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Synthetic Fiber Market size is estimated to be US$8.9 billion by 2027 and is forecast to grow at a CAGR of 6.1% during 2022-2027. Increasing consumer demand for expensive, durable, easy-clean, and maintained fabrics is expected to fuel market growth in the forecast period. These types of Terylene are derived from chemical compounds and have excellent chemical, mechanical, and physical properties, such as strength, softness, elasticity crease recovery, high shine, and more. Thanks to these unique structures, these fibers are selected in a variety of application industries, such as clothing, home furniture, filters, cars, and more. Moreover, increased use of carbon fibers in a variety of applications, including tires, conveyor belt fabrics, covered fabrics, and increasing awareness to protect resources. In addition, recycled polyamide polymers can be used in automotive upholstery, especially in car carpets and seat covers, which strengthens market growth.
COVID-19 Impact
During COVID-19, the manufactured fiber market experienced a sharp decline, both in volume and in quantity. This is due to the strong closures that have been placed in different parts of the world, which has led to disruption of the supply chain and production performance. In addition, declining production at end-of-life industries, such as automotive, and passenger car sales also had an impact on the market for synthetic fiber by 2021. According to a recent study by the International Textile Manufacturers Federation (ITMF), an average of 8% of orders worldwide and revenue in the 2020 year has dropped compared to pre-pandemic times. The clothing industry is hit hardest by the world. Stores are closed and almost all buyers cancel or cancel orders as they have large lists. They may not place orders even in the next few months. A daily wage worker who makes up 80% of the workforce in the garment industry is either on the streets or returning to his hometown. India’s largest export destinations, the United States and Europe, are the worst affected. It is difficult to say when these countries will return to full market potential.
Synthetic Fiber Market Segment Analysis – By Product Type
The polyester segment held the largest share in the synthetic fiber market in 2021 and is expected to grow at a CAGR of 6.7% during the forecast period. This will be mainly due to chemical resistance and the extraction of polyamide polymer fibers. In addition, this material is preferred in the production of clothing because of its easy cleaning, keeping shape, no wrinkles, and areas of excessive sweating. Polyester is also used in heavy industrial activities, such as conveyor belts and seat belts, as well as covered synthetic fabrics and car parts. Apart from polyester, acrylic fibers have better properties. They are less water-resistant, making them suitable for storage products such as cold clothing and household textiles. Also, polyolefin fibers, made of polypropylene are durable, colorless, and resistant to contamination. These structures allow for a wide range of uses, including home furniture, interior, and exterior carpets, automotive fabrics, industrial fabrics, safety clothing.
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Synthetic Fiber Market Segment Analysis – By Application
The apparel segment held the significant share of around US$ 37.5% in the synthetic fiber market in 2021 and is expected to grow at a CAGR of 6.3% during the forecast period. The Apparel category played a major role in the market for synthetic fiber over the years owing to the strength, durability, wear resistance, high durability, non-abrasive materials, and easy-to-clean materials provided by synthetic fiber in the clothing. Polyester fiber is used in most types of carbon fiber, either single or bonded with fibers such as cotton. Aramid fiber is used for non-flammable clothing, cut protection, and weapons. Acrylic is a fiber used to mimic wool, including cashmere, and is often used instead. Nylon is a fiber used to mimic silk, for the production of pantyhose. Thick nylon threads are used for yarn and outerwear. Polyurethane fiber can be made strong without interfering with movement. The higher advantageous nature of synthetic fiber in the apparel industry has resulted in significant dependency of users leading to a higher share of the apparel segment in the global synthetic fiber market during the study period.
Synthetic Fiber Market Segment Analysis – By Geography
The Asia Pacific dominated the market in terms of volume and revenue by 2021. In terms of revenue, the Asia Pacific region held the largest share more than 55% in the synthetic fiber market in 2021, owing to the various players in the region. The region has a contribution of more than 65% by 2021 volume due to the high production of polyester, nylon, acrylics, and others in countries such as China, the South. Korea, Taiwan, India, and Japan. The region will maintain the fastest-growing position in the fast-growing CAGR from 2021 to 2028 due to population growth and the use of clothing and household furniture. Demand for the product in North America is found mainly in the clothing application segment and the trend is expected to increase during the forecast period. The growing popularity of online shopping is expected to boost Europe synthetic fiber market growth during forecasting. The European market is estimated at 5,785 kilotons by 2021 and is expected to increase significantly in the forecast period, which could be due to the increased production of products from countries such as Italy, Germany, and Turkey. In addition, the increase in product demand for car seat covers, cushions, drive belts, airbags, etc. can also add to the growth of the market. Product demand in Central and South America is likely to see significant growth in the forecast period due to increased investment and manufacturing facilities for the textile and clothing, automotive, and construction industries. Increased industrial activity and the availability of cheap labor in the region are also expected to boost the market growth.
