Synthetic Fiber Market Size, Share, Industry, Forecast and outlook (2023-2030)

Global Synthetic Fiber Market is segmented By Type (Polyester, Rayon, Nylon, Polyolefin, Others), By Application (Apparel, Home Furnishing, Industrial Use, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Synthetic Fiber Market Overview

Report on Global Synthetic Fiber Market is estimated to reach at a CAGR of 5.0% during the forecast period 2023-2030. The Global Synthetic Fiber Market which accounts to 64% of the world fiber market. Global Synthetic Fiber usage in Polyester, Rayon, and Nylon is on the rise. Demand from Apparel, Home Furnishing, and Industrial Use in Asia Pacific is booming. Competitive rivalry intensifies with Mitsubishi Chemical Holdings Corporation, China Petroleum Corporation, Asahi Kasei Corporation, Reliance Industries Limited and others operating in the market. Synthetic fibers are human-made fibers, which are synthesized from chemicals and have superior qualities as compared to natural fibers. They are more durable and are accessible to dye. Compared to natural fibers, many synthetic fibers are more water-resistant and stain-resistant. Synthetic fibers account for about 64% share within the world's fiber market.

Synthetic Fiber Market Scope and Summary

Synthetic Fiber Market Drivers and Restraints

• Rapid industrialization, low production cost, changing consumer preferences for textiles, and increasing disposable income are projected to drive the global synthetic fiber market over the next few years.
• Weak supply and the high cost of natural fibers such as cotton and wool are other factors driving the global synthetic fiber market.
• The non-biodegradability of synthetic fiberrestraintraint the growth of the market. Also, synthetic fibers are not so skin-friendly, which makes them uncomfortable for prolonged wearing. Some peoplallergicrgenic to synthetic fibers. Thus, the above factors can be a potential threat to the global synthetic fiber market growth.

Synthetic Fiber Market Segmentation Analysis

• The Global Synthetic Fiber Market report segments the market by type and application. By nature, the segment includes Polyester, Rayon, Nylon, Polyolefin, and Others. Polyester is the most used fiber of all.
• These fibers are extensively used in apparel and home furnishings, from shirts and pants to jackets and hats, bed sheets, blankets, upholstered furniture, and computer mouse mats.
• Industrial polyester fibers are used in car tire reinforcements, fabrics for conveyor belts, safety belts, coated fabrics, and plastic reinforcements with high-energy absorption. Polyester fiber is used as cushioning and insulating material in pillows, comforters, and upholstery padding. Because of the extensive use of polyester fibers in various industries, it is the most in-demand synthetic fiber.
• Based on the Application of synthetic fibers, the market has been segmented as Apparel, Home Furnishing, Industrial Use, and Others.

Synthetic Fiber Market Geographical Share

• Based on Geography, the market can be segmented as North America, South America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is estimated to be the largest market for synthetic fibers during the forecast period. The growing middle-class population in countries like India and China is increasing the demand for home furnishing products and apparel.
• The North American region especially the U.S. is growing significantly in the market due to the adoption of lightweight materials in home furnishing and automotive industries. The growth in end-use sectors is expected to drive the demand for synthetic fibers in this region. Home furnishing sales in the U.S. were about USD 111.47 billion in 2016. Also, the high standard of living and growing demand for synthetic clothes in the region will propel the market growth in the forecast period.

Synthetic Fiber Market Companies and Competative Landscape

Some of the key players in the Global Synthetic Fiber market are Asahi Kasei Corporation, Indorama Corporation, Toray Industries, Inc., E.I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, China Petroleum Corporation, Reliance Industries Limited, Tongkun Group Co., Ltd., Teijin Limited and Kolon Industries, Inc.