The increasing usage of polyester fibers in various applications, including replacement fabrics tires, fabrics for conveyor belts, and coated fabrics; and large number of advantages associated with synthetic fibers, including high strength and elasticity, wear resistance, and recyclability are some of the major drivers leading to the growth of the global synthetic fibers market. Due to the abovementioned factors, the industry is projected to witness significant growth during the forecast period (2021–2030).
During the COVID-19 pandemic, the market for synthetic fibers was negatively impacted, both in terms of volume and value. This was mainly due to the strict lockdown that was imposed in various parts of the world, thus leading to the disruption of the supply chain and manufacturing activities and stoppage in the production of end-use industries, such as automotive and textile.
The synthetic fibers market is categorized into polyester, nylon, acrylics, polyolefins, and others, on the basis of type. Among these, the polyester category dominated the market in 2020, and it is expected to witness a substantial growth rate in the coming years. This can be ascribed to the chemical and abrasion resistance properties of polyester. Additionally, it is used for the production of wrinkle-free clothing, as it is easy to wash and retains its shape.
The synthetic fibers market is categorized into clothing, home furnishing, automotive, and filtration, on the basis of application. Among these, the clothing category held the major market share in 2020. This is attributed to the strength, resilience, wear resistance, high durability, wrinkle-free, and easy-to-clean properties of synthetic fibers, such as rayon and polyester, when used for clothing.
Geographically, the Asia-Pacific (APAC) region dominated the global synthetic fibers market in the past years, and it is expected to grow at a substantial rate during the forecast period. This can be contributed to the high production of polyester, nylon, acrylic, and other fibers in China, South Korea, Taiwan, India, and Japan and their lower costs compared to natural fibers.
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., a fiber and product converting company of Teijin Group, announced that it will merge its subsidiary companies, Teijin Modern Yarn Co. Ltd. and Shinwa Limited, to develop, manufacture, sell, and process yarns under the name of Teijin Frontier Knitting Co. Ltd. The establishment of Teijin Frontier Knitting is meant to combine the variations of its two predecessors’ knitting machines with new development and quality-control capabilities for difficult products. This is also expected to strengthen global expansion of the company’s circular knitting business.
Some of the key players in the market for synthetic fibers are Teijin Frontier Co. Ltd., The Dow Chemical Company, Toyobo Co. Ltd., Lenzing AG, Indorama Corporation, E. I. du Pont de Nemours and Company, Bombay Dyeing & Manufacturing Co. Ltd., and Toray Chemical Korea Inc.