The global synthetic fibers market size is expected to reach USD 88.31 billion by 2028 according to a new study by Polaris Market Research. The report “Synthetic Fibers Market Share, Size, Trends, Industry Analysis Report, By Type (Nylon, Polyester, Acrylics, Rayon, Acetate, Others); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of synthetic fibers is expected to increase during the forecast period due to consumers' rising disposable income, improving lifestyles, and greater demand for cost-effective and easy-to-maintain fabrics. The increasing use of these materials for automotive and construction sectors has also supported the growth. However, the COVID-19 outbreak has restricted the growth of the market due to operational challenges, disruption of supply chain, reduced demand, and workforce impairment.
The different types of synthetic fibers include nylon, polyester, acrylics, rayon, acetate, and others. The polyester segment accounted for the highest share in 2020 because of its properties such as flexibility, shape retention, chemical and wrinkle resistance. However, the demand for nylon is expected to increase during the forecast period. Nylon material offers extremely high strength and elasticity.
These materials provide excellent toughness, abrasion resistance, and easy washability. Nylon is used in apparel and home furnishing sectors. Its application has increased in demanding applications such as hoses, parachutes, sleeping bags, tents, ropes, seat belts, and civil engineering materials.
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Synthetic materials are used in diverse applications such as apparel, furnishing, automotive, construction, healthcare, and others. The apparel segment accounted for the highest share in 2020 due to increasing disposable income, adoption of fashion trends, and greater need for comfortable clothing.
The demand for these fibers from the automotive segment is expected to increase during the forecast period. Use of these materials in seats, armrests, headrests provide improved comfort, aesthetic, durability, and versatility. Modernization of vehicles, development of autonomous vehicles, and increasing penetration of luxury vehicles further influence the growth of the market.
Some major participants include BASF, China Petroleum Corp, E. I. du Pont de Nemours and Company, Bombay Dyeing, Lenzing AG, Mitsubishi Chemicals Holdings Corporation, Indorama Corporation, Reliance Industries Ltd., The CHA Textiles Group, Teijin Ltd, Toray Chemical Korea Inc, Toyobo Co., Ltd
Polaris Market Research has segmented the synthetic fibers market report on the basis of type, application, and region:
Synthetic Fibers, Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2016-2028)
Synthetic Fibers, Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016-2028)
Synthetic Fibers, Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2016-2028)