Synthetic fibers manufacturing continues to be a lucrative industry. As the global supply of natural fibers remains limited, the deficit is fulfilled by synthetic fibers. Sales of synthetic fibers have picked up steam in recent years also due to their expanding application. While natural fiber manufacturing is based on resources obtained from living organisms, synthetic fiber is produced purely by chemical synthesis. The global market size of synthetic fiber is projected to expand at a compound annual growth rate of 7.25% between 2018 and 2023. Clothing is a major segment for synthetic fibers, a large percentage of total synthetic fibers produced annually is consumed by the clothing industry. It is also being used in manufacturing a variety of home furnishing products. Demand for synthetic fiber-based products is growing significantly in countries such as China, Brazil and India. During the review period, synthetic fiber is expected to witness a strong commercial interest.
This MRFR report sheds light on the current status of the global synthetic fiber market. The main objective of the report is to deliver a five-year (2018-2023) revenue forecast for the market. Various elements deeply associated with the market has been represented in the report. Also, a thorough evaluation of market opportunities for different types of synthetic fibers such as polyester, nylon, polyolefin, and acrylic is available in the report. Major application areas for synthetic fiber discussed in the report include clothing, home furnishing, automotive, and filtration.
DowDuPont, Bombay Dyeing Inc., Lenzing AG, Toyobo Co. Ltd, Mitsubishi Chemical Holdings Corporation, Teijin Limited, Reliance Industries Limited, Indorama Corporation, Toray Chemical Korea, Inc., China Petrochemical Corporation.
The report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
Market Research Future employs a comprehensive research methodology for qualitative and quantitative assessment of macroeconomic indicators and governing factors of markets and industries. A multi-layered research module with strong data triangulation technique is utilized for in-depth analysis of market dynamics, growth opportunities and challenges. Extensive primary and secondary research processes ensure accuracy and objectivity of market insights. For collection of primary data, detailed surveys and personal interviews are conducted with key opinion makers across the value chain. secondary research processes verify the primary data through inputs from SEC filings, white paper references, research publications and other credible sources available in public domain. Additionally, top-down and bottom-up approaches are utilized for extrapolation of research findings.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for synthetic fiber
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DowDuPont, Bombay Dyeing Inc., Lenzing AG, Toyobo Co. Ltd, Mitsubishi Chemical Holdings Corporation, Teijin Limited, Reliance Industries Limited, Indorama Corporation, Toray Chemical Korea, Inc., China Petrochemical Corporation.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||expanding applications of Synthetic Fibers|
Frequently Asked Questions (FAQ) :
The size of the global synthetic fibers market is estimated to expand at 7.25% CAGR during the assessment period
Clothing is the largest segment in the global synthetic fibers market.
Asia Pacific holds the largest share in the global synthetic fibers market followed by North America and Europe, respectively.
Cortec Corporation, Arch Chemicals Inc., Buckman Laboratories International Inc., Anpath Group Incorporated, GE Water and Process Technologies, Ashland Inc., Sigma- Bombay Dyeing Inc., DowDuPont, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Toyobo Co. Ltd, Teijin Limited, Indorama Corporation, Reliance Industries Limited, Toray Chemical Korea, Inc., and China Petrochemical Corporation, are some of the major players operating in the global synthetic fibers market.
The Synthetic Fibers Market is segmented by type as polyester, nylon, polyolefin, acrylic, acetate, rayon, aramid, and others.
Synthetic fibers are produced through polymerization which is a process that involved the linking of monomers into polymers. These man-made fibers offer a variety of benefits such as durability, lightweight nature, wrinkle resistance, and high luster among others. They are an affordable alternative to natural fibers and can be applied in clothing, automotive, home furnishing and other industries. The global synthetic fiber market is anticipated to grow at a bullish CAGR of 7.25% over the forecast period from 2018 to 2023. Revenue generated by the market was recorded at USD 95,316.8 Mn in 2017 and is likely to grow to generate a market value of USD 144,279.9 Mn by the end of 2023.
Synthetic fibers are highly popular in use for home furnishings and as upholstery fabric which has been identified as a key market driver over the assessment period. The real estate industry is rapidly expanding due to ongoing economic development in emerging economies in the Middle East as well as the Asia Pacific. Globalization has further influenced market growth due to the wider access to a large range of products and designs, thus providing the synthetic fibers market with lucrative opportunities for growth. Rising disposable income in emerging economies has enabled high spending on home decor, with a significant portion of the demand being aimed at high-quality synthetic fibers. Moreover, technological advancements in the production of synthetic fibers and new concept developed are expected to bolster market growth over the forecast period. Another significant driver affecting the growth of the global synthetic fiber market is the rising demand from the automotive industry for automotive interior fabric. There has been a global increased in passenger car production and sales due to changing consumer lifestyles which are expected to encourage demand for automotive interiors. Lightweight and durable materials are in high demand due to their ability to provide both aesthetic benefits as well as increased fuel efficiency. Rising disposable income has resulted in an increased demand for automotive vehicles. Synthetic fibers are expected to be impacted positively due to the strength, and cost-effectiveness of these fibers. Other properties such as corrosion resistance and design flexibility are expected to expand the global synthetic fibers market.
Synthetic fibers are made using polymers which are oil-based. These fibers are subject to fluctuations in prices. Moreover, polymers used to make synthetic fibers such as acrylic, nylon and others are witnessing a high demand from industrial applications which are expected to create price related and availability challenges in the coming years. However, a new class of green synthetic fibers has been introduced and are bio-based as opposed to petrochemical-based. Use of renewable materials for the production of synthetic fibers will likely reveal several important market opportunities in the coming years.
