GMI Research analysis indicates that the Synthetic Fibers Market estimated at USD 60.1 billion in 2021 and is slated to register a single digit CAGR of 4.8% over the forecast period, and is projected to reach USD 87.5 billion in 2029.

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Key Drivers

Some of the key drivers boosting the global synthetic fibers market include the growing production of synthetic fibers globally which was estimated to be 111 metric million tonnes in the year 2019 as compared to 66.6 metric million tonnes in the year 2018, according to the textile exchange organisation. This factor will play a major role in the growth of the global synthetic fibers market across the globe. Rising automotive production globally will supplement the demand for synthetic fibers at it is widely used in tyres, airbags, safety belts, seating fabrics among others. Furthermore, due to less preference of cotton clothes owing to wrinkles on them they are sometimes not preferred by all consumers. Synthetic clothes provide a good option to consumers as they are strain and wrinkle-free. This driver will play a vital role in accelerating the growth of the global synthetics market.

Restraint in the Synthetic Fibers Market

However, environmental concerns such as the non-biodegradability of synthetic fibers are expected to pose significant challenges to manufacturers across the globe. Apart from this, synthetic fibers possess a low melting point and burn faster compared to natural fibres. Hence, these factors will act as a barrier to the growth of the global synthetic fibers market.

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Product – Segment Analysis

Based on the product, polyester is expected to grow at a higher CAGR in the global synthetic fibers market during the forecast period. This is due to the growing production of polyester globally, which was estimated to be 57.7 metric million tonnes in the year 2019 compared to 55.1 metric million tonnes in the year 2018, according to the textile exchange organisation. Rayon is also expected to have a lucrative growth over the forecast period in the global synthetic fibers market because of its use in apparel, cords, hoses, and yarns.

Application – Segment Analysis

Based on the application, clothing is projected to capture significant market growth over the forecast period in the global synthetic fibers market. This is due to a range of synthetic fibers from acrylic to polyester to rayon is being used by cloth manufacturers and fashion designers to make attractive and comfortable clothing for their customers. The automotive sector is also expected to hold a good growth over the forecast period due to synthetic fibers in door panels, door handles, dashboards, and others.

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Regional – Segment Analysis:

Based on the region, Asia Pacific is expected to have the higher CAGR in the global synthetic fibers market over the forecast period due to growing demand from countries like India and China. This is owing to large textile trade revenues in countries like India. According to the Ministry of Commerce and Industry, India, the total textile trade was USD 44.89 billion in FY 2018-19 compared to USD 37.44 billion.

Top Market Players

Various notable players operating in the market, include Mitsubishi Rayon, Jushi Group, Owens Corning, Nan Ya Plastics, Toray Industries, Akra Polyester, Performance Fibres, DAK Americas, Technical Absorbents Limited, and Dow. among others. 

Key Developments:

• • In July 2019, DAK Americas subsidiary Alpek Polyester partnered with The Recycling Partnership to support the organization’s aim to increase residential recycling rates and the demand for more availability of recycled materials to support business models. Specifically, Alpek Polyester supports the efforts to enhance the availability of recycled Polyethylene Terephthalate (rPET) to meet growing customer demand for higher rPET content in end-use products.

Segments covered in the Report:

The global synthetic fibers market has been segmented on the basis of product, application, and regions. Based on product, the market is segmented into acrylic, nylon, polyester, rayon, and others. Based on application, the market is segmented into clothing, automotive, aerospace & defense, home furnishing and others. 

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Key questions answered in this research report:

• • At what pace is global synthetic fibers market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in synthetic fibers market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global synthetic fibers market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various application areas of global synthetic fibers market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues Currency	USD 60.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Product, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Mitsubishi Rayon, Jushi Group, Owens Corning, Nan Ya Plastics, Toray Industries, Akra Polyester, Performance Fibres, DAK Americas, Technical Absorbents Limited, and Dow, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Synthetic Fibers Market by Product

• • Acrylic
  • Nylon
  • Polyester
  • Rayon
  • Others

Global Synthetic Fibers Market by Application

• • Clothing
  • Automotive
  • Aerospace & Defense
  • Home Furnishing
  • Others

Global Synthetic Fibers Market by Region

• • North America Synthetic Fibers Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Synthetic Fibers Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Synthetic Fibers Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Synthetic Fibers Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Synthetic Fibers (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Mitsubishi Rayon
  • Jushi Group
  • Owens Corning
  • Nan Ya Plastics
  • Toray Industries
  • Akra Polyester
  • Performance Fibres
  • DAK Americas
  • Technical Absorbents Limited
  • Dow