Synthetic Fiber Market – Drivers
Increasing demand for clothing and apparel
The increase in demand for clothing and apparel as a result of changes in fashion trends around the world is likely to further the market growth in the forecast period. The properties offered by these products, such as elasticity, waterproofing, color resistance, sunlight, and oil, may increase their demand during the foreseen period. In addition, the use of the product in various industries, such as clothing, furniture, automotive, filtering, etc. is expected to add significant growth to the global synthetic fiber market. The market is highly dependent on demand and changing consumer preferences, especially from clothing and household goods. According to Forbes survey, the price index for clothing increased by 4.9% from June 2020 to June 2021. Children’s clothing prices rose sharply, up 5.5% for boys and 5.6% for girls. And new baby shoes will cost 5.7% more. Also, the price of men’s clothing increased by only 1.5% compared to the increase of women by 5.3%, the prices of fashionable clothing were much needed. The increase in consumer index depicts the rise in raw material prices including synthetic fibers. This will accelerate the market value in the near future. The increase in the adoption of a strong and durable fabric for various international and air sports applications including parachutes and ropes is expected to have a positive impact on market growth in the forecast period.
The Increased Importance of Synthetic Fiber in Daily Life
Synthetic fibers play an important role in a person’s daily life. As well as textiles, synthetic fiber are used in many industrial, foreign, domestic, and commercial industries. The last few decades have witnessed a drastic growth in the use of synthetic fibers globally. According to Statista Research Department, In 1975, the global consumption of synthetic textile fibers amounted to some 8.4 kilograms per person. By 2020, this figure reached 14 kilograms per capita, and is expected to increase to approximately 17.1 kilograms per capita by 2030. Synthetic fibers do not shrink easily and have good elasticity which makes them comfortable to wear. Synthetic fibers are easy to wash, dry quickly, and can be easily dyed. Due to technological advances in manufacturing methods and advanced physical, chemical, and mechanical properties, synthetic fiber is not only known for their common use, but also play an important role in important consumer industries such as healthcare, aerospace, food packaging, water purification, electronics, automotive, air filters, and more. In addition, durability, cost-effectiveness, and easy maintenance are expected to have a positive impact on the growth of the synthetic fiber market over the forecast period. In addition, rapid industrial development, consumer textile change, and rising revenue are expected to further the synthetic fiber market.
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Synthetic Fiber Market – Challenges
Growing Environmental Concerns
Environmental concerns such as the biodegradability of synthetic fiber production are expected to pose significant challenges to manufacturers around the world. Apart from this, synthetic fiber has a low melting point and burn faster compared to natural fibers. Polyester and other synthetic fiber such as nylon have a significant impact on local microplastic pollution. Hence, switching to biosynthetic fiber could help prevent this. Moreover, an increase in consumers switches to natural fibers such as wool, cotton, silk, and linen, although synthetic fiber are less expensive and natural fibers have other environmental costs, such as water and land use issues. For an instance, By 2020, the volume of use of synthetic fibers in Japan was approximately 109.09 tons. This represents a decrease in production of about 114 tons in 2012. Excessive use of bacteria that can help damage the fibers so that they can be reused, replacement of biosynthetic fiber, which can be recycled, decomposes has a positive impact on environment. These environmental and safety concerns are some of the key factors that could hinder the growth of the synthetic fiber market.
Synthetic Fiber Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the synthetic fiber market. Synthetic fiber market top companies are:
DuPont
BASF
Barnet GmbH & Co. KG
Toray Industries, Inc.
The CHA Textiles Group
Eastman Chemical Company
Mitsubishi Rayon
Asahi KASEI
Radici Group
Jushi Group
Reliance Industries Limited
Bombay Dyeing
Lenzing AG
China Petroleum Corp. (Sinopec Corp.) Teijin Ltd.
Toyobo Co., Ltd.
Stein Fibers Ltd.
Recent Developments
In March 2021, Teijin Frontier Co. Ltd. has merged with its subsidiary, Teijin Modern Yarn Co. Ltd. and Shinwa Limited, to develop, produce, sell, and process cables under the new name, Teijin Frontier Knitting Co. The company will create next-generation materials that will be used for circular knitting patterns, which will incorporate special threads made by combining the technology of its two predecessors.
In March 2021, Stein Fibers Ltd has acquired Consolidated Fibers Pvt Limited, a manufacturer of the synthetic fiber products focusing on the various products of the nonwovens industry. In addition to polyester and viscose fibers, consolidated fibers bought a unique product and niche complement to Stein’s portfolio.
In January 2020, Toray Industries Inc. completed its acquisition of Alva Sweden AB, a maker of car air cushion maker. With this acquisition, the company acquired all the remaining and remaining shares in Alva Sweden AB, and also acquired two production units of the company, namely Alva Confecções S.A. and Alva Tunisia SA.
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Key Takeaways
The market is highly dependent on demand and changing consumer preferences, especially from clothing and household goods. The increase in the adoption of a strong and cellulose acetate made synthetic fibers for various international and air sports applications including parachutes and ropes is expected to have a positive impact on market growth in the forecast period.
The general fluctuations in the prices of raw materials and the cost of processing fiber may hamper the market growth. Synthetic fibers are produced by chemicals based on petroleum or petroleum chemicals. As a result, fibers, such as polyester, nylon, and acrylics, follow up on crude oil prices. Therefore, any oil price volatility may affect the prices of these products.
The market is divided due to the presence of a few companies involved in the production of the products. The market is characterized by the presence of large production and distribution centers with large numbers of consumers around the world which greatly increase the growth opportunities in the market.
Related Reports:
A. Textiles Fibre Market
https://www.industryarc.com/Report/16289/textiles-fibre-market.html
B. Polymeric And Inorganic Fibers Market
https://www.industryarc.com/Report/17743/polymeric-inorganic-fibers-market.html
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