Synthetic Fibers Market Synopsis

Synthetic Fibers Market Size Was Valued at USD 72.85 Billion in 2023, and is Projected to Reach USD 140.02 Billion by 2032, Growing at a CAGR of 7.53% From 2024-2032.

Synthetic fibers are man-made fibers that are made using petrochemicals. It is known for its chemical and physical properties such as elasticity, durability and strength.

• The low cost and water and waste of synthetic fibers are the main factors that increase their demand around the world. The increasing use of synthetic fibers in the textile, industrial, domestic, foreign and industrial sectors has fueled the growth of the global fiber market. Common and specialty synthetic fibers include acrylic, polyester, nylon, carbon fiber, spandex, and synthetic silk.

• Surging demand for the durable, cost-effective, and easy-to-wash fabrics among global consumers is significantly driving the growth of the global synthetic fibers market. The growing demand for synthetic fibers in home furnishing, automotive, clothing, and filtration is expected to boost the growth of the synthetic fibers market during the forecast period.

• The constantly changing fashion trends, rise in e-commerce, and growing demand for home furnishing products in developed markets like North America and Europe are expected to be the major growth drivers of the synthetic fibers market. Rising technological advancements in production methods have led to the development of superior mechanical, chemical, and physical characteristics of synthetic fiber that are not only used in textiles but also extensively used in electronics, food packaging, water purification, air filters, aerospace, and healthcare sectors.

Synthetic Fibers Market Trend Analysis

Cost-Effectiveness Compared to Natural Fibers

• One of the primary drivers in the synthetic fibers market is the cost-effectiveness of synthetic fibers compared to natural fibers. Synthetic fibers, such as polyester, nylon, and acrylic, are generally more affordable to produce and purchase than natural alternatives like cotton, wool, or silk. This price advantage stems from several factors, including the relatively lower cost of raw materials and the ability to manufacture synthetic fibers on a large scale through controlled chemical processes.

• Unlike natural fibers, which rely on agricultural output and are subject to fluctuations in climate and farming conditions, synthetic fibers can be produced consistently, independent of external environmental factors. This ensures stable supply and pricing, making them a more economical option for manufacturers and consumers.

• Additionally, synthetic fibers offer durability and lower maintenance costs, which contribute to their overall cost-effectiveness. These fibers are known for their resistance to wear and tear, moisture, and insects, resulting in longer product life and fewer replacements. This quality makes them particularly attractive to industries such as fashion, home textiles, and automotive, where longevity and low maintenance are key considerations.

• Moreover, the ability of synthetic fibers to mimic the properties of natural fibers, such as the softness of cotton or the sheen of silk, at a fraction of the cost, adds to their appeal, especially for cost-conscious manufacturers in mass-market production.

Innovation in Sustainable and Bio-Based Fibers

• The engineered fiber advertise is seeing a promising move towards maintainability, driven by developing customer request for eco-friendly and feasible items. Companies are progressively contributing in inquire about and advancement to improve and create bio-based and biodegradable engineered filaments, pointing to diminish the natural affect related with conventional petrochemical-based strands.

• These modern filaments are being created from renewable assets like corn, sugarcane, and other plant-based materials, advertising a greener elective to routine manufactured alternatives.

• The rise in maintainable mold, backed by shoppers who are more cognizant of their natural impression, makes a noteworthy advertise opportunity for businesses that can provide high-performance however naturally inviting engineered strands.

• Additionally, progressions in reusing advances are improving the capacity to repurpose existing manufactured strands, encourage contributing to maintainability endeavors and driving development within the showcase by minimizing squander and moderating assets.

Synthetic Fibers Market Segment Analysis:

Synthetic Fibers market is segmented on the basis of Type, and Application.

By Type, Polyester Segment Is Expected to Dominate the Market During the Forecast Period

• Polyester is the overwhelming sort within the engineered fiber showcase, basically due to its flexibility, toughness, and cost-effectiveness. Polyester strands are broadly utilized over different businesses, particularly in materials and attire, since they offer amazing resistance to contracting, extending, and wrinkles, making them perfect for a wide extend of clothing and domestic material applications. Moreover, polyester is profoundly strong and can withstand rehashed washing and wear, which includes to its offer in customer markets. Its capacity to mix well with other filaments, such as cotton, upgrades texture properties, making it milder, more resilient, and less demanding to preserve.

• Moreover, polyester’s moderately more generation fetched compared to other engineered strands like nylon and acrylics contributes to its far reaching utilize. The developing request for reasonable and tough clothing, coupled with polyester's flexibility to various fabricating forms, sets its prevailing position within the manufactured fiber showcase.

By Application, Clothing Segment Held the Largest Share In 2023

• Clothing is the prevailing application within the manufactured fiber showcase, to a great extent due to the material's reasonableness, strength, and flexibility. Engineered filaments like polyester and nylon are broadly utilized within the generation of an assortment of clothing things, extending from casual wear to activewear, much obliged to their versatility and capacity to preserve shape and color over time.

• These filaments are too prevalent for their ease of support, as they are by and large wrinkle-resistant, quick-drying, and less inclined to contracting or extending compared to characteristic filaments.

• The mold industry's steady request for modern, reasonable, and strong materials advance drives the dominance of engineered strands in clothing. Furthermore, the capacity to deliver manufactured strands in expansive amounts at a lower taken a toll than characteristic strands makes them an appealing alternative for producers pointing to meet the developing worldwide request for reasonable design.

