ALBANY, New York, June 18, 2019 /PRNewswire/ -- Due to the presence of several local and global players, the global synthetic fiber market is highly competitive and fragmented, states an upcoming Transparency Market Research (TMR) report. Some of the prominent players in the global synthetic market include China Petroleum Corporation, Mitsubishi Chemical Holdings, Indorama Corporation, Lenzing AG, and Asahi Kasei Fibers Corporation.
Synthetic fiber are largely used in apparel by textile industry, ever rising demand for apparel is expected to boost the global synthetic fiber market during the forecast period. The report predicts that the global synthetic fiber market may grow at a CAGR 4.10% during the forecast period 2017 to 2026. The global synthetic fiber market is expected to reach a revenue estimation of US$90,000 mn by the end of 2026.
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On the basis of region, Asia Pacific is expected to be dominant in the global synthetic fiber market during the forecast period, however, it excludes Japan. The growth in this region can be attributed ever increasing population. Besides, Asia Pacific excluding Japan, Europe is also projected to remain an impressive market during the forecast period. On the basis of end users, the global synthetic fiber market is segmented into industrial use, home furnishing, apparel, and others. But, the home furnishing sector is projected to register the highest growth due to an ever rising demand for home furnishing products to meet standard of living.
Automotive Sector to Provide Impetus to Growth in Global Synthetic Fiber Market
Lately, there is a growing trend of hybrid and automatic electric vehicles that calls for light weight accessories and internal structure. This, in turn increases the demand for synthetic fiber, owing to substantial growth in the global synthetic fiber market in the upcoming years.
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Moreover, increasing demand for men, women, and children clothing to cater to the needs of style statement of young population is expected to increase the sales of synthetic fiber. Synthetic fiber is highly used in protective wear in industrial sector which is likely to create a huge demand for synthetic fiber. Hence, the global synthetic fiber market is expected to grow at a healthy pace in the upcoming years.
Rising Demand for Home Furnishing to Surge Growth in Synthetic Fiber Market
Due to rapid urbanization and changing lifestyles, there is a massive demand for home furnishing linens like blanket, bed covers, sofa covers, curtains, carpets, upholstery, etc. This is projected to be one of the major factors to drive the global synthetic fiber market in the upcoming years.
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Additionally, the rising demand for toys and soft toys are expected to fuel the demand for synthetic fiber. Also, synthetic fiber is also used in manufacturing of nets and ropes, which is further likely to propel the demand. Thus, the global synthetic fiber market is projected to observe substantial expansion in the forthcoming years.
Stringent regulations on use of synthetic fibers due to its non-biodegradable feature may dampen the global synthetic fibers market during the forecast period. Nonetheless, the advantages of synthetic fibers such as washability, elasticity, durability, softness, and cost effectiveness are expected to drive the global synthetic fiber market towards a substantial growth during the forthcoming years. Additionally, they possess some special features such as wrinkle resistance, moisture resistance, high lustre, and crease recovery. All these factors are expected to surge the global synthetic fiber market during the forecast period.
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This review is based on the findings of a TMR report titled, 'Synthetic Fiber Market (Synthetic Fiber Type - Polyester, Nylon, Acrylic, and Other Synthetic Fibres; End-Use Industries - Industrial Use, Apparel, Home Furnishing, and Others)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026.'
The Global Synthetic Fiber Market is segmented into:
End Use Industries
- Home Furnishing
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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