Synthetic Fibers Market Size was valued at USD 112.80 Billion in 2023. The Synthetic Fibers industry is projected to grow from USD 120.28 Billion in 2024 to USD 188.50 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.78% during the forecast period (2024 - 2032). The expanding use of synthetic fibers in the textile, industrial, indoor, outdoor, and commercial sectors, along with rising consumer demand for affordable, long-lasting, easy-to-clean materials, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Over the course of the forecast period, an increase in consumer desire for affordable, long-lasting, simple-to-clean materials is anticipated to fuel market expansion. As a result of chemical synthesis, these fabrics have exceptional chemical, mechanical, and physical qualities, including strength, softness, elasticity, crease recovery, high lustre, and others. These fibers are chosen in many application industries, including clothing, home furnishings, filtration, automotive, and others, because of their distinctive qualities. The total synthetic fibers industry is anticipated to experience expansion because to the fast-changing fashion trends and rising demand for home furnishings brought on by the development of e-commerce platforms for convenient product availability. In various application industries, a number of restrictions have been implemented regarding the manufacture of synthetic fibers. Volatile organic compounds (VOCs), which are released by synthetic fiber production facilities, are being limited and reduced by the Environmental Protection Agency (EPA) through the Organic Chemicals, Plastics, and Synthetic Fibers (OCPSF) effluent guidelines and regulations.
Man-made synthetic fibers are produced utilising petrochemicals. It is renowned for having exceptional chemical and physical characteristics like flexibility, toughness, and durability. The main causes of synthetic fibers' increased demand worldwide are their low cost and water- and stain-resistant qualities. The expansion of the worldwide synthetic fibers market has been driven by the increasing uses of synthetic fibers in the textile, industrial, indoor, outdoor, and commercial sectors. Acrylic, polyester, nylon, carbon fiber, spandex, and rayon are some of the different regular and unique synthetic fibers. The market for synthetic fibers is expanding at a rapid rate due to the rising demand from customers throughout the world for materials that are long-lasting, affordable, and simple to clean. The demand for synthetic fibers is likely to increase over the course of the projection period as more people turn to them for filtration, clothing, and home furnishings.
The primary development drivers of the synthetic fibers market are anticipated to be the rapidly shifting fashion trends, the expansion of e-commerce, and the rising demand for home furnishings in developed regions like North America and Europe. Growing technological developments in manufacturing techniques have produced synthetic fibers with superior mechanical, chemical, and physical properties that are used extensively not only in textiles but also in electronics, food packaging, water purification, air filters, aerospace, and the healthcare industries. This is a significant market driver for synthetic fibers worldwide. The market for synthetic fibers is expanding as a result of increased urbanisation, industrialization, consumer income growth, and shifts in consumer textile preferences. Thus, driving the Synthetic Fibers market revenue.
The Synthetic Fibers market segmentation, based on Type, includes polyolefin fibers, polyester fibers, carbon fibers, aramid fibers, UHMWPE fibers, acrylic fibers, nylon fibers, and others. Polyester fibers segment dominated the market in 2022. Polyester is in high demand because to its beneficial characteristics including chemical and abrasion resistance. Due to its simple washing, form retention, wrinkle-free, and high perspiration qualities, it is also much more preferred in the production of dresses and other apparel materials. The market is anticipated to expand as a result of the increase in demand for polyester synthetic fabrics for clothes, home furnishings, and industrial applications. High usage of industrial polyester fibers in the form of yarns and ropes for conveyor belts, safety belts, and other applications will likely contribute to growth in the industrial and automotive sector, which will then contribute to growth in the synthetic fibers market.
The Synthetic Fibers market segmentation, based on Application, includes clothing, home furnishing, automotive, aerospace & defense, filtration, and others. Clothing segment dominated the Synthetic Fibers market in 2022. This is as a result of the constantly shifting fashion trends that affect the demand for garments. The demand for clothing is anticipated to rise during the forecast period as consumers seek out more practical, affordable, and protective apparel as a result of the growing population. Another element that has a favourable influence on demand is the availability of numerous clothing brands to meet the individual needs of consumers. Online clothes sales have increased in the Asia Pacific region as a result of a rise in e-commerce platforms and increased customer awareness of various clothing companies thanks to the Internet of Things.
