A three-pronged approach was followed for deducing the synthetic fibers market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for synthetic fibers market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of synthetic fibers market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The synthetic fibers market was categorized into three segments, namely type (Polyester, Nylon, Acrylics, Polyolefin), application (Clothing, Home Furnishing, Automotive, Filtration), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The synthetic fibers market was segmented into type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The synthetic fibers market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S., Canada, Mexico, Germany, the UK, France, China, India, Taiwan, Brazil.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The synthetic fibers market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Bombay Dyeing: Bombay Dyeing was incorporated in 1879 and is headquartered in Mumbai, India. The company is engaged in real estate, textile retail, and manufacturing of polyester staple fibers. Bombay Dyeing is a subsidiary of the Wadia Group of Companies. It also has a wide range of retail stores of home décor products. The company manufactures a wide range of Polyester Staple Fiber (PSF) from 0.6 deniers to 7 deniers in its manufacturing facility in Patalganga, India. The plant has a production capacity of 182,000 MT per year and has been accredited to ISO 9001:2000, 14001:2004, OHSAS 18001:2007, and Oeko-Tex Standard 100. The company manufactures a variety of differentiated and specialty products such as micro, optical white, dope dyed black, trilobal, hollow, spun lace, and super high tenacity fibers. Bombay Dyeing’s polyester division contributes a share of 13% to the polyester staple fiber market in India. It uses NGSSS technology from Invista Polyester Technologies and Chemtex International Inc., U.S. to manufacture virgin polyester staple fibers.
Indorama Corporation: Indorama Corporation was established in 1976 and is headquartered in Singapore. The company is engaged in the manufacturing of polyethylene, polypropylene, polyester fibers, Spandex filaments, spun yarns, fabrics, and other products. It has four operating segments including spun yarns, polyester, fabrics, and others. Indorama Corporation owns 5 subsidiaries including Indorama Synthetic Tbk, Indorama India Private Limited, Industries Chimiques Du Senegal, Indorama Holdings B.V., and Indorama Energy Pte. It has approximately 20 production facilities in 8 countries producing nitrogen fertilizers, phosphate fertilizers, polyethylene, polypropylene, polyester, textiles, cotton fiber, and medical gloves. PT. Indo-Rama Synthetics Tbk has 2 wholly owned manufacturing subsidiaries including Indorama Kokand Textile JSC and Indorama Iplik Sanayi Ve Ticaret A.S.
Mitsubishi Chemical Holdings Corporation: Mitsubishi Chemical Holdings Corporation was established in 2005 and is headquartered in Chiyoda City, Japan. It is engaged in four business segments including performance products, chemicals, industrial gases, and healthcare products. The company has 666 subsidiaries worldwide. Its major subsidiaries are The KAITEKI Institute, Inc.; Mitsubishi Chemical Holdings Corporation Staff, Inc.; Mitsubishi Chemical Holdings America, Inc.; Mitsubishi Chemical Holdings Asia Pacific Pte. Ltd.; and Diamond Edge Ventures, Inc. The product portfolio of the company’s chemical business provides high-performance chemicals, carbon fiber materials, electronic materials, inorganic products, fibers, environment solutions, agriculture materials, and IT & analysis services. This business caters to a variety of applications including petrochemical, environment, automotive, electronics & IT, packaging, logistics, building & construction, energy, healthcare, agriculture, food, and clothing.
Reliance Industries Limited: Reliance Industries Limited was incorporated in 1973 and is headquartered in Mumbai, India. The company is engaged in diversified businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance Industries has 181 subsidiaries and 11 associated companies as of March 2021. The company operates through four different segments including retail; digital services; oil to chemicals; media & entertainment; and Oil & gas E&P. Reliance Retail serves five major consumer groups including consumer electronics, pharma retail, fashion & living, interconnectivity, and grocery stores. Oil to chemical business encompasses a diverse portfolio that includes transportation fuels, polymers, polyesters, and elastomers.
