Global Synthetic Fibers Market Analysis 2024: Size Forecast and Growth Prospects

Market Size –
The synthetic fibers market size has grown strongly in recent years. It will grow from $175.06 billion in 2023 to $190.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to demand for cost-effective fibers, textile industry growth, advancements in material science, performance characteristics.

The synthetic fibers market size is expected to see strong growth in the next few years. It will grow to $258.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to sustainability and recycling, technical textiles growth, innovations in fiber types, consumer demand for performance apparel. Major trends in the forecast period include bio-based synthetic fibers, smart and functional fibers, nanotechnology integration, microfiber textiles.

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Scope Of Synthetic Fibers Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Synthetic Fibers Market Overview

Market Drivers –
Syntheticfiber is used in a broad range of applications, including the textile industry and home furnishings, owing to its physical and chemical properties such as high durability and stain-resistant characteristics. Polyester is one major fiber used in tires, belts, and hoses, whereas nylon is used for the preparation of carpets. According to a report, by 2030 it is expected that the consumption of polyester will be approximately three times that of cotton fiber. Thus, the increased usage of synthetic fibers in end-user industries is expected to drive the growth of synthetic fiber market.

 

The synthetic fibers market covered in this report is segmented –

1) By Type: Polyester, Nylon, Acrylics, Polyolefin, Other Types
2) By Application: Clothing, Home Furnishing, Automotive, Filtration, Other Applications
3) By Distribution Channel: Online, Offline

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Regional Insights –
Asia-Pacific was the largest region in the synthetic fibers market in 2023. Western Europe was the second-largest region in the global synthetic fibers market share. The regions covered in the synthetic fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Key Companies –
Major companies operating in the synthetic fibers market include Bombay Dyeing & Manufacturing Company Limited, DuPont de Nemours Inc., Indorama Corporation, Lenzing AG, Mitsubishi Chemical Group Corporation, Reliance Industries Limited, Sinopec Corp, Teijin Limited, Toray Chemical Korea Inc., Toyobo Co. Ltd., Dow Chemical Company, Toho Tenax Co. Ltd., Koch Industries Inc., Formosa Plastics Corporation, TUNTEX Group Co. Ltd., Asahi Kasei Corporation, Kolon Industries Inc., Hyosung Corporation, Radici Group, Far Eastern New Century Corporation, Indorama Ventures PCL, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, China National Chemical Fiber Corp., Huvis Corporation, Unifi Inc., FiberVisions Corporation, Trevira GmbH, Advansa BV, Wellman International Ltd., Kuraray Co. Ltd., Grasim Industries Ltd., Thai Polyester Co. Ltd., JBF Industries Ltd., Polygenta Technologies Limited, Shinkong Synthetic Fibers Corporation

Table of Contents
1. Executive Summary
2. Synthetic Fibers Market Report Structure
3. Synthetic Fibers Market Trends And Strategies
4. Synthetic Fibers Market – Macro Economic Scenario
5. Synthetic Fibers Market Size And Growth
…..
27. Synthetic Fibers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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