Global synthetic fiber market is likely to surpass a valuation of US$ 90 Bn by the end of 2026, according to a new research report by Transparency Market Research (TMR). According to the research, the global synthetic fiber market is likely to grow at a CAGR of 4.1% during the period 2017-2026.
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Synthetic fibers are used in a wide range of end-use applications on account of their superior properties such as stain-resistance and durability. Use of synthetic fibers is growing in the home furnishing sector, as a booming and rapidly evolving middle class in Asia pushes up demand. The gradual shift towards electric vehicles represents lucrative opportunities for synthetic fiber manufacturers, as the focus is on manufacturing vehicles that are light-weight.
In a bid to give readers detailed insights, the report has segmented the market on the basis of fiber type and end-use industries. On the basis of fiber type, the key segments of the market include polyester, nylon, acrylic, and ‘other. Among these, demand for polyester remains significant, owing to its price and availability. The polyester segment accounted for over half of revenue share of the global market, and is likely to add to its revenue share by the end of the forecast period. Demand will be fuelled by the use of polyester in manufacturing the interior household furnishings and automotive lining.
On the basis of end-use, the key segments of the synthetic fiber market include industrial use, apparel, home furnishing, and ‘others’. Among these, demand for synthetic fibers is likely to remain healthy in the industrial use segment. In this segment, synthetic fibers are used for a range of applications, and overall growth of the industrial sector is likely to create growth opportunities for market players during the assessment period.
Asia Pacific excluding Japan (APEJ) will continue to be one of the leading markets for synethic fibers globally, both in terms of production and consumption. The global synthetic fibers market remains highly fragmented, and a number of players are based in the APEJ. This has led to high production output of synthetic fibers in the region. In addition, APEJ is home to 60% of the world’s population, and in many countries, there has been an emergence of a strong middle class which is ramping up demand for a number of household products. Steady demand from the middle class demographic will be key to the future prospects of the market during the assessment period.
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Considering the fragmented nature of the market, a majority of market players are focused on forging partnerships and deals with end-users. Some of the leading companies operating in the global synthetic fiber market include Lenzing AG, E. I. du Pont de Nemours and Company, China Petroleum Corporation, Reliance Industries Limited, Mitsubishi Chemical Holdings Corporation, Toray Industries, Inc., Indorama Corporation, Toho Tenax, Teijin Limited, Asahi Kasei Fibers Corporation, and Eastman. The synthetic fiber industry is massively influenced by emission and environmental guidelines. In developed countries, synthetic fiber manufacturers have made changes to their supply chain and operations to comply with the evolving regulations. Although the regulations in developing regions are not as stringent as developed countries, it is highly likely that pressure from ombudsmen and environmentalists will lead to strengthening of regulations in the future.