Synthetic Fibers Market Research Report: By Type (Polyester, Nylon, Acrylic, Polyolefin), Distribution Channel (Offline, Online), Application (Clothing, Home Furnishing, Automotive, Filtration) - Global Industry Analysis and Growth Forecast to 2030

Market Overview

The global synthetic fibers market was valued around $60.0 billion in 2020, and is expected to grow at a significant rate during the forecast period (2021–2030). This can be attributed to the increasing usage of polyester fibers in various applications, including tires, fabrics for conveyor belts, and coated fabrics; and increasing awareness to protect resources. In addition, recycled polyester fibers can be used in automobile upholstery, especially in automobile carpets and seat covers, which bolsters the market growth.

During the COVID-19 pandemic, the synthetic fibers market faced a major decline, both in terms of volume and value. This can be attributed to the strict lockdowns imposed in various parts of the world, which led to the disruption of the supply chain and manufacturing operations. Moreover, the decline in production in end-use industries, such as automotive, and in the sales of passenger vehicles further impacted the synthetic fibers market in 2020.

Polyester Category Dominated the Market owing to Chemical and Abrasion Resistance Properties

The polyester category dominated the synthetic fibers market in 2020, and it is expected to grow at a substantial rate in the coming years, based on type. This will be primarily due to the chemical and abrasion resistance of polyester fibers. In addition, this material is preferred in the manufacturing of clothing due to its easy wash, shape retention, wrinkle-free, and high perspiration properties. Polyester is also used in heavy-duty industrial applications, such as conveyor belts and safety belts, as well as coated fabrics and car tire reinforcements.

Clothing Category Held Largest Share Owing to Versatility of Synthetic Fibers for Apparel Industry

The clothing category held the major share in the synthetic fibers market in 2020, under the application segment. This is attributed to the strength, resilience, wear resistance, high durability, wrinkle-free, and easy-to-clean properties offered by synthetic fibers to apparel. The two most-used synthetic fibers in clothing are rayon and polyester.

Due to Growing E-Commerce Popularity, Online Category to Witness Fastest Growth

The online category is likely to advance at a fastest growth rate in the synthetic fibers market in the upcoming years, based on distribution channel. This will mainly be due to the growing popularity of e-commerce channels, as they provide consumers with easy accessibility and convenience of shopping.

Due to High Production of Polyester, APAC to Witness Fastest Growth

Geographically, the Asia-Pacific (APAC) region held the dominating share in the global synthetic fibers market in 2020, and it is expected to grow at the highest CAGR during the forecast period. This can be attributed to the high production of polyester, nylon, and acrylic fibers in China, South Korea, Taiwan, India, and Japan. Moreover, the lower cost of synthetic fibers as compared to natural fibers also encourages their usage among consumers.

Demand for Synthetic Fibers over Natural Fibers Is Key Trend

The increasing demand for synthetic fibers over natural fibers is a major trend in the market for synthetic fibers. The key factors driving this trend are the abundant availability, cost-effectiveness, and wider scope of application of synthetic fibers in different industries. Natural fiber processing is dependent on the supply of agricultural produce and favorable temperatures, which are not consistent due to global warming. Synthetic fabrics, on the other hand, are made from non-renewable raw materials and can be recycled.

Increasing Usage of Polyester Fibers in Various Applications a Major Growth Factor

The key reason behind the growth of the market for synthetic fibers is the advantages associated with polyester fibers, such as low cost, high strength and elasticity, and recyclability, make them a favorable choice in heavy-duty industrial applications, such as conveyor belts and car tire reinforcements. These fibers are also used in the production of automobile carpets, seat fabrics, side, roof, floor, and door panels, safety belts, tires, airbags, air filters, fuel filters, and insulation materials. Moreover, these fibers are used in the manufacturing of clothes and home furnishing items, such as bedspreads, sheets, pillows, carpets, and curtains.

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Market Players are Involved in Mergers and Acquisitions to Gain Significant Position

In recent years, players in the synthetic fibers industry have been involved in mergers and acquisitions in order to attain a significant position. For instance,

• In March 2021, Teijin Frontier Co. Ltd. announced the merger of its subsidiary companies, Teijin Modern Yarn Co. Ltd. and Shinwa Limited, to develop, manufacture, sell, and process yarns under a new name, Teijin Frontier Knitting Co. Ltd. The company will create next-generation materials that will used for circular knitting patterns, which would feature the special textured yarns created by integrating the technologies of its two predecessors.
• In January 2020, Toray Industries Inc. completed its acquisition of Alva Sweden AB, a maker of automobile airbag cushions. Through this acquisition, the company has acquired all of the issued and outstanding shares of Alva Sweden AB, and also have acquired two of the company’s production units, namely, Alva Confecções S.A. and Alva Tunisia SA.

Some Key Players Operating in Synthetic Fibers Market Are:

Market Size Breakdown by Segments

The synthetic fibers market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

Based on Type

• Polyester
• Nylon
• Acrylic
• Polyolefin

Based on Distribution Channel

• Offline
• Online

Based on Application

• Clothing
• Home Furnishing
• Automotive
• Filtration

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa