Publishing: September 2021 | Report Code: CM12226 | Available Format: PDF
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.
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.
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.
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.
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.
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.
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.
|Base Year (2020) Market Size||~$60.0 Billion|
|Report Coverage||Market Trends; Drivers, and Restraints; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Application; By Distribution Channel; By Region|
|Market Size of Geographies||U.S.; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; Australia; South Korea; Brazil; Mexico; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||All India Fibers Industries Association (AIRIA); American Chemistry Council; Association of Synthetic Fibre Industry; China Fibers Industry Association; Chinese Chemical Society (CCS); European Man-Made Fibers Association; Gulf Petrochemicals and Chemicals Association|
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,
The synthetic fibers market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Type
Based on Distribution Channel
Based on Application
The global synthetic fibers market was worth $60.0 billion in 2020.
The synthetic fibers industry witnessed a sharp fall in its growth rate during the COVID-19 pandemic.
The surging use of polyester fibers in several applications is the major growth driver for the synthetic fibers industry.
The preference for synthetic fibers over natural fibers is currently trending in the market for synthetic fibers.
China is currently the largest country in the market for synthetic fibers.
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