17th September 2019 – The Synthetic
Fibers Market is estimated to grow at a significant CAGR of 6.3% over
the forecast period as the scope and its applications are rising enormously
across the globe.
Global Synthetic Fibers Market is
expected to reach USD 88.5 billion by 2025. Fabrics and fibers play key role in
day-to-day life. Fiber is a hair like strand of material, which can be woven
into a fabric. Synthetic fibers are usually semi-crystalline polymers, which
are spun into threads. The fibers are uniaxial concerned with the wet, melt, or
dry spinning process that gives fiber strength and high tenacity. These fibers
are then transformed to yarn by twisting numerous incessant fibers together to
a uniform yarn with all strands more or less united equivalent to the yarn
axis. These fibers can be stronger than natural fibers.
The changing lifestyle and improving
fashion trend, high demand for high strength and light weight material amongst
populace, and enhancements in green synthetic fibers are documented as major
factors of synthetic fiber market that are estimated to enhance the growth in
the years to come. However, strict ecological law associated with
non-biodegradability of synthetic fiber may restrain overall market growth in
the coming years. Synthetic fibers industry is segmented based on product
types, applications, and region.
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Polyolefin, Polyester, Acrylics, Nylon,
and other product types could be explored in Synthetic Fibers in the forecast
period. Polyester sector accounted for the largest market share of Synthetic
Fibers and is estimated to continue its dominance in the coming years. This may
be because of its properties like chemical and abrasion resistance, high demand
from middle-class populace due to an affordable cost, and availability of labor
in developing countries.
The market may be categorized based on
applications like filtration, clothing, automotive, home furnishing, and others
that could be explored in the forecast period. Clothing sector accounted for
the largest market share of Synthetic Fibers and is estimated to lead the
overall market in the coming years. Clothing sector comprises of work wear,
menswear, children wear, and womenswear. The sector is at top most position,
due to changing lifestyle and growing urbanization, it is easy to maintain,
convenient, and offers protection, and high demand from developing countries
like India and China.
Globally, Asia Pacific accounted for the
largest market share of Synthetic Fibers and is estimated to lead the overall
market in the coming years. The reason behind the overall market growth could
be high demand due to presence of applications like automotive and clothing and
occurrence of key manufacturers in the region. The developing countries like
India and China are the major consumers of Synthetic Fibers in the region.
Instead, Europe and North America are
also estimated to have a positive influence on the future growth. North America
is the second largest region with significant market share. The aspects that
may be ascribed to the growth comprise fast development of home furnishing and
automotive industries. However, Europe is estimated to grow at fastest pace
with the highest CAGR in the foremost period.
The key players of Synthetic Fibers
Market are China Petroleum Corporation, Toray Industries, Inc., Reliance
Industries Limited, E. I. du Pont de Nemours and Company, Mitsubishi Chemical
Holdings Corporation, Lenzing AG, and Indorama Corporation. These players are
concentrating on inorganic growth to sustain themselves amongst fierce
competition. As companies all over the world have to believe that alliance with
a market would permit them proportional market existence and authority to
declare the leadership position.
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