The global synthetic fibers market size is estimated to reach USD 99.78 billion by 2028 registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for clothing and apparel due to the changing fashion trends across the globe is likely to drive the market growth over the forecast period.
The properties offered by these products, such as stretching, waterproofing, and resistance to stain, sunlight, & oil, are likely to boost their demand during the forecast period. In addition, product application in various industries, such as clothing, home furnishing, automotive, filtration, and others, is expected to add significant growth to the market.
The market is heavily dependent upon the demand and changing consumer preferences, especially from the clothing and home furnishing products. Increasing adoption of strong and durable fabric for various land & air adventure sports applications involving parachutes and ropes is expected to have a positive impact on the market growth over the forecast period.
The majority of the players in the market are adopting recycling and advance technology methods. It involves the usage of recycling secondary raw materials (MPS) from synthetic textile fiber wastes and composites that exhibit anti-microbial properties. This trend is expected to increase during the forecast period in the wake of rising environmental and health concerns across the globe.
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Polyester is expected to account for the maximum revenue share by 2028 on account of the high product penetration in various application industries as it is long-lasting and durable, thus substitute for many natural fibers, such as cotton
The nylon product segment is estimated to register the fastest CAGR over the forecast period
This is owing to the extensive product use for clothing, reinforcement materials in automobiles, and injected molded parts for vehicles and mechanical equipment
The clothing application segment led the market, in terms of revenue as well as volume, in 2020, on account of changing consumer fashion trends and demand for cost-effective & easy-to-maintain clothes across various geographies
Asia Pacific is expected to be the largest as well as the fastest-growing regional market with a CAGR of more than 7% over the forecast period
This growth is credited to the high product demand from the clothing, home furnishing, and automotive application industries of the region
North America emerged as the second-largest regional market in 2020 on account of the product demand from the clothing and automotive application segments
Grand View Research has segmented the global synthetic fibers market on the basis of product, application, and region:
Synthetic Fibers Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Synthetic Fibers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Synthetic Fibers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Synthetic Fibers Market
E. I. du Pont de Nemours and Company
Mitsubishi Chemical Holdings Corp.
Reliance Industries Ltd.
China Petroleum Corp. (Sinopec Corp.)
Toray Chemical Korea, Inc.
Toyobo Co., Ltd.
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