Chemical Fibers Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2237 | Last Updated On: Nov 01 2022 | Available Formats

> Global Chemical Fibers Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Chemical Fibers Market is segmented By Product Type (Recycled Fibers, Synthetic Fibers), By Application (Clothing, Home Furnishing, Automotive, Filtration, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The "Global Chemical Fibers Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

Chemical Fibers Market Scope

Metrics

Details

Market CAGR

High

Segments Covered

By Product Type ,By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Chemical fibers are the type of fibers which are produced through a chemical process. The chemical composition of the raw materials is modified significantly throughout the process. The organic raw materials used are natural or synthetic polymers, while the inorganic compounds are glass, metal, basalt, quartz, and other composites. Chemical fibers are manufactured industrially in the form of monofilaments, staple fibers, and filament yarns. 

Market Dynamics

The global chemical fiber market is driven by the rising demand and consumption of chemical fibers in various industries such as the textile and apparel manufacturing industry.

It has led to the development of novel products to overcome the limitation of the existing products. For instance, in June 2019, Teijin Group had developed a new cotton-like high-performance polyester material for athleisure fashion. This new material comprised the look and texture of cotton with superior properties useful for moisture absorption, quick-drying and ultraviolet (UV) protection. Cotton-like features are achieved with polyester filament yarn, not a staple fiber. This product is prepared by using recycled raw materials that are eco-friendly. The company would be promoting this product as a key product for the 2020 autumn/winter sport and outdoor collections and apparel markets, including fashion and uniforms.

The technological development and upgrading of existing machinery to increase annual productivity and optimize processing operational flow will fuel market growth. Companies are focusing on the development of high-performance, high-functional fiber and actively smart manufacturing for chemical fibers.  For instance, The Lenzing Group used blockchain technology to support its TENCEL branded fiber business, ensuring complete transparency and traceability for brands and consumers of its fibers in the finished garment. The company would be joining the platform of the Hong Kong-based technology company TextileGenesis to fulfill this ambition.

However, the stringent environmental regulations, equipment depreciation, and overcapacity problems are hindering the market growth. For instance, European companies face overcapacity issues that have led to a decline in product prices and profit margins, an increase in environmental pressure, anti-dumping, countervailing measures.

Covid-19 Impact Analysis

The chemical fiber market is highly dependent on the textile and apparel industry. The latter industry has taken a hit due to the economic crisis in the economies like USA,  China, India , Japan and EU. These countries account for the largest import and export of textile and apparel industry. The abrupt stop of economic activity – like the closure of many stores and shopping malls, rising unemployment rate, and the resulting lower demand for apparel consumption in major markets, such as the United States, EU and Japan – made the COVID-19 crisis unprecedented. According to the Office of T&A (OTEXA),  T&A imports from China dropped by 44% between January and May 2020, with respect to the same period in 2019. The value of the Asian countries T&A exports to the United States in the first five months of 2020 decreased by 9.4% in Viet Nam, 23% in India, 13% in Bangladesh and 14% in Indonesia, with respect to a year before.

 Segment Analysis

The Global Chemical Fibers market is segmented based on type as recycled fibers and synthetic fibers. The recycled fibers segment is expected to have a positive market share due to increasing the recycled fibers' production using the chemical and mechanical recycling processes. Chemical recycling involves using a series of chemical processes to recycle a waste stream back into building block chemicals, i.e., monomers. These monomers are used by several industries such as apparel and footwear for creating new materials. During this recycling process, the performance is not lost as the recycled product is the same as its virgin counterparts in terms of appearance and properties.

Synthetic fibers account for the significant market share due to the increased demand for synthetic fibers in the aerospace and automobile industry. These fibers are made up of high-strength and stiffness materials. The availability of raw materials such as metal, carbon, or glass compounds for developing synthetic fibers influences the market growth. There is an increased usage of synthetic fibers to reinforce plastics to form composites. Synthetic fibers made up of carbon are widely used for producing high-end cars, biomedical devices, and sporting goods due to their properties, such as lightweight and strong strength.

Geographical Analysis

By region, the global Chemical Fibers market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, Asia Pacific dominates the market as China is the world’s largest chemical fiber producer. In 2019, China accounted for 70% and India for 8% of global chemical fiber production, thus making it more than the all the countries of the world combined. The region is expected to dominate the market is also evident from the fact that among the top 10 synthetic or chemical fibre manufacturers of the world in 2020, 8 are based from this region- 5 from Japan, 1 from China ,1 from Indonesia and 1 from India. According to the National Bureau of Statistics of China, chemical fibers' production was about 10 million tons from January to February in 2021 with growth rate of   32.4%.

Japan has various competitive advantages to the chemical fiber industries, such as high-functional fibers, environmental responsibility, and high-performance fiber, positively impacting the market. For instance, Teijin Ltd., based in Japan, is one of the world’s leading suppliers of high-performance fibers such as aramid, carbon fibers & composites, and polyester fibers.  Chemical fibers are widely used in textile and industrial applications. Growing urbanization, rising disposable income, and growing purchasing power are the factors increasing the demand for Chemical Fibers in India and China. Stringent environmental regulations and challenges, the lack of Research & Development investment and core technology, equipment aging, the lack of development of cutting-edge technology infrastructure, labor costs, lack of professional and technical personnel in South Korea shall hurt the market.

 

Competitive Analysis

The global Chemical Fibers market is consolidated with the presence of several local and international players. The product diversification and opportunities for market growth through new product launches intensify the competition among companies. Some of the key players in the market are Lenzing AG, China Petroleum Corporation, Shenma Industrial Co., Ltd., Mitsubishi Chemical, Sinopec Group, Toray Industries, DuPont de Nemours, Inc. Chinatex Corporation, Indorama Corporation and Reliance Industries.

Companies are focusing on modern high-efficiency production, reducing the number of employees, lower management costs and more efficient, flexible management, the pursuit of optimal chemical fibers.

For instance, in a 2021 article published on the website of Lenzing AG, it is mentioned that in recent years it has developed many innovative process technologies that significantly conserve resources and cut cost of production, thus contributing to the protection of our environment.

The companies are entering into collaborations, mergers, strategic partnerships and acquisitions to increase the demand for Chemical Fibers and their expansion across the globe. In 2019. Raymond Group, a leading fashion and textile manufacturer and retailer in India , had launched the eco-friendly Ecovera – a range of fabrics manufactured by using R|Elan, the technology from Reliance Industries Ltd.

The companies are also investing to increase their production capabilities around the globe. For instance, in May 2018, The Lenzing Group had invested up to EUR 30 million to construct the new facility.

Why Purchase the Report?

  • Visualize the composition of the global chemical fibers market products across product types and applications, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the global chemical fibers market by analyzing trends and co-development deals.
  • Comprehensive details on factors driving the market growth.
  • Excel data sheet with thousands of data points of global chemical fibers market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Target Audience

  • Industry Investors/Investment Bankers
  • Suppliers/Buyers
  • Education & Research Institutes
  • Manufacturers
  • Research Professionals
  • Emerging Companies
  • Distributors

Frequently Asked Questions

What is the Projected CAGR value of the Chemical Fibers Market ?

Chemical Fibers Market is expected to grow at a CAGR of high during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Chemical Fibers Market  during 2022-2029.

Which is the fastest growing region in the Chemical Fibers Market ?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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