Synthetic Fiber Market Value Expected to Reach US $ 67.2 Billion by 2027: Smart Research and Advice
Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Synthetic Fiber Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 14, 2021 (GLOBE NEWSWIRE) – The Global Synthetic Fibers Market is expected to grow at a CAGR of approximately 6.5% from 2020 to 2027 and reach a market value of over US $ 67.2 billion by 2027.
In 2020, Asia-Pacific dominated the market in terms of volume and revenue. High production of polyester, nylon, acrylic and other synthetic fibers in countries such as China, South Korea, Taiwan, India and Japan are factors that are contributing to the growth of the global market synthetic fibers. Due to the increase in population and consumption of clothing and home furnishings, the region will maintain its lead, growing at the fastest CAGR from 2021 to 2028. Apart from that, the demand for the products North America is mainly driven by the apparel applications segment, and this trend is expected to continue throughout the forecast period. Trends such as the Made in the USA initiative, along with a growing preference for online shopping, are expected to drive the market growth during the forecast period.
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On the other hand, the European market is expected to grow at a rapid rate during the forecast period, owing to the increase in product manufacturing in countries such as Italy, Germany and Turkey. In addition, more and more automotive product applications for seat covers, cushions, drive belts, airbags and other items are contributing to the growth of the market. The demand for products in Central and South America is expected to increase significantly during the forecast period owing to increased investment and manufacturing facilities in the apparel and garment industries, the clothing industry. automotive and construction. Rising industrial activity and the availability of low cost labor in the region are also expected to drive the market growth.
Global demand for synthetic fibers is expected to increase due to increased demand for safe, lightweight and high strength materials in the aerospace, automotive and textile industries. In addition, the demand for vehicles with low fuel consumption and low carbon emissions is expected to push the global synthetic fiber market even further. Advances in the research and development of green organic fibers and green synthetic fibers are fueling the growth of the global synthetic fibers market. However, one of the main disadvantages of the synthetic fiber market around the world is its tendency to easily melt and burn compared to natural fiber. Strict government regulations and growing environmental concerns are adding to the challenges of the global synthetic fibers market.
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Global synthetic fibers are segmented into products and applications. On the basis of the product, the market is segmented into polyester, nylon, acrylic, polyolefin, and others. By application, the market is segmented into Apparel, Home Furnishings, Automotive, Filtration, and others.
Some of the main competitors are Bombay Dyeing, EI du Pont de Nemours and Company, Indorama Corp., Lenzing AG, Mitsubishi Chemical Holdings Corp., Reliance Industries Ltd., China Petroleum Corp. (Sinopec Corp.), Teijin Ltd., Toray Chemical Korea, Inc., Toyobo Co., Ltd., and among others.
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Some of the main observations regarding the synthetic fibers industry include:
- In March 2018, Kuraray Co., Ltd., a manufacturer and / or distributor of innovative charcoal, wood and coconut activated carbon products announced an acquisition with Calgon Carbon Corporation. Calgon Carbon Corporation is part of Kuraray’s Functional Materials Company, along with Kuraray’s Carbon Material business division. This functional materials company includes the methacrylate division and the medical division.
- In April 2019, Raymond Group, a fashion and textile manufacturer and retailer, announced “Ecovera”, a range of fabrics made from R | Elan, the latest technology from Reliance Industries Ltd (RIL). This new product line will be made from green fiber manufactured by Reliance Industries.
- In November 2019, Technical Absorbents announced to present its line of washable fabrics at Hygienix, the premier event for the absorbent hygiene and personal care markets in Texas. The company has developed this superabsorbent SAF washable fabric technology, because it can attract a large number of people who prefer reusable absorbent sanitary products.
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