Synthetic Fibers Market Size, Share & Trends Report

Synthetic Fibers Market Size, Share & Trends Analysis Report By Product (Polyester, Nylon, Acrylics), By Application (Clothing, Home Furnishing), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

  • Published Date: Mar, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-029-3
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 145

Report Overview

The global synthetic fibers market size was valued at USD 59.95 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is expected to drive the market growth over the forecast period. These types of fabrics are derived from chemical synthesis and possess excellent chemical, mechanical, and physical properties, such as strength, softness, elasticity, crease recovery, high luster, and others. Owing to such unique properties, these fibers are preferred in various application industries, such as clothing, home furnishing, filtration, automotive, and others.

The U.S. synthetic fibers market size, by product, 2017 - 2028 (USD Billion)

The U.S. is expected to be the maximum revenue-generating country in the North America regional market. Rapidly changing fashion trends coupled with the increasing demand for home furnishing products owing to the rise of e-commerce platforms are expected to add growth prospects to the overall market.

Several regulations have been enforced in the production of synthetic fibers in various application industries. Organic Chemicals, Plastics, and Synthetic Fibers (OCPSF) effluent guidelines and standards by the Environmental Protection Agency (EPA) are being implemented to limit and reduce Volatile Organic Compounds (VOC) emissions, which are discharged by synthetic fiber production facilities.

The clothing application segment led the market accounting for the highest revenue share in 2020. Fabrics produced from synthetic fibers, such as acrylics, polyester, nylon, and rayon, are used in an array of applications in the clothing segment. These fabrics are strong, durable, easy to dye, & soft, and act as a highly absorbent material.

However, the frequent fluctuations in raw material prices and fiber processing costs may hamper the growth of the market. Synthetic fibers are produced from petroleum-based chemicals or petrochemicals. As a result, fibers, such as polyester, nylon, and acrylics, follow crude oil prices. Hence, any volatility in oil prices may affect the prices of these products.

Product Insights

The polyester product segment led the synthetic fibers market accounting for more than 48% share of the global revenue in 2020. The segment will expand further at the fastest CAGR from 2021 to 2028 due to the rising demand for polyester, which is driven by its properties, such as chemical and abrasion resistance. In addition, it is much preferable in the manufacturing of clothing materials due to its easy wash, shape retention, wrinkle-free, and high perspiration properties.

The rise in demand for polyester fabrics in clothing, home furnishing, and industrial applications is expected to add growth to the overall market. High usage of industrial polyester fibers in the form of yarns and ropes that are used in car tire reinforcements, safety belts, conveyor belts, and others is likely to support the segment growth.

Nylon-based products are estimated to register significant growth over the coming years owing to their significant use in the home furnishing and automotive application industries. Increasing demand for home furnishing products, such as blankets, bed linen, upholstery, carpets, and various others, due to the rapidly increasing population is likely to have a positive impact on the segment growth during the forecast period.

Other product types, such as spandex and rayon, are also adding growth prospects to the market due to their wide usage in the sports & leisure application industry in the form of clothing and apparel. In addition, the presence of retail stores and e-commerce platforms serving sports utilities, such as high-performance swimming & cycling apparel made from spandex, is expected to fuel the growth of the others synthetic fibers segment during the forecast period.

Application Insights

The clothing application segment led the market in 2020 accounting for a revenue share of more than 46%, owing to the ever-changing fashion trends influencing the demand for clothing across the world. The rise in the demand for convenient, protective, and cost-effective clothing due to the increasing population is expected to drive the segment during the forecast period.

The presence of different clothing brands to serve the specific needs of customers is another factor impacting the demand positively. A rising number of e-commerce platforms in the Asia Pacific region coupled with consumer awareness about different clothing brands due to the Internet-of-Things (IoT) has boosted the sales of online clothing in the region. The demand for synthetic fibers for the home furnishing segment is expected to grow at a significant rate over the projected period owing to the increasing demand for highly aesthetic interiors.

Global synthetic fibers market share, by application, 2020 (%)

In addition, the rise in the housing and real-estate construction sector is expected to boost the demand for home furnishing products, such as carpets, cushion & covers, and mats, over the forecast period. The others application segment includes fishing nets, ropes, and construction. As per, Food and Agriculture Organization (FAO), 45% of fish that are caught, is traded internationally, which is expected to boost the demand for fishing nets, thereby augmenting segment growth.

Regional Insights

Asia Pacific dominated the market both in terms of volume and revenue in 2020. The region held a revenue share of more than 69% in 2020 owing to the high production of polyester, nylon, acrylics, and others in countries, such as China, South Korea, Taiwan, India, and Japan. The region will retain the leading position growing at the fastest CAGR from 2021 to 2028 due to the rising population and consumption of clothing and home furnishing products.

The product demand in North America is mainly derived from the clothing application segment and the trend is expected to ascend over the forecast period. Trends, such as made in U.S. initiative, coupled with an increasing preference for online shopping are expected to boost the market growth during the forecast period.

The market in Europe was estimated to be 5,424 kilotons in 2020 and is anticipated to rise at a considerable rate over the forecast period, which can be attributed to the rise in product manufacturing from countries such as Italy, Germany, and Turkey. In addition, rising product applications in automobiles for seat covers, cushions, drive belts, airbags, and others are further adding to the market growth.

The product demand in Central & South America is likely to witness significant growth over the projected period owing to the increasing investments and manufacturing facilities for the clothing & apparel, automotive, and construction industries. Rising industrial activities and the availability of cheap labor in the region are also expected to boost the market growth.

Key Companies & Market Share Insights

The market players are adopting advanced manufacturing technologies and methods, such as the development of hybrid composites with synthetic and natural fibers. The market players are trying to increase their sales through investments, partnerships, and agreements with the brand owners, e-commerce facilitators, and retailers.

The market is fragmented due to the presence of several companies involved in product manufacturing. The market is characterized by the presence of substantial manufacturing and distribution facilities with a large consumer base across the globe that are significantly adding growth prospects to the market. Some prominent players in the global synthetic fibers market include:

  • Bombay Dyeing

  • E. I. du Pont de Nemours and Company

  • Indorama Corp.

  • Lenzing AG

  • Mitsubishi Chemical Holdings Corp.

  • Reliance Industries Ltd.

  • China Petroleum Corp. (Sinopec Corp.)

  • Teijin Ltd.

  • Toray Chemical Korea, Inc.

  • Toyobo Co., Ltd.

Synthetic Fibers Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 62.74 billion

Revenue forecast in 2028

USD 99.78 billion

Growth Rate

CAGR of 6.6% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Taiwan; Brazil

Key companies profiled

Bombay Dyeing; E. I. du Pont de Nemours and Company; Indorama Corp.; Lenzing AG; Mitsubishi Chemical Holdings Corp.; Reliance Industries Ltd.; China Petroleum Corp. (Sinopec Corp.); Teijin Ltd.; Toray Chemical Korea, Inc.; Toyobo Co., Ltd.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global synthetic fibers market report on the basis of product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Polyester

    • Nylon

    • Acrylics

    • Polyolefins

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • Clothing

    • Home Furnishing

    • Automotive

    • Filtration

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Taiwan

    • Central & South America

      • Brazil

    • Middle East & Africa

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