Synthetic Fibers Market Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Report

Synthetic Fibers Market Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 2025

  • Published Date: ---
  • Base Year for Estimate: 2020
  • Report ID: GVR-P-UC-041
  • Format: Electronic (PDF)
  • Historical Data: 2018-2019
  • Number of Pages: 0

Procurement Outlook

Synthetic fibers are one of the key fabrics used in multiple industries such as aerospace, apparel, architecture and construction, automotive and transportation, chemical processing, electrical and electronic, filtration, marine, medical, and welding. Such fibers are made from synthesized polymers based on raw materials such as petroleum.

The different types of synthetic fibers are:

  • Polyester: Polyester suits, industrial ropes, pet bottles are the key end products from this type of fiber

  • Acrylic: These fibers are mainly used to make blankets and clothing apparel such as shawls and jacket

  • Rayon: Apart from garments, rayon is used for the preparation of surgical dressing and viscose-rayon absorbent wool

  • Nylon: It is mainly used for creating filtration products, such as filter cloths and sieves

Synthetic fibers are mainly sourced in either of the following ways:

  • From recycled petrochemical feedstock either in part or whole

  • From a natural source such as fungi or sugar, which are also called bio-based synthetics

Demand Outlook

The global synthetic fibers market size was estimated at USD 59.95 billion in 2020 and is projected to register a 6.6% CAGR during the forecast period. Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is expected to drive the market growth over the forecast period. Owing to the inclusion of unique properties (such as high strength, high elasticity, softness, etc.) synthetic fibers are preferred in various application industries, such as clothing, home furnishing, filtration, automotive, and others.

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.

Cost Drivers

Synthetic fiber is considerably cheaper compared to its alternative (Natural Fibers), as they are often manufactured from by-products of oil and generally produced in large quantities. Majority of the synthetic production (60%-70%) takes place in China (owing to cheaper raw material and processing costs), and the country is also the leading exporter of the said fiber.

Constraints

Though the cost of manufacturing Synthetic Fibers are low, it has an adverse effect on the environment. Polyester and Nylon (different types of synthetic fibers) are major contributors of microplastic pollution to the natural habitat. Due to such reasons, consumers prefer shifting towards Natural Fibers such as Wool, Cotton, and Silk. Apart from being environmentally friendly, these fibers are hypoallergenic, renewable, and biodegradable. The manufacturing process for such fibers are free from pesticides and fertilizers.

Supply Chain

The key suppliers for Synthetic Fibers are DuPont, Indorama Corporation, Mitsubishi Chemicals Holdings Corporation, Asahi Kasei Fibers Corporation, Reliance Industries, and Lenzing AG. The market features a fragmented competitive landscape with several suppliers manufacturing such kinds of fibers.

The suppliers are trying to capture more market share through investments, partnerships, and agreements with the brand owners, e-commerce facilitators, and retailers. Moreover, investment in R&D has been increasing over the past couple of years to reduce hazardous elements impacting the environment.

Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.

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Add-on Services

Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process

Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.

Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.

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