Synthetic Fibers

Synthetic Fibers Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
2018-2026
Synthetic fibers are man-made fibers produced from petrochemicals, which possess
qualities such as strength, durability, and elasticity. Synthetic fibers in comparison
with natural fibers possess superior properties. They are water and stain resistant
and also cost-effective. Synthetic fibers have a wide variety of uses in commercial,
industrial, outdoor, and indoor applications along with apparels. Synthetic fibers can
be dried easily, easier to wash, and has good elasticity, which makes it comfortable
to wear.
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The demand for synthetic fibers is expected to grow throughout the globe, owing to
the increased demand for safe, lightweight, and high strength materials in
aerospace, automobile, and textile industries. Moreover, the demand for low fuel
consuming and low carbon emitting vehicles is expected to further surge the global
market of synthetic fibers. Advancements in research and development of green bio
fibers and green synthetic fibers are further boosting the growth of the global market
of synthetic fibers. However, the tendency of the synthetic fiber to melt and burn
easily as compared to natural fiber is one of the major drawbacks of the synthetic
fiber market throughout the globe. Stringent government regulations and growing
environmental concerns are acting as another restraint for the global synthetic fiber
market.
Synthetic Fibers market outlook:
Asia pacific is expected to be the fastest growing region in synthetic fibers market
over the forecast period, owing to the presence of the world’s most populated
economies such as India and China. The growth in the economy of the region has
increased the per capita income of consumers, which in turn is adding to the demand
for apparels in the region. Moreover, industrialization has further propelled the
construction industry in the region, which is a major factor driving the growth of
synthetic fibers market. The various end-use industries of synthetic fibers such as
the automotive and aerospace is developing at an augmented pace in the region
further adding to the demand. According to India Brand Equity Foundation, a trust
established by the Department of Commerce, Ministry of Commerce and Industry,
Government of India (IBEF), the Indian infrastructure industry is expected to grow to
US$ 5 billion till 2022, as from April 2000 to March 2016, the infrastructure and
construction development in India received a foreign direct investment, which
accounted for US$ 25.19 billion. The lack of government restrictions has attracted
many manufacturers to enter the lucrative synthetic fibers market in the region.
North America is the dominant region in the synthetic fibers market and is expected
to retain its position over the forecast period. The developed end-use industries of
the region are the major driving factor for the growth of synthetic fibers market. The
construction sector in the region is growing significantly due to the recent
investments proposed in Canada and the U.S, in turn is adding to the demand for
synthetic fibers. Moreover, North America is considered to be the largest region in
the aerospace industry, which is a major end user for synthetic fiber, hence
propelling the growth of synthetic fibers market.
The key market players are adopting various organic and inorganic strategies. For
instance, Kuraray co. has entered into a merger agreement in 2017, under which
Kuraray co will acquire Calgon Carbon. The key players operating in the global
synthetic fiber market include Mitsubishi Rayon, Jushi Group, Owens Corning, Teijin,
Nan Ya Plastics, Toray Industries, BASF, Toho Tenax, Akra Polyester, ALFA,
Recron, Asahi Kasei Fiber, Reliance Industries, Radici Partecipazioni, Performance
Fibers, Bayer, BP Amono, Cydsa SAB, Eastman, DAK America, Technical
Absorbents, and DuPont.
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Synthetic Fibers Market report categorizes the global market by Product Type, by Application - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

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