Synthetic Fibers Market Size, Share & Trends Analysis Report by Type (Polyester, Nylon, Acrylics), by Application (Apparel, Home Furnishings), by Region & Segment Forecast, 2022-2030
New York, Sept. 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Synthetic Fiber Market Size, Share & Trends Analysis Report by Type, Application, Region and by segment, 2022-2030” – https://www.reportlinker.com/p06318465/?utm_source=GNW
Synthetic Fiber Market Growth and Trends
The global synthetic fiber market is expected to reach USD 98.21 billion by 2030, according to a new report. The market is expected to grow at a lucrative CAGR of 5.1% from 2022 to 2030. Rising consumer demand for cost-effective, durable, easy to wash and maintain synthetic fabrics is expected to drive the market growth over the forecast period.
Changing fashion trends coupled with growing urban population with modern standard of living should provide opportunities for premium polyester fibers. Synthetic fibers have been widely used in the textile industry and show superior properties compared to natural fibers.
Thus, the synthetic fiber market is expected to grow with the expansion of the textile industry.
Fabrics made from synthetic fibers, such as acrylic, polyester, nylon, and rayon, are used in an array of applications in the apparel segment. These fabrics are strong, durable, easy to dye and soft, and act as a highly absorbent material. .
Factors such as digitalization of production facilities and growing textile industry in emerging economies are expected to boost the market growth over the forecast period.
Asia-Pacific is the largest market for synthetic fibers, with demand likely to increase throughout the forecast period due to the region’s high population density and growing need for synthetic fiber products in sectors such as automotive, textiles, filtration and furniture. Growing economies in the region, particularly India and China, will experience an increase in demand for synthetic fibers.
The presence of major multinational fashion apparel manufacturers including H&M, Zara, Dior, Louis Vuitton, Gucci and Hermès has increased the demand for branded apparel which, in turn, is expected to benefit the fiber market demand synthetics in the country. .
The synthetic fiber market presents a large number of players in the market, resulting in strong competitive rivalry. To gain competitive advantage, many companies adopt various strategies such as launching new products, mergers, improving portfolios and adapting various technological advancements.
Highlights of the Synthetic Fibers Market Report
• Polyester type segment accounted for USD 30.53 billion in 2021 and is projected to grow at a CAGR of 5.0% from 2022 to 2030. This growth can be attributed to its application in the production of textiles, furniture and fabrics furnishing.
• The growing e-commerce industry has given different sportswear retailers the opportunity to offer products like sportswear and gymwear that are lightweight and have moisture wicking properties. This is expected to drive the demand for polyester fibers over the forecast period.
• Wearable apps accounted for the revenue share of 46.5% in 2021 owing to the growing demand for sportswear among the urban population due to their growing focus on fitness. Improved lifestyle and increased purchasing ability of the consumer further boost the demand for garments which is expected to provide growth opportunities for the synthetic fiber market. Additionally, changing fashion trends coupled with growing demand for artificial silk is expected to boost the market growth.
• Rising consumer spending capacity and the desire for better looking interiors are expected to drive the need for home furnishings in these regions. The growth in home furnishings is, in turn, expected to lead to an increasing demand for synthetic fibers during the forecast period.
• Asia-Pacific is expected to witness a substantial market growth of 5.5% from 2022 to 2030. The apparel and textile industry in the region is expected to witness significant growth in the coming years owing to the increase infrastructure investments by different governments in large projects that are expected to increase the demand for synthetic textiles.
• Major players in the market are undertaking mergers and collaborations to expand their reach and increase their production capacity, thereby increasing their market share. Additionally, players are investing heavily in R&D to overcome environmental concerns, as breakthroughs in polyester production and synthetic fiber recycling are not a cure for all environmental problems.
Read the full report: https://www.reportlinker.com/p06318465/?utm_source=GNW
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