ID: MRFR/CnM/3846-CR | March 2022 | Region: Bric | 180 pages
The global synthetic fibers market is projected to register a CAGR of over 6.63% to reach around USD 176,435.6 million by the end of 2028.
Organic synthetic high molecular compounds produced from petrochemicals are used to make synthetic textiles. Synthetic fibers are continuous filaments created from the fiber extrusion process, which can be done using dry, wet, or melt spinning methods. Acrylics, polyester, nylon, and polyolefin synthetic fibers are the four categories of products available on the market. They are more durable than natural and regenerated fibers since they are primarily made of polymers. These items are well-known for their durability, flexibility, washability, and cost-effectiveness. Furthermore, the product's distinctive properties, such as abrasion and chemical resistance, as well as high performance, are projected to add to its growing demand during the projection period.
The prime factor driving the growth of the global synthetic fibers market is its use in home furnishing. The floor, furniture, and textiles are the main components of house furnishings. During the projection period, the increased use of synthetic fibers in home décor will be a major driver of market expansion. The growth of the home furnishings sector is aided by the growing real estate industry and strong economic development in emerging economies in Asia-Pacific and the Middle East. Consumers worldwide now have easier and wider access to products and designs as a result of globalization. Home furnishing e-commerce sales are expected to reach USD 92.32 billion in 2020, according to ROIREVOLUTION. In 2020, the top US furniture and home goods retailers were Bed Bath & Beyond, Ashley Furniture Homestores, IKEA, and Williams-Sonoma. In 2020, Bed Bath & Beyond and IKEA had the best furniture and home products sales.
Rising demand for automotive interior materials is another driver for the global synthetic fibers market. Synthetic fibers are versatile and durable, so they are widely used in car interiors. Acrylic, polyester, nylon, and polyolefin synthetic fibers are the four types of synthetic fibers. They offer strength, elasticity, washability, and cost-effectiveness. During the projection period, demand for synthetic fibers in car interior materials is predicted to increase due to qualities such as design flexibility, corrosion resistance, and promising mechanical and material anisotropy. Automotive carpets, seat belts, automobile coverings, steering wheel covers, and seat covers are made using synthetic fibers.
However, volatility in prices and the availability of raw materials is a key restraint for the market players. Synthetic fibers are created artificially from raw materials such as petroleum oil and organic synthetic high-molecular compounds. During the projected period, fluctuations in the prices and availability of oil-based synthetic fiber are expected to limit the market growth. Oil-based fiber makers are projected to experience enormous pressure over the next ten years, forcing them to change their attention toward sustainable solutions to fulfill global demand. Alternative uses such as adhesives, films, and consumer products are driving demand for polymers like acrylic, nylon, and polyolefins, posing further sourcing and pricing issues for synthetic fiber manufacturers.
COVID Impact Analysis
According to the UN, the COVID-19 epidemic caused a 3.5% drop in GDP in 2020. However, according to the World Bank, global economic activity is expected to pick up in 2021 and rise by 5.6%. This recovery, however, is uneven, and it is mostly due to rapid recoveries in a few major economies. Obstacles to immunization continue to stifle activity in many emerging markets and developing economies (EMDEs). However, there are considerable downside risks to the global picture, including the probability of future COVID-19 waves and financial stress due to high EMDE debt levels.
Due to a drop in demand from end-use sectors, lower pricing, and disruptions in the supply of raw materials, manufacturers in this industry have lowered their production capacities. The outbreak has significantly influenced end-use industry demand, resulting in a decrease in synthetic fiber production. Furthermore, athletes are concerned about COVID-19 alleviation and are taking steps to address it. Toray Industries, Inc., for example, revealed today that tests on samples of MAKSPEC® V had proven the antiviral textile's efficiency in decreasing concentrations of severe acute respiratory syndrome SARS-CoV-2 in March 2021.
