ALBANY, New York, January 30, 2019 /PRNewswire/ --
The global synthetic fiber market is likely to witness high growth in the coming years as the leading players in the market are engaged in research and development activities. The market is projected to be fragmented as few players dominate the market. This is expected to minimize the entry barriers for new entrants. Therefore, the increasing number of players in the market will drive high competition in the market. Customization is one of the key strategies used by these players to get a firm hold in the market. Mergers collaboration, partnership, innovation, and expansion are some other largely preferred strategies used by these players. In the report, there are few prominent players analyzed that included Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Asahi Kasei Fibers Corporation, E. I. du Pont de Nemours and Company, and Indorama Corporation.
As key industry players are engaged in immense research and development that expand the market in new areas, this is will likely benefit the market's growth in the near future. With the growing demand for these products, the global synthetic fiber market is projected to reach a valuation of US$90 bn by the end of 2026. During the forecast period between 2017 and 2026, the market is likely to progress at 4.10% CAGR.
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Based on type of synthetic fiber, the demand for polyester has grown at a significant rate in the global market. Polyester is highly used in automotive because of their lightweight property. Growing demand for lightweight interval material across the globe is also expected to fuel demand in this market. In terms of geography, Asia Pacific excluding Japan is projected to dominate this market due to increasing demand for synthetic fiber in end-use industries including filtration, automotive, home furnishing, clothing, and others. Europe is also expected to create lucrative growth opportunity in this market.
Increasing Inclination towards Home Décor to Benefit Market Growth
Globally, the demand for home furnishing is an upward trajectory and fueled the demand for synthetic fiber. The synthetic fiber is used for manufacturing blankets, bed linen, wall coverings, upholstery, carpets, soft home furnishings, and similar other products. Moreover, rapid growth in e-commerce business has also benefited the synthetic fiber market. Customers are able to access a large variety of clothes, bed linen, and other products that further in the market's growth.
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Urbanization and rise in the working population have also augmented demand in the synthetic fiber market. In addition to that, the increasing number of people migrating from rural areas and their interaction with the internet might drive the demand in this market. Considering these aforementioned factors, the global synthetic fiber market is anticipated to rise a significant rate in the forthcoming years.
Strict Regulatory Standards to Impede Demand in Synthetic Fiber Market
Despite the fact the demand for synthetic fiber is rising at a significant rate, few restraining factors might deter the market's growth in the following years. One of the major challenging factors is strict policies related to the environment due to the non-biodegradability of synthetic fiber. Implementation of these regulations restricts the growth of synthetic fiber and limits the market's growth trajectory. However, rapid growth in the automotive industry has simultaneously boosted the demand for synthetic fiber due to its lightweight property. This might help in triggering the demand for synthetic fiber across the globe.
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The information presented in this review is based on a TMR report, titled "Synthetic Fiber Market (Synthetic Fiber Type - Polyester, Nylon, Acrylic, and Other Synthetic Fibres; End-Use Industries - Industrial Use, Apparel, Home Furnishing, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026."
The Global Synthetic Fiber Market has been segmented as presented below:
Global Synthetic Fiber Market, By Type
Global Synthetic Fiber Market, By End-Use Industry
- Industrial Use
- Home Furnishing
Global Synthetic Fiber Market, By Geography:
- North America
- Rest Of Europe
- Asia Pacific
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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