San Francisco, 18 September
2018: According to a report by Grand View Research, Inc., global synthetic
fibers market is projected to value USD 88.5 billion by 2025.
Growing requirement for durable and cost-effective raw materials is anticipated
to propel demand for synthetic fibers. Such fibers can be derived from polymers
and known as man-made fibers. They can possess highly useful properties as raw
material such as light weight, elasticity, moisture resistance, wrinkle
resistance, and strength. Growing need for materials among manufacturers can
fuel product demand during the forecast period (2014-2025).
Increasing use of synthetic
fibers in automotive interior materials coupled with growing demand for hybrid
and electric vehicles can spur market growth. High demand for home furnishings
owing to increasing number of population migrating to urban areas is expected
to fuel growth of market in the forthcoming years. Growing adoption of
attractive and high-value clothes due to expanding e-commerce business can influence
market growth. Stringent regulations on environmental protection is anticipated
to hinder growth of market owing to non-biodegradability of synthetic fibers.
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Research Report of Synthetic
Fibers Market@ www.grandviewresearch.com/industry-analysis/synthetic-fibers-market
The synthetic fibers market
can be segregated on the basis of product type, application, and region. Based
on product type, the market can be classified into nylon, polyester, acrylics,
polyolefin, and others. Growing adoption of polyester to manufacture clothes
owing to its effective properties such as chemical and abrasion resistance can
fuel its demand. In addition, affordability of polyester to cater to increasing
number middle class population in emerging economies is one of the biggest
factors contributing to market growth. Asia Pacific region is expected to lead
in both production and consumption of polyester and can maintain this lead
during the forecast period too. The nylon segment is expected to grow well in
the coming years owing to its scope in a wide range of applications such as
tents, seat belts, airbags, ropes, and sleeping bags.
Based on application, the
market can be divided into home furnishing, clothing, automotive, filtration,
and others. In 2016, the clothing segment dominated the market and accounted
for 45.48% of global revenue share. Rising number of consumers preferring
clothes which are easy to maintain can spur product demand. In addition, high
consumer demand for clothes offering advanced protection and convenience owing
to hectic lifestyles can further stimulate product demand. Provision of such
essential features in clothes manufactured from synthetic polymers is
anticipated to boost segment demand in the coming years. Moreover, wide scope
of development for clothing industry in growing economies such as India and
China can also influence demand for synthetic fibers. The growing number of
infrastructural activities in China and India is expected to propel growth of
home furnishing segment. In addition, launch of innovative schemes from local
governments such as Make in India and Smart City Plans can further encourage
growth.
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Grand View Research at: www.grandviewresearch.com/industry/renewable-chemicals
Regional segmentation includes
Asia Pacific, North America, Europe, Central & South America, and Middle
East & Africa. In 2016, Asia Pacific dominated the market and accounted for
revenue share equivalent to USD 34,765.2 million. It is estimated to grow at a
phenomenal CAGR of 7% from 2017 to 2025 owing to increasing number of applications
such as home furnishing, automotive, clothing, and filtration in the region.
Growth of these applications in this region can fuel product demand in the
forthcoming years.
North America stood second in
terms of revenue share in 2016 and accounted for 12.51% of market share in the
same year. It is likely to grow at a similar pace during the forecast period.
Fast growth of multiple industries such as automotive, clothing, and home
furnishing utilizing synthetic fiber as a raw material can augment product demand
in the region.
Some of the leading companies offering synthetic fibers are
Reliance Industries Limited, Lenzing AG, Mitsubishi Chemical Holdings
Corporation, Indorama Corporation, and China Petroleum Corporation (CPEC). Most
companies are likely to invest in R&D activities to develop specific
synthetic fibers for better use in multiple applications. Growing adoption of
backward integration of the supply chain by major players is likely to obstruct
entry of new and aspiring players.
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Press Release of Synthetic Fibers Market@ www.grandviewresearch.com/press-release/global-synthetic-fibers-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
