The global market for synthetic fiber will ride on a spectacular CAGR during the forecast period (2017-2026). Worldwide adoption of synthetic fiber is estimated to reap over US$ 90,000 Mn revenues by 2026-end.
Albany, NY -- (SBWIRE) -- 01/12/2018 -- This research report offers a comprehensive analysis of the "Synthetic Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026" The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Synthetic fibers are referred to man-made materials, which are produced with the help of chemicals having superior properties compared to natural fibers. Synthetic fibers are manufactured through polymerization of a variety of chemical substances. These fibers are more light-weight, stain-resistant, easy & convenient to dye, and durable. On the back of their favorable properties, synthetic fibers are widely employed for various applications in the fashion industry.
Growing Demand for Home Furnishings and Lightweight Automotive Parts to Drive Market Growth
There has been a soaring interest among consumers regarding home furnishings, which require synthetic fibers for manufacturing bed linen, wall coverings, upholstery, blankets, and carpets. Robust expansion of the real estate sector is further propelling the demand for home furnishings, with growing number of retail stores providing high quality home furnishing products at affordable prices. In addition, automotive interior materials such as body cloth fabrics are usually made up of synthetic fibers. Adoption of electric and hybrid vehicles is the latest trend being observed in the automotive market, which require lightweight components, structures, and accessories for higher vehicle efficiency. Polyester is widely used in the interior fabric of these vehicles owing to their lightweight, and abrasion resistance properties. These factors will continue to influence growth of the global synthetic fiber market. However, stringent environmental regulations appertaining to synthetic fibers' non-biodegradability are likely to remain a major challenge for manufacturers in the global market.
According to Transparency Market Research (TMR), the global market for synthetic fiber will ride on a spectacular CAGR during the forecast period (2017-2026). Worldwide adoption of synthetic fiber is estimated to reap over US$ 90,000 Mn revenues by 2026-end.
APEJ to Remain Most Financially Rewarding Market for Synthetic Fiber
Demand for synthetic fibers will witness a tremendous surge in Asia-Pacific excluding Japan (APEJ) on the back of adoption in various industrial applications such as automotive, filtration, clothing, and home furnishing. APEJ will continue to be the most financially rewarding region for growth of the synthetic fiber market. Europe is also expected to remain lucrative for expansion of the synthetic fiber market. Rapid expansion of the home furnishing and automotive industries, along with the expanding textile sector in the region will propel demand for synthetic fiber in the foreseeable future.
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Apparel industry that includes work wear, children wear, menswear and womenswear, has been witnessing a rise in demand owing to rapid growth in urban population, which prefers purchasing easy to maintain apparel. Consumers across the globe demand for clothing that is convenient and offers protection in the hectic urban lifestyle. As apparel produced using synthetic fibers comprises all these qualities, their demand will witness a substantial rise among consumers globally. Apparel is anticipated to remain the fastest expanding end-use industry of synthetic fibers throughout the forecast period.
Polyester fibers comprise chemical and abrasion resistance properties, which in turn has spurred its adoption in production of clothing that is cost-effective, thereby targeting the middle-class population globally. In addition, demand for polyester is relatively higher in emerging countries, owing to availability of cheap labor boosting the productivity in the labor-intensive apparel industry. Polyester is expected to remain the dominant synthetic fiber type, in terms of revenues. However, sales of acrylic will register a relatively faster expansion in the market through 2026.
The global market for synthetic fiber is highly fragmented, with the presence of several international and regional players. Key market players have been profiled in the report, which include Lenzing AG, Indorama Corporation, Toray Industries, Inc., E. I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, China Petroleum Corporation, Reliance Industries Limited, Toho Tenax, Teijin Limited, Asahi Kasei Fibers Corporation, and Eastman. These market players are making extensive investments in research and development activities for developing synthetic fibers that are specific to applications including home furnishings, clothing, and filtration.
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