Global Synthetic Fibers Market worth USD 144.1 Billion By 2033 | CAGR of 7.35%
Category: Chemicals & MaterialsGlobal Synthetic Fibers Market worth USD 144.1 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Synthetic Fibers Market Size is Expected to Grow from USD 70.9 Billion in 2023 to USD 144.1 Billion by 2033, at a CAGR of 7.35% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the " Global Synthetic Fibers Market Size, Share, and COVID-19 Impact Analysis, By Type (Polyester, Nylon, Acrylics, Polyolefin, and Others), By Application (Clothing, Home Furnishing, Automotive, Filtration, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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Synthetic fibers market comprises the production of synthetic fibers and fabrics. Synthetic fibers are chemical based materials and are used in various applications including apparel, construction, and automotive industry. There is increasing demand for synthetic fibers in the textile industry owing to the surging demand for affordable, durable, and easy-to-clean materials. Further, the unique properties of synthetic fibers are responsible for the growing usage of synthetic fibers in products such as sailcloths, helmets, armored vehicles, safety gear (such as police and military jackets), automotive fabrics, industrial fabrics, indoor and outdoor carpets, and home furnishings. The development of eco-friendly fibers, growing non-woven textiles, and the need for technical textiles are escalating the market growth opportunity for synthetic fibers. The widespread application of synthetic fibers in the textile, industrial, indoor, outdoor, and commercial sectors is significantly contributing to driving the market growth. The rapidly evolving fashion trends and home furnishing owing to the emergence of e-commerce platforms are anticipated to propel the market demand. On the contrary, the non-biodegradability and price fluctuation of synthetic fibers are the factors challenging the market growth.
The polyester segment accounted for the largest revenue share and is expected to grow at a significant CAGR during the forecast period.
Based on the type, the synthetic fibers market is classified into polyester, nylon, acrylics, polyolefin, and others. Among these, the polyester segment accounted for the largest revenue share and is expected to grow at a significant CAGR during the forecast period. The market in the polyester segment is being driven by the growing use of polyester synthetic fibers in textile and clothing, automotive and transportation, home furnishings, and other applications.
The clothing segment held the largest share of the global synthetic fibers market and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the synthetic fibers market is classified into clothing, home furnishing, automotive, filtration, and others. Among these, the clothing segment held the largest share of the global synthetic fibers market and is expected to grow at a significant CAGR during the forecast period. Synthetic fiber clothing is easy to maintain, long lasting, and resistant to wrinkles. The market demand in the clothing segment is being driven by the changing fashion trends that impact the requirement for clothing.
Asia Pacific is estimated to hold the largest share of the synthetic fibers market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the synthetic fibers market over the forecast period. There is a huge production of polyester, nylon, acrylics, and other materials by countries like China, South Korea, Taiwan, India, and Japan, which is responsible for driving the market of synthetic fibers in the region. Further, the increasing e-commerce platforms and consumption of clothing and home furnishings are propelling the market.
North America is predicted to grow at the highest CAGR in the synthetic fibers market over the forecast period. The surging popularity of ‘Made in U.S.’ efforts and the trend of purchasing apparel and home furnishing online are driving the synthetic fibers market in the region. Further, the increasing use of synthetic fibers in the textile industry is also responsible for propelling the market growth.
Major key players in the global synthetic fibers market include Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corporation, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, China Petroleum Corporation (Sinopec Corp.), Teijin Limited, Toray Chemical Korea, Inc., Toyobo Co., Ltd., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In February 2023, the International Organization for Standardization (ISO) released ISO 17256:2023, a new standard for synthetic fibers that have been recycled. This guideline would aid in ensuring the uniformity and quality of recycled synthetic fibers for the expanding market for sustainable textiles.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the synthetic fibers market based on the below-mentioned segments:
Global Synthetic Fibers Market, By Type
- Polyester
- Nylon
- Acrylics
- Polyolefin
- Others
Global Synthetic Fibers Market, By Application
- Clothing
- Home Furnishing
- Automotive
- Filtration
- Others
Global Synthetic Fibers Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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