Synthetic Fibers Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Synthetic fibres are the subject of a study, which was completed in the year 2024. It is a market that will grow at a CAGR of 5.78% during the forecast period. This growth is mainly due to the growing demand for synthetic fibres in various industries such as textiles, automobiles and construction. As the preference for durable and versatile materials increases, the synthetic fibres are increasingly preferred for their performance and cost-effectiveness. The development of new eco-friendly synthetic fibres and the innovation of production processes are also contributing to the growth of the market. Companies such as DuPont, BASF and Invista are at the forefront of these developments and have made significant investments in sustainable practices and strategic alliances to enhance their product offerings. DuPont’s emphasis on bio-based fibres and BASF’s initiatives in the field of recycling are two such examples. These trends and strategic initiatives will play a major role in shaping the future of the synthetic fibres market.

Regional Market Size

Regional Deep Dive

Synthetic fibers market is characterized by a diverse set of dynamics across various regions, driven by varying consumer preferences, industrial applications, and regulatory frameworks. In North America, the market is influenced by the strong demand for high-performance textiles in the industries such as automotive and medical. In Europe, the focus is on sustainability, and bio-based synthetic fibers are gaining traction. In the Asia-Pacific region, the rapid industrialization and urbanization is expected to boost the demand for synthetic fibers in the home and clothing applications. In the Middle East and Africa, the growth of the textile industry is gaining momentum, backed by the government initiatives. In Latin America, the shift towards synthetic fibers is gradual, driven by the changing consumer habits and economic development.

Europe

• The European Union's Green Deal is promoting the use of sustainable synthetic fibers, with initiatives aimed at reducing carbon footprints and encouraging innovations in biodegradable materials.
• Companies like Lenzing AG are pioneering the development of eco-friendly fibers, such as TENCEL™, which are derived from sustainably sourced wood, reflecting the region's commitment to environmental responsibility.

Asia Pacific

• China remains a dominant player in the synthetic fibers market, with significant investments in advanced manufacturing technologies, particularly in the production of polyester and nylon.
• India's textile industry is rapidly adopting synthetic fibers, supported by government initiatives like the Production-Linked Incentive (PLI) scheme, which aims to boost domestic manufacturing and exports.

Latin America

• Brazil is experiencing a shift towards synthetic fibers in the fashion industry, with local brands increasingly adopting polyester and nylon to meet consumer demand for affordable and durable textiles.
• Government initiatives in countries like Colombia are promoting the use of synthetic fibers in the textile sector, aiming to enhance competitiveness and sustainability in the market.

North America

• The U.S. is seeing a surge in demand for recycled synthetic fibers, driven by consumer preferences for sustainable products, with companies like Unifi, Inc. leading the charge in producing recycled polyester.
• Regulatory changes in California, such as the California Consumer Privacy Act (CCPA), are influencing how companies in the synthetic fibers market manage data and sustainability practices, pushing for greater transparency.

Middle East And Africa

• The UAE is investing heavily in the textile sector, with initiatives like the Dubai Textile and Fashion Centre aimed at enhancing the region's synthetic fiber production capabilities.
• South Africa is focusing on local production of synthetic fibers to reduce import dependency, supported by government programs that encourage local manufacturing and job creation.

Did You Know?

“Did you know that approximately 60% of all fibers produced globally are synthetic, with polyester being the most widely used due to its versatility and cost-effectiveness?” — Textile Exchange

Segmental Market Size

The synthetic fibres segment plays a crucial role in the overall textiles and materials market, which is currently growing steadily and is influenced by the growing demand for durable and versatile materials. The active and casualwear trend, which is characterized by a preference for synthetic materials, wicking and stretch properties, and the ongoing sustainable trend, which is characterized by the development of new, sustainable and recyclable materials, are also driving the market. And a series of new regulations on the environment are pushing manufacturers to adopt more sustainable production methods. Today, the synthetic fibres market is in its maturity phase, with the leading companies, DuPont and Invista, in particular, leading the way in terms of fibre technology. Their main applications are in clothing, car upholstery and household textiles, where the properties of synthetic fibres are highly valued. In addition to these, there are a number of notable trends that are accelerating growth, such as the European Union’s Green Deal, which encourages the use of recycled materials. And advanced polymerization and bio-based fibres are shaping the segment’s development, enabling manufacturers to meet both consumers’ wishes and the demands of the authorities.

Future Outlook

The synthetic fibres market is expected to grow at a strong CAGR of 5.8 per cent between 2024 and 2032, from a value of $120.28 billion to $188.49 billion. The growth is driven by a growing demand in various sectors, such as textiles, automobiles and construction, where synthetic fibres are increasingly used for their strength, versatility and cost-effectiveness. By 2032, it is estimated that the synthetic fibres market will account for more than 60 per cent of the total fibre market, driven by the superior properties of synthetic fibres and the increasing demand for lightweight and high-strength materials in manufacturing. Meanwhile, new technological developments such as the development of bio-based synthetic fibres and the introduction of new recycling methods will play an important role in the future. In addition, the increasing importance of the circular economy and the growing emphasis on the environment will increase the demand for sustainable synthetic fibres. In this respect, the support of governments to reduce plastic waste and to promote sustainable materials will be important, especially in Europe and North America, where the regulatory framework is becoming increasingly strict. In addition, new trends such as smart textiles and the integration of IoT into synthetic fibre applications will also contribute to the dynamic growth of the market, which will continue to be a game changer in the next decade.