The global clothing industry was impacted by the COVID-19 pandemic, as governments shut down production plants and retailers and canceled events to prevent the virus from spreading. The global coronavirus epidemic has had a significant impact on fashion labels. Despite customer demand issues in the fashion business, new opportunities arose when fashion brands changed their focus to attractive coronavirus face masks. However, because natural fiber-based materials are more effective for masks, this opportunity had a limited positive impact on synthetic fabrics.
Supply Chain Analysis
The supply chain analysis evaluates every stage and step taken by stakeholders involved throughout the production and distribution of synthetic fibers. The supply chain includes raw material and suppliers, synthetic fibers producers, distribution channels, and end-use industries.
The key raw materials used for the production of synthetic fiber are purified terephthalic acid (PTA), mono-ethylene glycol (MEG), acrylonitrile (ACN), and caprolactam. The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants. Some major raw material suppliers include SABIC, Reliance Industries, BP Plc, and DuPont.
The global synthetic fibers market has been segmented on the basis of type, application, and region.
By type, the synthetic fibers market has been segmented into the global market has been divided into polyolefin fibers, polyester fibers, carbon fibers, aramid fibers, UHMWPE fibers, acrylic fibers, nylon fibers, and others. In 2020, the polyester fibers segment accounted for the largest share of 63.7% due to its relatively large-scale consumption across home furnishing sector verticals.
Global Synthetic fibers Market Revenue, by Application, 2020 (USD Million)
Sources: MRFR Analysis
Based on application, the global market has been divided into clothing, home furnishing, automotive, aerospace & defense, filtration, and others. Among these, the clothing segment accounted for the largest share of 48.4% due to its high sales and changing fashion trends across the globe.
Global Synthetic Fibers Market Share, by Region, 2020 (%)
Sources: MRFR Analysis
The global synthetic fibers market has been studied across Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. With a market size of USD 68,755.9 million in 2020, Asia-Pacific held the largest market share of 63.77% and is expected to grow at the fastest rate of 7.16% during the forecast period. Various major factors, such as significant investment in the automotive industry, the strong presence of the textile industry, and an expanding focus on lightweight and fuel-efficient vehicles in the region, are driving the regional market. Synthetic fibers have been adopted in the automotive sector because of their lightweight, mechanical strength, high design versatility, and lower system costs. In addition, rising disposable income and urbanization are fueling the growth of the organized retail sector, resulting in greater demand for home furnishings.
The market demand in North America is predicted to be fueled by the explosive growth of the automotive and house refurbishment sectors, as well as the increasing clothes sector. Furthermore, increasing consumer spending is a major contributor to the North American region's growth. Customers have great purchasing power, which drives end-use industries, and, as a result, the worldwide synthetic fibers market is expected to grow rapidly throughout the projected period.
Key players profiled in this market include Lenzing AG (Austria), Toyobo Co. Ltd (Japan), Bombay Dyeing Inc. (India), Reliance Industries Limited (India), Toray Chemical Korea, Inc. (South Korea), TEIJIN LIMITED (Japan), China Petrochemical Corporation (China), Mitsubishi Chemical Corporation (Japan), DuPont (US), and Indorama Corporation (Thailand).
The global synthetic fibers market is highly fragmented, and the prominent players are expanding their presence to other developing countries such as India and China. Organic and inorganic growth methods, such as expansions, joint ventures, and product launches, are used by significant market players to increase profitability and margins, extend their product portfolios, and acquire a competitive advantage.
For instance, in June 2021, Teijin Limited has announced that their Tenax™ carbon fiber prepreg has been selected for a component of the nacelle, or streamlined housing, for an upcoming Airbus next-generation aircraft engine. By the end of 2021, a prototype of the nacelle part that Nikkiso Co., Ltd is creating for Airbus's Incoming Propulsion project will be delivered to Airbus.
Global Synthetic Fibers Market, by Type
Global Synthetic fibers Market, by Application
Global Synthetic fibers Market, by Region
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