Figure 1: Synthetic Fibers Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Synthetic Fibers Market dominated this market in 2022 (45.80%). During the forecast period, the market is anticipated to experience considerable expansion as a result of the increased popularity of the "Made in U.S." effort and the growing trend of purchasing apparel and home furnishings online. Further, the U.S. Synthetic Fibers market held the largest market share, and the Canada Synthetic Fibers market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SYNTHETIC FIBERS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Synthetic Fibers market accounted for the healthy market share in 2022. Due to the increase in product manufacturing from nations like Italy, Germany, and Turkey, it is predicted to grow significantly throughout the projected period. The market is also expanding as a result of increasing product uses in cars, including seat covers, cushions, drive belts, airbags, and others. Further, the German Synthetic Fibers market held the largest market share, and the U.K Synthetic Fibers market was the fastest growing market in the European region
The Asia Pacific Synthetic Fibers market is expected to register significant growth from 2023 to 2032. This is because nations like China, South Korea, Taiwan, India, and Japan produce a lot of polyester, nylon, acrylics, and other materials. It is also anticipated that the region's high population and high consumption of apparel and home furnishings will contribute to market expansion. Moreover, China’s Synthetic Fibers market held the largest market share, and the Indian Synthetic Fibers market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Synthetic Fibers market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Synthetic Fibers Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Synthetic Fibers Industry to benefit clients and increase the market sector. In recent years, the Synthetic Fibers Industry has offered some of the most significant advantages to medicine. Major players in the Synthetic Fibers market, including Lenzing AG, Toyobo Co. Ltd, Bombay Dyeing Inc., Reliance Industries Limited, Toray Chemical Korea, Inc., TEIJIN LIMITED, China Petrochemical Corporation, Mitsubishi Chemical Corporation, DuPont, and Indorama Corporation, are attempting to increase market demand by investing in research and development operations.
Teijin Ltd. (Teijin) is a technology-focused holding corporation that provides solutions in the fields of healthcare, environment and energy, information and electronics, and safety and protection. It produces and sells aramid fiber, carbon fiber goods, synthetic fiber, films, polyester films, resin products, chemical products, IT products, medications, and water purification systems. It also creates and distributes IT products. The business sells medications for the treatment of conditions such as respiratory, cardiovascular, metabolic, and other illnesses as well as ailments of the bones and joints. Devices for home oxygen therapy and those connected to sleep disordered breathing are also available. Teijin has operations in Asia, Europe, America, and Japan. The business offers its goods across Europe, the Americas, and Asia. Tokyo, Japan is home to Teijin's headquarters. The TenaxTM carbon fiber prepreg from Teijin Limited was chosen in June 2021 for a part of the nacelle, or streamlined housing, for a future Airbus next-generation aircraft engine.
Fabrics and ready-to-wear clothing are produced and sold by Raymond Ltd. The company's product line comprises blankets, clothes, jeans, woollen coats, shirts and pants. Additionally, it offers files, power tools, and automobile parts like water pump bearings, flexplates, and ring gears. The business sells items for personal hygiene, such as PPE kits, sanitizers, and cleansers. Under the brand names Raymond Ready to Wear (RRTW), Park Avenue, ColorPlus, Ethnix, Next Look, and Parx, the company sells textiles and clothing. The corporation also operates non-scheduled airlines and engages in real estate development. It exports goods to the Middle East, the US, Canada, Japan, and Europe. The headquarters of Raymond are in Mumbai, Maharashtra, India. In April 2019, Raymond Group announced Ecovera, a line of fabrics that are manufactured with one of Reliance Industries Limited's most innovative technologies and are environmentally friendly.
February 2023: The International Organization for Standardization (ISO) published a new standard for recycled synthetic fibers, ISO 17256:2023. This standard will help to ensure the quality and consistency of recycled synthetic fibers, which is important for the growing market for sustainable textiles.March 2023: The Chinese government announced a new policy to promote the use of recycled synthetic fibers in the textile industry. This policy is expected to boost the demand for recycled synthetic fibers in China, which is the world's largest producer and consumer of textiles.April 2023: The American Chemistry Council (ACC) released a report on the state of the U.S. synthetic fibers market. The report found that the market is growing steadily, and that demand is being driven by factors such as the increasing popularity of sustainable textiles and the growing demand for apparel in emerging markets.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 112.80 Billion |
| Market Size 2024 | USD 120.28 Billion |
| Market Size 2032 | USD 188.5 Billion |
| Compound Annual Growth Rate (CAGR) | 5.78% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Lenzing AG, Toyobo Co. Ltd, Bombay Dyeing Inc., Reliance Industries Limited, Toray Chemical Korea, Inc., TEIJIN LIMITED, China Petrochemical Corporation, Mitsubishi Chemical Corporation, DuPont, and Indorama Corporation |
| Key Market Opportunities | The rising investments by market players in research and development |
| Key Market Dynamics | Increasing consumer demand for cost-effective, durable, easy-to-wash, and maintainable fabrics and the rising applications of synthetic fibers in the textile, industrial, indoor, outdoor, and commercial sector |
Synthetic Fibers Market Highlights:
Frequently Asked Questions (FAQ) :
The Synthetic Fibers Market size was valued at USD 112.80 Billion in 2023.
The Synthetic Fibers Market is projected to grow at a CAGR of 5.78% during the forecast period, 2024-2032.
North America had the largest share in the Synthetic Fibers Market.
The key players in the Synthetic Fibers Market are Lenzing AG, Toyobo Co. Ltd, Bombay Dyeing Inc., Reliance Industries Limited, Toray Chemical Korea, Inc., TEIJIN LIMITED, China Petrochemical Corporation, Mitsubishi Chemical Corporation, DuPont, and Indorama Corporation.
The Polyester Fibers Type dominated the Synthetic Fibers Market in 2023.
The Clothing Application had the largest share in the Synthetic Fibers Market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
