Synthetic Fiber Market Size, Share & Trends Analysis Report By Type (Polyester, Nylon, Acrylics), By Application (Clothing, Home Furnishing), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global synthetic fiber market size was estimated at USD 62.93 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. The increasing application in various industries including clothing, automotive, home furnishing, and filtration is expected to propel market growth. During the COVID-19 pandemic, the synthetic fiber market observed a fall in both volume and revenue due to the stringent lockdowns that disrupted the supply chain and shut down production facilities. However, after the lockdown, the garment manufacturers regained their operational activities and are searching for new opportunities such as face masks and personal protective equipment.

The U.S. market saw a boost in the demand for synthetic fiber owing to the rising demand for medical products including face masks, gowns, surgical cover drapes, blankets, and personal care wipes. The growing emphasis on health and fitness coupled with the popularity of outdoor sports in the country is expected to rise the synthetic fiber market demand in the coming years.

The adoption of polyester fiber has been increasing in various industries on account of its advantages, including low cost, exceptional strength and flexibility, and recyclability, thus making it a popular choice in the textile business. It is used in the production of vehicle carpets, seating fabrics, sides, roofs, floorings, door panels, seatbelts, tires, airbags, air purifiers, fuel filters, insulators, and other components.

The emergence and progressive growth of the e-commerce industry are anticipated to augment the demand for apparel and simultaneously support the growth of the synthetic fiber market. In addition, factors like the digitalization of production facilities and the growing textile industry in emerging economies are expected to surge market growth for synthetic fiber in the forecast period.

The industry players are focusing on technological advancements in the manufacturing of synthetic fibers in order to minimize the environmental impact. The companies are continuously engaged in offering products through innovation and advancements to cope with the increasing demand for synthetic fiber from various industries.

Type Insights

The polyester type segment led the market and accounted for more than 48.5% share of the global revenue in 2021. The growing application of polyester in clothing, home furnishing, tire reinforcement, plastic reinforcement, safety belts, and upholstery is expected to boost the market growth. The growing fashion trends coupled with rapid urbanization are expected to provide opportunities for high-end polyester fibers with high durability, quick-drying, and easy-to-wash characteristics.

Nylon is used to manufacture a variety of apparel and consumer goods. Nylon fiber is elastic, abrasion-resistant, lustrous, easy to wash, and low in moisture absorbency. This increases its application in apparel and upholstery such as shorts, swimwear, track pants, bedspreads, and draperies. It is also used in technical textiles for making products such as flak vests, combat uniforms, and parachutes.

The acrylics segment is anticipated to grow during the forecast period owing to the wide applications in homeware products, props and costumes, industrial applications, and knitting materials. Furthermore, the product is particularly used in apparel manufacturing to produce sweaters, mittens, and other winter wear clothing.

Polyolefin fibers are widely adopted for developing carpets and rugs owing to their high ductile strength, scratch resistance, and inertness. It is categorized into two categories—polypropylene (PP) and polyethylene (PE). Polyolefin is primarily adopted for manufacturing nonwoven fabric, filament yarn, and ropes.

Application Insights

The clothing application segment led the market and accounted for more than 46% of the global revenue share in 2021. Factors such as the increasing e-commerce industry and urban population are expected to augment the market. The clothing applications for synthetic fibers include footwear, protective clothing, rain protection clothing, and personal protective equipment.

The demand for the home furnishing industry is expected to witness significant demand in the forecast period owing to the growth in housing and real estate construction. Synthetic fibers are integrated with different home-furnishing products, primarily carpets, cushions & covers, and mats. The home furnishings industry in the emerging economies of Asia Pacific is growing as consumers are shifting their focus from the bedroom to living room furnishings.

The automotive industry uses synthetic fibers for multiple applications such as seats, roofs, and floors along with airbags and safety belts. Synthetic fibers like PET and polypropylene (PP) are being widely adopted in the automotive industry due to their low cost, lightweight, better dyeability, temperature resistance, and dimensional stability.

The rise in consumer awareness regarding air filtration has boosted the demand for air filters. Air filters are produced by a combination of synthetic and plant fibers. Synthetic fibers are used in air filters owing to their distinctive features that plant fibers do not have, such as water resistance, chemical resistance, heat resistance, and thermal stability

Regional Insights

The Asia Pacific dominated the synthetic fiber market and accounted for over 69% share of global revenue in 2021. The rising awareness regarding fitness, growing demand for clothing, increasing urban population, and escalating disposable incomes are driving the demand for synthetic fibers market in the region.

The synthetic fiber in North America is primarily driven by the rising product demand in the U.S. Strong consumer purchasing power in the U.S. is expected to propel the growth of end-use industries, primarily automotive and home furnishing. The significant demand for activewear and sportswear for outdoor activities in the region is expected to drive the demand for synthetic fiber including nylon and polyester over the coming years.

The growing product penetration in automotive applications in the country is likely to open new avenues for synthetic fiber growth. Germany is among the largest automotive producers globally. The presence of major automobile companies such as Volkswagen, Ford Motor Company, BMW, Porsche, Opel, Audi, and Mercedes-Benz is likely to positively impact the growth of synthetic fiber during the forecast period

The textile industry in South America mostly remained resilient even after the economic slump caused due to the pandemic. Brazil exhibits strong potential across the textile supply chain, particularly man-made textiles. These factors are expected to bolster the growth of manufacturing facilities in the region simultaneously driving the demand for synthetic fiber.

Key Companies & Market Share Insights

The global synthetic fiber market is characterized by the presence of various small and large-scale raw material suppliers, resulting in a moderate level of concentration in the market. The most commonly used raw materials are monoethylene glycols and propylene. The prices of these raw materials are influenced by availability, transportation costs, and supply factors.

Many manufacturers enter into long-term contract purchase agreements for the purchase of raw materials to mitigate the risks associated with raw material supplies. For instance, Bast Fibre Technologies, Inc. (BFT), a global manufacturer of premium natural fibers for the nonwoven and textile industries, announced that it has reached a definitive agreement with Georgia-Pacific Cellulose LLC to acquire Lumberton Cellulose LLC (LC). Some prominent players in the synthetic fiber market include:

• Bombay Dyeing

• Indorama Corporation

• Mitsubishi Chemical Holdings Corporation

• Reliance Industries Limited

• Lenzing AG

• China Petroleum Corporation (Sinopec Corp.)

• Teijin Limited

• Toray Industries, Inc.

• TOYOBO CO., LTD.

• DuPont

Synthetic Fiber Market Report Scope

Global Synthetic Fiber Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the synthetic fiber market based on type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Polyester

  • Nylon

  • Acrylics

  • Polyolefin

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Clothing

  • Home Furnishing

  • Automotive

  • Filtration

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Taiwan

  • Central & South America

    • Brazil

  • Middle East & Africa