-grade synthetic products are being used in health, hygiene, and cleaning segments during the pandemic. The market is expected to be restored post-COVID-19 due to supportive government regulations, increasing application in diverse sectors, and opening of distribution channels.

Growth Drivers
The global synthetic fibers market is driven by rising disposable income of consumers, improving lifestyles, and greater demand for cost-effective and easy-to-maintain fabrics. Rising urbanization and growing demand from the automotive and furnishing sectors have accelerated the adoption of synthetic fibers. There has been increasing use of synthetic fibers to manufacture upholstery, blankets, carpets, and wall coverings.

The market is also influenced by growing adoption of western culture in emerging economies and rapidly changing fashion trends. There has been an increasing application of synthetic materials in the automotive sector. The rise in demand for passenger vehicles, growing modernization of vehicles, and increasing penetration of luxury vehicles further influence the growth of the market. New product launches and acquisitions by leading players in the market coupled with improvement in manufacturing processes have increased the demand for synthetic fibers across the globe.

Polyester is a commonly used synthetic fiber produced from coal and petroleum. Fabric made from polyester offers strength, stain resistance, high elasticity, and superior wrinkle and abrasion resistance. It is used to manufacture products such as home furnishings, apparel, upholstery padding, and upholstered furniture.

The various applications of industrial polyester fibers include conveyor belts, tire reinforcements, and safety belts, among others. However, polyester is non-biodegradable and decomposes slowly, which raises several environmental concerns with its usage. Another common fiber is nylon. Nylon fibers provide greater strength and elasticity as compared to polyester. The fabric formed with nylon material is lightweight, soft, tough, easy to wash, and abrasion-resistant. Some applications of nylon include garment, home furnishing, tire cords, seat belts, carpets, parachutes, sleeping bags, and tents.

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Report Segmentation

By Type
Nylon
Polyester
Acrylics
Rayon
Acetate
Others

By Application
Apparel
Furnishing
Automotive
Construction
Healthcare
Others

By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Competitive Landscape
The leading players in the synthetic fibers market include BASF, Bombay Dyeing, China Petroleum Corp, E. I. du Pont de Nemours and Company, Indorama Corporation, Lenzing AG, Mitsubishi Chemicals Holdings Corporation, Reliance Industries Ltd., Teijin Ltd, The CHA Textiles Group, Toray Chemical Korea Inc, Toyobo Co., Ltd. These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.

Key questions answered in the global chemical market report are:

· How does a global company acquire markets?
· What are its core strategies and policies?
· What factors will influence the chemical market over the forecast period?
· What are the factors driving and restraining the market for chemicals?
· What are the leading competitors in the global market?
· Which region is growing at a higher pace in the global market?

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