Lenzing AG: Lenzing AG was incorporated in 1938 and is headquartered in Lenzing, Austria. The company is engaged in manufacturing wood-based viscose fibers, modal fibers, lyocell fibers, and filament yarn for use in garments, home textiles, and technical textiles, as well as nonwovens. Lenzing Aktiengesellschaft (Lenzing AG) is the parent organization of various subsidiaries including Lenzing Fibers Inc.; Lenzing Singapore Pte. Ltd.; and Lenzing Fibers Gmbh. Lenzing AG’s principal business is the manufacturing and distribution of wood-based cellulosic fibers. It has three business divisions including fiber, pulp, and others. The fiber division manufactures and sells all three types of wood-based cellulosic fibers under the brand names TENCELTM, VEOCELTM, LENZINGTM, ECOVEROTM, and LENZINGTM. The pulp division manufactures dissolving pulp, a crucial primary and intermediate commodity for fiber manufacturing. The others division is primarily responsible for central headquarters duties, encompassing operations, and business activities of BZL-Bildungszentrum Lenzing GmbH.
China Petroleum Corporation (Sinopec Corp.): China Petroleum Corporation (Sinopec Corp.) was established in 1998 and is headquartered in Beijing, China. The company is engaged in oil refining, gas, and petrochemical production business. It is also involved in the import and export of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies, as well as research, development, and application of technology. Key operations of the company include oil & gas exploration and production, production & operation of refining business, production & operation of chemical business, products marketing and service, petroleum engineering technology services, refining and chemical engineering services, development and utilization of new energy, key engineering, and construction projects.
Teijin Limited: Teijin Limited was incorporated in 1918 and is headquartered in Tokyo, Japan. The company is engaged in the manufacturing and supply of plastics, films, home healthcare, polyester fibers, raw materials, and polymerization. It has five reporting business segments including advanced fibers & composites; electronic materials & performance polymer products; healthcare; trading & retail; and others. The advanced fibers and composites business segment provides aramid fibers, carbon fibers, polyester fibers, and composites for industrial applications. The electronics materials and performance polymer business segment offers films and resins for various industrial applications. The healthcare segment is involved in the production and sales of prescription and non-prescription drugs and the production, sales, and rental of home healthcare devices. The trading and retail business segment provides polyester filaments, other fibers, and polymer products.
Toray Industries, Inc.: Toray Industries, Inc. was established in 1926 and is headquartered in Tokyo, Japan. It is engaged in producing industrial goods based on organic synthetic chemistry, polymer chemistry, and biochemistry technologies. The company has five operating business segments including fibers & textiles; performance chemicals; carbon fiber composite materials; environment & engineering, and life sciences. The fiber & textiles business offers synthetic fibers including Yarns- nylon polyester acrylic filament yarns; staple fibers-nylon, polyester, acrylic woven and knitted textiles- non-woven fabrics, man-made suede, and clothing goods. Performance chemicals business includes nylon & other resins and molded goods; polyolefin foam; polyester, polyethylene, polypropylene, and other films and processed film products; raw ingredients for synthetic fibers and other plastics; chemicals; electronics, information, and graphic materials.
TOYOBO CO., LTD.: TOYOBO CO., LTD. was established in 1882 and is headquartered in Osaka, Japan. The company is engaged in the manufacturing of fibers and textiles including synthetic fibers and natural fibers such as cotton and wool. It has four solution segments including films & functional polymers, industrial materials, healthcare, and textile. Films and function polymers business provides industrial films, packaging films, functional polymers, and others. Industrial materials business offers functional fibers, high-performance fibers, filters, and non-woven fabrics. Healthcare business provides bioproducts, pharmaceuticals, medical equipment & devices, and water treatment membranes. The textile business segment offers textiles, apparel, fibers for clothing, acrylic fibers, and others.
DuPont: DuPont was established in 1897 and is headquartered in Delaware, U.S. The company is engaged in the manufacturing of chemicals and materials. It provides solutions for various industries including safety, healthcare, electronics, mobility, and construction. The company has three reportable business segments including electronics & industrial, water & protection, and mobility & material. It offers its products under the brands Kevlar, Nomex, Corian, Tyvek, Molykote, GREAT STUFF, and Styrofoam. The electronics & industrial segment offers a broad range of consumer electronics including mobile devices, television monitors, personal computers, and electronics used in a variety of industrial applications. The water & protection segment provides services such as worker safety, water purification & separation, transportation, energy, medical packaging, and building materials. The mobility & materials segment provides high-performance engineering thermoplastics, elastomers, adhesives, silicone encapsulants, pastes, filaments, and advanced films.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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