Synthetic Fibers Market Overview
The global synthetic fibers market is projected to register a CAGR of over 6.63% to reach around USD 176,435.6 million by the end of 2028. (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on the Synthetic Fibers Market
The COVID-19 outbreak and the subsequent lockdown have brought the manufacturing activities to a halt, severely impacting the supply of various types of synthetic fibers market. The novel coronavirus has caused a significant revenue loss in the global market, with the demand for synthetic fibers such as polyester weakening rapidly, which is a huge challenge for the players in the global industry. Plunging costs and the soaring inventory burden have also been other challenges brought on by the pandemic. In view of the surging SARS-CoV-2 cases and the lockdown still in place across countries, many of the vendors are finding it tough to restart their the production, in line with the considerable inventory burden, slower recovery rate of the downstream plants, lack of accessories and constrained logistics.
Digitalization, evolving fashion trends and the rising adoption of automation and robotics has emerged as a huge respite for the synthetic fibers manufacturers, ensuring a smoother run for the global market in the ensuing years.
Key Drivers and Barriers
Synthetic fibers are known for their high elasticity, strength, washability, softness, lightweight and cost-effectiveness coupled with a few unique properties including crease recovery, wrinkle resistance, high luster and moisture resistance. These special characteristics have bolstered the demand for these fibers in several applications such as home furnishing, net manufacturing, filtration, automotive, clothing, construction, different rope types, and toys. The considerable growth of the clothing market across the globe, especially due to the surge in the e-commerce sector has been quite favorable for the synthetic fibers market. Clothing manufacturers are increasingly focused on offering attractive and high value products to attract more customers and the boost their sales. These efforts by the clothing companies can play a significant role in the market growth over the review period.
Rising interest in home furnishings among consumers has spurred the market growth as well, with the increasing use of synthetic fibers in the manufacturing of blankets, bed linen, soft home furnishings, upholstery, carpets, wall coverings, and more. The burgeoning real estate industry has been a key reason behind the increased consumer interest in home furnishings. The growing prevalence of retail stores has also resulted in a higher focus on home furnishings and has ultimately boosted the demand for synthetic fibers. Other growth rendering factors can be the expanding worldwide population, and the significant urbanization rate leaving a favorable implication on the home furnishings segment and thus, on the synthetic fibers market.
The key vendors in the market spend considerably on research and development to bolster the application range of synthetic fibers, including clothing, home furnishings and filtration. Companies are also frequently entering agreements and partnerships with their counterparts in the market, to leverage the combined expertise and cater to the evolving consumer needs worldwide. To illustrate, in October 2020, SailGP entered a partnership with Marlow Ropes, a renowned specialist synthetic fiber ropes’ manufacturer. The latter is known for producing eco-friendly ropes and will therefore, be the Official Rope Supplier for SailGP's race boats.
Market Segmentation
MRFR’s extensive study of the global market outlines a few key segments, namely type and application.
The primary types of synthetic fibers in the market are acrylic, polyester, polyolefin, nylon, and others. The polyester segment took the lead with the biggest share of more than 67% in 2017, and can remain extremely lucrative owing to the high demand for high-performance and affordable fiber in home furnishing and clothing. The second place belongs to the nylon segment, which is also likely to procure a healthy growth in the years to come as this synthetic fiber is increasingly being used in manufacturing of various products like tire cords, tents, hoses, tarpaulins, nets, monofilament fishing lines, conveyor belts, parachutes and seatbelts.
Filtration, clothing, automotive, home furnishing, and others are the key application areas of synthetic fibers. Out of these, synthetic fibers’ highest applications are in the clothing sector. The clothing segment had touched USD 45,102.7 Mn in the year 2017 and could project decent growth over the years ahead, in view of the expanding e-commerce sector and the rising spending by consumers on high-end and premium clothing.
Regional Study
The global market can be regionally dissected with respect to Europe, North America, Asia Pacific (APAC), South America as well as the Middle East & Africa (MEA).
APAC is anticipated to be at the forefront of the global market. APAC’s share in the global market came close to 58% in 2017 and is all set to cross the valuation of USD 87,800 Mn by 2023. Fast emerging countries like India, South Korea, Taiwan and China are characterized by the rapid economic development, burgeoning population and improving living standards that are giving a boost to various industries. Therefore, synthetic fibers are observing a strong demand in applications such as home furnishing, clothing, filtration and automotive.
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