Synthetic Fibers Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• Asia-Pacific is the dominant region in the synthetic fiber market, primarily due to its vast production capabilities and high demand from key industries such as textiles, automotive, and construction. Countries like China, India, Japan, and South Korea are at the forefront, with China being the largest producer and consumer of synthetic fibers globally.

• The region's dominance is driven by its strong manufacturing base, lower production costs, and large workforce. Additionally, the rapid urbanization and growing middle-class population in Asia-Pacific are fueling demand for clothing, home furnishings, and other consumer goods made from synthetic fibers.

• Major companies like Indorama Ventures, Teijin, and Toray Industries have established extensive production facilities in the region, further solidifying Asia-Pacific's leadership in the global synthetic fiber market.

Synthetic Fibers Market Active Players

• Indorama Ventures Public Company Limited (Thailand)
• Teijin Limited (Japan)
• Toray Industries, Inc. (Japan)
• Hyosung Corporation (South Korea)
• Lenzing AG (Austria)
• Reliance Industries Limited (India)
• Asahi Kasei Corporation (Japan)
• Mitsubishi Chemical Holdings Corporation (Japan)
• BASF SE (Germany)
• Eastman Chemical Company (USA)
• Invista (Koch Industries) (USA)
• DuPont de Nemours, Inc. (USA)
• Solvay S.A. (Belgium)
• Huntsman Corporation (USA)
• Toyobo Co., Ltd. (Japan)
• Far Eastern New Century Corporation (Taiwan)
• Kolon Industries, Inc. (South Korea)
• Formosa Plastics Group (Taiwan)
• Shandong Ruyi Technology Group Co., Ltd. (China)
• RadiciGroup (Italy)
• Celanese Corporation (USA)
• Nylon Corporation of America (NYCOA) (USA)
• Sinopec Yizheng Chemical Fibre Company Limited (China)
• Bayer AG (Germany)
• Wellman Advanced Materials (USA)
• Other Active Players

Key Industry Developments in the Synthetic Fibers Market:

• In March 2023, The Chinese government announced a new policy to promote the use of recycled synthetic fibers in the textile industry. This policy is expected to boost the demand for recycled synthetic fibers in China, which is the world's largest producer and consumer of textiles.

• In February 2023, The International Organization for Standardization (ISO) published a new standard for recycled synthetic fibers, ISO 17256:2023. This standard will help to ensure the quality and consistency of recycled synthetic fibers, which is important for the growing market for sustainable textiles.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. SYNTHETIC FIBERS MARKET BY TYPE (2017-2032)
   1. Synthetic Fibers MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. POLYESTER
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. NYLON
   5. ACRYLICS
   6. POLYOLEFIN
   7. OTHERS
7. SYNTHETIC FIBERS MARKET BY APPLICATION (2017-2032)
   1. SYNTHETIC FIBERS MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. CLOTHING
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. HOME FURNISHING
   5. AUTOMOTIVE
   6. FILTRATION
   7. OTHERS
8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Benchmarking
      2. Synthetic Fibers Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. INDORAMA VENTURES PUBLIC COMPANY LIMITED (THAILAND)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. TEIJIN LIMITED (JAPAN)
   4. TORAY INDUSTRIES, INC. (JAPAN)
   5. HYOSUNG CORPORATION (SOUTH KOREA)
   6. LENZING AG (AUSTRIA)
   7. RELIANCE INDUSTRIES LIMITED (INDIA)
   8. ASAHI KASEI CORPORATION (JAPAN)
   9. MITSUBISHI CHEMICAL HOLDINGS CORPORATION (JAPAN)
   10. BASF SE (GERMANY)
   11. EASTMAN CHEMICAL COMPANY (USA)
   12. INVISTA (KOCH INDUSTRIES) (USA)
   13. DUPONT DE NEMOURS, INC. (USA)
   14. SOLVAY S.A. (BELGIUM)
   15. HUNTSMAN CORPORATION (USA)
   16. TOYOBO CO., LTD. (JAPAN)
   17. FAR EASTERN NEW CENTURY CORPORATION (TAIWAN)
   18. KOLON INDUSTRIES, INC. (SOUTH KOREA)
   19. FORMOSA PLASTICS GROUP (TAIWAN)
   20. SHANDONG RUYI TECHNOLOGY GROUP CO., LTD. (CHINA)
   21. RADICIGROUP (ITALY)
   22. CELANESE CORPORATION (USA)
   23. NYLON CORPORATION OF AMERICA (NYCOA) (USA)
   24. SINOPEC YIZHENG CHEMICAL FIBRE COMPANY LIMITED (CHINA)
   25. BAYER AG (GERMANY)
   26. WELLMAN ADVANCED MATERIALS (USA)
   27. OTHER ACTIVE PLAYERS
9. GLOBAL SYNTHETIC FIBERS MARKET BY REGION
   1. OVERVIEW
   2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By Application
      5. Historic And Forecasted Market Size By Country
         1. USA
         2. Canada
         3. Mexico
   3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Russia
         2. Bulgaria
         3. The Czech Republic
         4. Hungary
         5. Poland
         6. Romania
         7. Rest Of Eastern Europe
   4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Germany
         2. United Kingdom
         3. France
         4. The Netherlands
         5. Italy
         6. Spain
         7. Rest Of Western Europe
   5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Malaysia
         6. Thailand
         7. Vietnam
         8. The Philippines
         9. Australia
         10. New-Zealand
         11. Rest Of APAC
   6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Turkey
         2. Bahrain
         3. Kuwait
         4. Saudi Arabia
         5. Qatar
         6. UAE
         7. Israel
         8. South Africa
   7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Brazil
         2. Argentina
         3. Rest of South America
10. INVESTMENT ANALYSIS
11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies