Synthetic Fibers Market: Overview
The market size for synthetic fibers was USD 61.7 Billion in 2021, and it is projected to grow at a CAGR of 5.0 percent during the forecast period. Because of its benefits, such as low cost, great strength and flexibility, and recyclability, polyester fiber is increasingly being used in various industries, making it a popular option in the textile industry. It is employed in creating carpets, upholstery, side panels, roofs, flooring, seatbelts, tires, airbags, fuel filters, insulators, and other parts.
It is projected that the development and further expansion of the e-commerce sector would increase demand for clothing and, at the same time, stimulate the market for synthetic fibers. Additionally, the digitization of manufacturing facilities and the expanding textile sector in emerging nations are anticipated to drive the synthetic fiber market growth during the forecast period. To reduce their negative effects on the environment, industry participants are concentrating on technological developments in the production of synthetic fibers. To meet the rising demand for synthetic fiber from various industries, companies are consistently working to produce products through innovation and progress. SONGWON creates, manufactures, and sells a variety of polymer stabilizers that shield plastics and synthetic fibers against oxidative deterioration and heat during production and usage, extending product lifespan.
The non-biodegradability of synthetic fibers, for example, is predicted to present considerable difficulties for producers worldwide. In addition, synthetic fibers burn more quickly than natural fibers and have a lower melting point. These environmental and safety concerns are some of the main restraints preventing the worldwide market for synthetic fibers from expanding. It is also having an import and export of clothing; the United States imported USD 24.65 billion worth of textiles and apparel in the first quarter of 2021, up 4.32% from USD 23.63 billion in the January-March 2020 period, according to the Major Shippers Report published by the U.S. Department of Commerce.
Synthetic Fibers Market: COVID-19 Impact
According to the UN, the COVID-19 outbreak decreased GDP by 3.5% in 2020. The World Bank projects that global economic activity will perk up in 2021 and increase by 5.6%. The COVID-19 pandemic affected the global apparel industry because governments closed factories, stores, and events to stop the virus's spread. The global coronavirus outbreak has significantly impacted fashion companies. Despite difficulties with customer demand in the fashion industry, fresh prospects emerged when fashion brands turned their attention to alluring coronavirus face masks. However, because masks are best made of materials with natural fibers, this chance had little influence on synthetic fabrics.
Synthetic Fibers Market: Drivers
Use of Synthetic Fibers in Automotive Industry is Driving Market Growth
The industry is additionally impacted by the increasing adoption of western culture in developing nations and the quick evolution of fashion trends. The use of synthetic materials in the automotive industry has increased. The market's expansion is also influenced by factors such as rising passenger vehicle demand, increasing vehicle modernization, and rising luxury car penetration. The top companies have been launching new products, making acquisitions, and improving manufacturing techniques, increasing demand for synthetic fibers worldwide. Conveyor belts, tire reinforcements, and safety belts are a few uses for industrial polyester fibers. However, polyester's slow decomposition and lack of biodegradability raise several environmental issues with its use.
Rise in Demand for Synthetic Fibre in Garments and Apparel is Propelling Market Expansion
Over the forecast period, rising demand for clothing and apparel due to international fashion trends is anticipated to fuel market revenue growth. Demand for synthetic fibers is anticipated to rise due to product features like waterproofing, flexibility, UV resistance, color resistance, and oil resistance. Additionally, the demand for textiles, garments, home products, and ornamental items is anticipated to expand globally. Government statistics show that the consumer price index for clothing increased by 4.9% between June 2020 and June 2021. Children's clothing prices rose even further, at 5.5% for boys and 5.6% for girls. Men's jeans, women's dresses, and coats are among the fashion items with the largest price increases, while women's clothing prices have increased by 5.3%, compared to just 1.5% for men's clothing. Men will pay 11.1% more for a new pair of pants, women will pay 15.8% more, and winter coats will cost 8.4% more.
Synthetic Fibers Market: Restraints
Availability of Alternatives is becoming Significant Market Constraint
For use in ceiling panels, partition boards, and other applications, natural fibers are a competitive alternative to synthetic fiber in the transportation, aircraft, military, building, packaging, consumer products, and construction industries. The automotive and aerospace industries have the highest possibilities for natural fibers because of the product’s advantages, such as lighter weight, better crash absorption, and sound insulation. The natural fiber is more practical for humans than synthetic fiber since it has several distinctive characteristics, including biodegradability, renewability, and environmental friendliness. Natural fibers have a lower density, are less dense, are lightweight, and may be composted. Additionally, they feature high toughness, adequate strength properties, and nonabrasive processing, which means they won't irritate clients' skin or respiratory systems. Natural fibers that are lightweight and affordable, like flax, jute, sisal, hemp, coir, and abaca, have the potential to replace a sizeable portion of synthetic fibers in several applications.
Synthetic Fibers Market: Segment Overview
Growing Application of Polyester is Fueling Market Growth
In 2021, the polyester type category dominated the market and accounted for more than 48.5% worldwide sales. The expanding use of polyester in upholstery, safety belts, home furnishings, tire reinforcement, plastic reinforcement, and garments is anticipated to spur market expansion. High-end polyester fibers with high durability, quick drying, and easy washing properties are predicted to have chances due to the expanding fashion trends and increased urbanization. Numerous garments and consumer products are made from nylon. Nylon fiber is low in moisture absorbency, elastic, abrasion-resistant, glossy, and easy to launder. This broadens its use in clothing and upholstery, including shorts, swimsuits, tracksuits, bedspreads, and drapes. Additionally, it is utilized in technical fabrics to create items like flak vests, battle gear, and parachutes.
Clothing Application Segment to Dominate Due to E-Commerce Gaining Traction
In 2021, the clothing application category dominated the market and accounted for over 46% of total revenue. Factors like the expanding e-commerce sector and the urban population will be e anticipated to boost the market. Synthetic fibers are used in various clothing products, such as footwear, protective apparel, rain gear, and personal protective equipment. Due to the increase in housing and real estate building, the demand for the home furnishings industry is anticipated to experience a substantial rise during the projection period. Different home furnishings products, particularly carpets, cushions & covers, and mats, incorporate synthetic fibers. As customers turn their attention away from bedroom furnishings and toward living room furniture, the home furnishings business is expanding in the emerging nations of Asia and the Pacific.
Synthetic Fibers Market: Regional Landscape
According to the geographical analysis, the market in the Asia Pacific is anticipated to generate the greatest revenue share throughout the forecast period. Increasing demand for apparel and household furnishings and an expanding population are some of the main variables anticipated to propel market expansion in this area. Additionally, customer desire for comfortable and ecological clothing drives up prices for high-value materials like viscose/rayon, silk, and hemp. Due to the noteworthy characteristics of both natural and synthetic yarn, blended versions of fibers are also growing rapidly, opening up new business chances for firms operating in the Asia Pacific industry. To fulfill the strong growth potential of viscose staple fiber (VSF), for instance, and to improve its market position in Indonesia and regional export markets, Asia Pacific Rayon (APR) planned to boost its production capacity to 600,000 tonnes on February 22, 2021. Capacity will be increased through enhanced optimization and effectiveness and the development of a 300,000-ton viscose production plant in Pangkalan Kerinci, where APR shares space with sister firm and fiber supplier APRIL Group.
Over the forecast period, the North American market for synthetic fibers is anticipated to grow quickly in terms of revenue. The market's revenue growth is fueled by several factors, including quick industrialization, evolving customer preferences for textiles, and rising consumer disposable income. The United States imported USD 24.65 billion worth of textiles and apparel in the first quarter of 2021, up 4.32% from USD 23.63 billion in the January-March 2020 period, according to the Major Shippers Report published by the U.S. Department of Commerce. With a share of 29.20% throughout the three months, China led the world in exports of textiles and apparel to the United States. The United States imported textiles and apparel worth USD 17.410 billion in the first three months of this year, with USD 7.24 billion going to non-apparel imports. The remainder went to apparel. High levels of synthetic fiber adoption can be attributed to the rising demand for clothing and lightweight transportation in the region.
Synthetic Fibers Market: Competitive Landscape
Consolidated Fibers, a Charlotte, North Carolina-based company, was purchased by Stein Fibers, Ltd. on April 9, 2021. Leading the synthetic fiber sector, Consolidated Fiber concentrates on a variety of nonwoven goods. In addition to polyester and viscose fibers, Consolidated Fibers offers Stein's Portfolio a range of specialty and niche goods. Teijin Modern Yarn Co., Ltd. and Shinwa Limited will merge on April 1 to form Teijin Frontier Knitting Co., Ltd., which will develop, produce, distribute, and process yarns. This was announced by Teijin Frontier Co., Ltd., the Teijin Group's fibers and products converting company, on March 11.
Few of the players in the Synthetic Fibers Market ADMIRAL SPORTSWEAR, BASF SE, BAYER AG, BP AMONO PLC., BRIDGESTONE CORPORATION, DUPONT (EI) DE NEMOURS, FAR EASTERN GROUP, FILA INC., SUNFLAG NIGERIA LIMITED, UNIVEX SA.
Synthetic Fibers Market is Segmented as Below:
Key Elements Included In The Study: Global Synthetic Fibers Market
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