Synthetic Fibers Market Report

Synthetic Fibers Market Analysis, By Type (Acrylics, Polyester, Nylon, Polyolefin), By Application (Clothing, Home Furnishing, Automotive, Filtration), By Region, And Segment Forecasts, 2014 - 2025

Published: November 2017  |  100 Pages  |  Format: PDF  |  Report ID: GVR-2-68038-029-3

Industry Insights

The global synthetic fibers market size was valued at USD 51,213.0 million in 2016. The superior chemical, physical and mechanical properties of synthetic fibers are expected to support the market growth over the forecast period.

Synthetic fibers are derived from polymers and are considered as man-made fibers. They exhibit advantageous properties such as strength, elasticity, lightweight, washability, softness, cost effectiveness and special properties such as wrinkle resistance, crease recovery, moisture resistance, and high lustre. Owing to these factors, these fibers are preferred in various applications including clothing, home furnishing, automotive, filtration, construction, toys, differ types of ropes and net manufacturing.

U.S. synthetic fibers market, by application, 2014 - 2025 (USD Million)

U.S. synthetic fibers market

The U.S. market was valued at USD 4,301.6 million in 2016 and is anticipated to register a CAGR of 5.3% from 2017 to 2025. The rising demand from clothing industry in the U.S. is expected to boost the growth.

There has been a considerable rise in clothing market in the U.S. on account of growth in e-commerce business. The clothing manufacturers are providing high value and attractive products to draw a high number of customers, to boost sales of their products.

The increasing consumer interest towards home furnishings is spurring the growth in the business segment. The industry requires these fibers to manufacture bed linen, blankets, upholstery, wall coverings, soft home furnishings, carpets, and similar other products. The growth in real estate sector is fueling the increase in home furnishings. The higher presence of retail stores providing the home furnishings is another vital reason driving the market growth over the forecast period.

The rise in population, coupled with increasing rate of urbanization is also having a positive implication on the home furnishings market. As per the United Nations 2014 stats, more than 51% of world’s population lives in urban areas, and additional people from rural areas are projected to shift in urban areas over the forecast period and thus will result in the growth of home furnishings in upcoming years.

The automotive interior materials use synthetic fiber for manufacturing body cloth fabrics, velour, tweed, velvet and similar other useful fabrics. The automotive market is expected to grow on account of rise in many hybrid and electric vehicles, as the demand for these types of vehicles is projected to increase over the forecast period. Polyester is most commonly used the material in automobile fabric manufacturing. Lighter automotive for better efficiency and performance is expected to boost the demand for improved automotive interiors which in turn is projected to result in increased demand over the forecast period.

However, stringent environmental regulations related to non-biodegradability of synthetic fiber pose a challenge to the market as such regulations affect the adoption rate of synthetic fibers.

Type Insights

The demand for polyester fiber is growing on account of its useful properties which include abrasion and chemical resistance. The need for polyester is increasing as affordable synthetic fiber in clothing application due to rise in middle-class population in emerging economies. This industry is labor intensive, and hence the availability of cheap labor in emerging economies is boosting the production. Asia Pacific region is leading in both the production and consumption of polyester and the trend is expected to continue over the forecast period. Polyester emerged as the most significant segment holding share of 48.26% of total revenue in China, for 2016. It is expected to grow at a rate of 7.3% over the forecast period.

The Government of India has extend the validity up to 12 January 2018 on the anti-dumping duty imposed on nylon filament yarn from South Korea, China, Malaysia, Thailand and Indonesia. The extension of validity is projected to fuel the growth of nylon segment in the India. The industrial uses of nylon include manufacturing of ropes and nets, tire cord, tarpaulins, hoses, monofilament fishing line, conveyer and seat belts, racket strings airbags, tents, parachutes, sleeping bags, thread and similar other products.

Application Insights

Clothing emerged as the major end-use segment accounting for 45.48% of the global revenue share in 2016. Clothing industry includes menswear, womenswear, children wear and work wear. The rise in the number of city inhabitants who prefer to buy easy to maintain clothing is resulting in increased demand. The consumers need clothing which is convenient, offers protection, and easy to maintain due to a hectic lifestyle in urban areas. As clothing manufactured using synthetic fibers has all the essential properties, its demand is expected grow, which is in turn projected to result in increasing demand for polyester. There is enormous development potential for clothing industry in emerging economies such as India and China.

The upsurge in infrastructural activities in these nations has led to increasing demand from building & construction sector, which will boost the home furnishings demand. The launch of various government schemes such as Make in India and Smart City plans is also anticipated to ascend the market for home furnishing over the forecast period.

Regional Insights

Asia Pacific is estimated to be the fastest-growing region with a CAGR of 7.0% from 2017 to 2025. Asia Pacific was valued at USD 34,765.2 million in 2016. The increased demand can be attributed to the presence of a number of applications including clothing, home furnishing, automotive, and filtration. The growth of these application segments is expected to fuel the demand for the fiber over the next eight years.

Global synthetic fibers market revenue, by region, 2016 (%)

Global synthetic fibers market

In terms of revenue, North America was second-largest region followed by Europe in 2016. North America held 12.51% share in 2016, and the trend is projected to continue over the forecast period. Rapid growth of automotive, and home furnishing industries coupled with growing clothing sector in North America, which are among the major sectors using synthetic fiber, is projected to be a major driver.

Competitive Insights

The market is fragmented in nature with the presence of several global and regional players. Toray Industries, Inc., E. I. du Pont de Nemours and Company, Lenzing AG, Indorama Corporation, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, and China Petroleum Corporation are some of the key players, which comply with the regulatory framework as provided by different regulatory authorities in different countries. These companies also invest in research and development of synthetic fibers specific to applications such as filtration, clothing and home furnishings. The players in the market are incorporating backward integration, which may pose a challenge for new entering aspiring to enter this market.

Report Scope

Attributes

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation                            

Volume in Kilotons and revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa

Country scope

U.S., Germany, UK, France, China, India, Taiwan, and Brazil

Report coverage        

Revenue forecast, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments covered in the report

This report forecasts revenue growth at global, regional & country level and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global synthetic fiber market on the basis of type, application, and region.

  • Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)

    • Filler

    • Polyester

    • Nylon

    • Acrylics

    • Polyolefin

    • Others

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)

    • Clothing

    • Home Furnishing

    • Automotive

    • Filtration

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Taiwan

    • Central & South America

      • Brazil

    • Middle East & Africa 

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