Global Synthetic Fiber Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, Global synthetic fiber Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global synthetic fiber market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Fibers made through human intervention using chemical synthesis process, opposed by natural fiber which human get from living organism with negligible or no chemical change. Synthetic fibers are used in clothing, home furnishing, automotive and filtration. It has properties like heat and moisture resistant.
Rise in clothing market in U.S. on account of growth in e-commerce business is a prominent driver in this market. The clothing manufacturers are providing high value and attractive products to draw a high number of customers, to boost sales of their products. The expanding consumer interest towards home furnishings is spurring the development in the business portion. The industry requires these fibers to manufacture bed linen, blankets, upholstery, wall coverings, soft home furnishings, carpets, and similar other products. The growth in real estate sector is fuelling the increase in home furnishings. The higher presence of retail stores providing the home furnishings are another vital reason driving the market growth over the forecast period. The increase in population, combined with expanding rate of urbanization is also having a positive implication on the home furnishings market. The automotive interior materials use artificial fiber for manufacturing body cloth fabrics, velour, tweed, velvet and similar other useful fabrics and its demand impacts positively for synthetic fiber market. However strict rules regarding the non biodegradability of synthetic fiber will hamper the market. Further manufacturing that places a negative role on the environment has kept them under the severe criticism.
The global synthetic fiber market is segmented by type which includes polyester, acrylic, nylon and others. Further the market is classified on the basis of end use industry which includes industrial use, home furnishing, apparel and others.
The global Synthetic fiber market is studied across regions North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Europe is the major regions in terms of consumption of synthetic fibers. After effect of the economic slowdown in 2008 on most of the industries in this region and the on-going recovery, the demand for advanced materials is projected to rise. The demand for synthetic fibers in the European region is mainly driven by the western European countries such as Germany, the U.K., and France. The demand is driven by growth in clothing industry in the developed region.
Key players: The prominent players in this market are Toray Industries, Inc., E. I. du Pont de Nemours and Company, Lenzing AG, Indorama Corporation, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, and China Petroleum Corporation have a prominent presence in the global synthetic fibre market
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