The global synthetic fibers market has been segmented on the basis of type, application, and region. Types of synthetic fibers have been segmented into polyester, nylon, acrylic, polyolefin, and others. The polyester segment accounted for over 65% of the markets share in 2017 making it the most significant segment. The demand for affordable and high-performance textile materials in home furnishing and clothing is expected to drive the segment's growth over the assessment period. Meanwhile, the nylon segment accounts for the second most significant segment in the market and is projected to grow at a CAGR of 6.92%. Nylon is used for the production of ropes, conveyor belts, seatbelts, and tarpaulin among others.
Applications of synthetic fibers have been segmented into clothing, home furnishing, automotive, filtration, and others. The clothing segment dominates the market with the largest share due to the expansion of e-commerce, and rising disposable income which is increasingly being spent on aspirational or aesthetically pleasing consumer goods. Meanwhile, the automotive segment is expected to witness rapid growth due to the high demand for sturdy, and high performance textile materials which offer fuel efficiency due to their lightweight nature and are durable.
The Asia Pacific region with its massive population and rapid urbanizations has acquired more than a 50% share of the global synthetic fiber market. The sizable consumer population in this region has a rising disposable income which has resulted in the high demand for automotive and clothing. Moreover, the real estate sector in the region is growing rapidly due to the ongoing urbanization and consumers are increasingly investing in high-quality home furnishings. The market is expected to be led by China, and the APAC market is expected to value USD 87,805.5 Mn by the end of 2023. North America comes in at a distant second in terms of market size and is driven primarily by the growing demand for electric vehicles which has bolstered the demand for automotive interior materials. The Middle East and Africa region is also predicted to show great promise due to the presence of emerging economies such as the U.A.E where there is a considerable real estate and automotive sector.
DowDuPont, Lenzing AG, Toyobo Co. Ltd, Indorama Corporation, Bombay Dyeing Inc., China Petrochemical Corporation, Toray Chemical Korea, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, and Reliance Industries Limited are among the leading market players operating in the global synthetic fiber market. These market players
Global Synthetic Fiber Market: Competitive Landscape
The prominent players in the global synthetic fiber market are DowDuPont (US), Bombay Dyeing (India), Indorama Corporation (Indonesia), Lenzing AG (Austria), Mitsubishi Chemical Holdings Corporation (Japan), Reliance Industries Limited (India), China Petroleum Corporation (China), Teijin Limited (Japan), Toray Chemical Korea, Inc. (Korea), and Toyobo Co., Ltd (Japan).
Teijin Limited (Japan), Toray Chemical Korea, Inc. (Korea), Toyobo Co., Ltd (Japan), Mitsubishi Chemical Holdings Corporation (Japan), and Reliance Industries Limited (India) collectively hold the majority share of the market. These players are adopting various strategies such as capacity expansions, mergers & acquisitions, investments, product launches, and joint ventures to maintain their market dominance and increase global presence. Among them, capacity expansions, acquisitions, and increasing profitability were the most widely used growth strategies in 2017.
Teijin Limited is a holding company and is engaged in advanced fibers and composites, electric materials, performance polymer products, healthcare, products converting, and IT divisions as part of the material business and healthcare business segments. In September 2017, Teijin developed a new linen-like fiber that is highly comfortable for outer clothing, jackets, bottoms, and blouses. In addition to this, it also launched new material in polyester fiber segment along with another product that was co-development of a new dyeable and flame-retardant meta aramid fiber. Furthermore, in December 2017, Teijin Limited established an R&D facility for fiber products including polyester fiber in Thailand. It also collaborated with Teijin’s polymerization and fibers R&D facility and Teijin Product Development China Co., Ltd located in Japan and China, respectively for product innovation. These collaboration, new product launch and expansion are expected to boost company’s portfolio and increase production in fibers and textiles business segment.
Reliance Industries Limited (RIL) is engaged in petrochemicals production, hydrocarbon exploration, petroleum refining, and digital services and retail. The company operates various businesses such as electronics, telecommunications, jewellery, apparel, footwear, hypermarkets as well as online retail portals. In October 2017, Reliance launched a new product namely, REIan in its apparel range, and also tied up with around 22 companies across various states including Punjab, Gujarat, Karnataka, West Bengal, and Tamil Nadu. With a large R & D facility, company is implementing various strategies such as product launch and expansions for increasing their business portfolio and strengthen their position in global and domestic market.
Toray Chemical Korea Inc. (Toray Chemical), one of the leading fibre companies in Asia-Pacific, manufactures, processes, and sells fibres and textiles, plastics, chemicals and IT-related products, carbon fibre composites materials, environment and engineering products, and life science products. In 2016, Toray Chemical expanded its production capacity of low melt polyester staple fiber (PSF) from 70,000 tons a year to 170,000 tons per year, making it the third largest company in the global market. This expansion was in line with the company’s strategy to expand its presence across the globe and increase their business sales.
Mitsubishi Chemical Holdings Corporation (Mitsubishi Chemical) is a leading manufacturer of fibers in Japan and worldwide. It operates through the performance products, industrial materials, and health care business segments in Japan and worldwide. The company’s performance products segment offers synthetic fiber as part of the fibers and textile sub-division of the advanced molding and composites division. There has been no recent development by the company in global synthetic fibre market.
Toyobo Co. Ltd (Toyobo) is a leading company in the textiles industry. The company operates through three major business segments—film and functional polymers, industrial materials, and healthcare and textile. It offers functional fibers consisting of airbag fabrics and polyester for tire cords, polyethylene, and PBO fibers. In February 2016, Toyobo extended its agreement with DSM to manufacture ultra-high molecular polyethylene fiber under the brand name Dyneema. This expansion is expected to boost the company’s business portfolio and increase their sales in Japan and worldwide.