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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Synthetic Fibres Market Outlook
The global synthetic fibres market reached a volume of 85.33 million tons in 2023. The market is further expected to grow at a CAGR of 4.90% in the forecast period of 2024-2032 to reach a volume of 131.33 million tons by 2032.
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The Asia Pacific to Significantly Contribute to the Synthetic Fibres Industry Growth
North America accounted for a significant share in the industry in 2020. The demand and production of synthetic fibres in Latin America and Europe are also high. However, the Asia Pacific is expected to create significant opportunities for the market expansion in the forecast period. This can be attributed to the escalating disposable incomes and the presence of a large population in the region. The growing production and consumption of synthetic fibres in China and India are significantly aiding the industry growth. This is further supported by the rapid urbanisation and rising standards of living in these countries.
Synthetic Fibres: Market Segmentation
Synthetic fibres are man-made fibres produced from petrochemicals. They possess superior properties like strength, elasticity, washability, lightweight, and softness. Further, they are cost-effective in nature and provide additional benefits like high lustre and wrinkle and moisture resistance, among others. They play a crucial role not only in the production of apparels but find uses in various outdoor, indoor, and commercial applications.
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Based on type, the market is divided into:
- Acrylic
- Nylon
- Polyester
- Polyolefin
- Acetate
- Rayon
- Aramid
- Viscose
- Others
The various applications of synthetic fibres include:
- Apparel
- Automotive
- Healthcare
- Home Furnishing
- Aerospace
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Advancements in Technology to Bolster the Synthetic Fibres Industry Growth
Synthetic fibres provide many benefits like they do not wrinkle easily and have good elastic properties, which make the apparels comfortable to wear. Further, these fibres are easy to wash, dry up quickly, and can be dyed easily. These fibres are not only used in general textile but are also witnessing increased adoption in the healthcare, aerospace, home furnishing, and automotive industries owing to their cost-effectiveness and durability. Other factors like rapid industrialisation, changing consumer preference, rising standards of living, increasing disposable incomes, changing fashion trends, and thriving retail sector are also boosting the industry growth. Meanwhile, the rapid technological advancements are leading to the improvement in production methods, thus, facilitating the development of synthetic fibres with superior physical, chemical, and mechanical characteristics. The growing focus of manufacturers to incorporate functional changes in synthetic fibres so that they have a little to no hazardous impact on the environment is expected to boost the industry growth in the forecast period.
Key Industry Players in the Global Synthetic Fibres Market
The report gives a detailed analysis of the following key players in the global synthetic fibres market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Schott Textiles, Inc.
- Mitsubishi Chemical Corporation
- Reliance Industries Limited
- Lenzing AG
- Toray Industries, Inc.
- China Petrochemical Corporation
- William Barnet and Son, LLC
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global synthetic fibres market attained a volume of 85.33 million tons.
The market is projected to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 131.33 million tons by 2032.
The major drivers of the industry, such as the rising disposable incomes, increasing population, growing focus on fashion and grooming, rising demand from the developing regions, and growing retail sector, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing technological advancements and the improvements in the production of synthetic fibres.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading types of synthetic fibres in the market are acrylic, nylon, polyester, polyolefin, acetate, rayon, aramid, and viscose, among others.
The significant application segments in the industry are apparel, automotive, healthcare, home furnishing, and aerospace, among others.
The major players in the industry are Schott Textiles, Inc., Mitsubishi Chemical Corporation, Reliance Industries Limited, Lenzing AG, Toray Industries, Inc., China Petrochemical Corporation, and William Barnet and Son, LLC, among others.
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