Synthetic Fibers Market is predicted to exhibit a 9.16% CAGR from 2018 to 2023 (forecast period) on the basis of value.
Synthetic Fiberss are compounds extracted from the plant Stevia rebaudiana and marketed under the trade name of stevia. It is a sustainable sweetening ingredient and viable solution for people suffering from diabetes.
Due to its low-calorie properties, the market is expected to experience an upheaval in demand of 8.23% CAGR over the forecast period. Increasing prevalence of obsesity and cancer is likely to cause the shift towards non-sugar substitutes such as stevia. New-found applications of these compunds in nergy drinks and other beverages is likely to open up new growth opportunities for the market.
Synthetic Fiber Market Competitive Landscape
Some of the prominent market players profiled in MRFR’s report include Bombay Dyeing Inc., Toyobo Co. Ltd, Teijin Limited, Indorama Corporation, China Petrochemical Corporation, DowDuPont, Mitsubishi Chemical Holdings Corporation, Toray Chemical Korea, Inc., Lenzing AG, and Reliance Industries Limited
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The latest study conducted by Market Research Future (MRFR) reveals that the global market for synthetic fiber is set to exhibit an above-average CAGR of 7.25% during the forecast period (2018-2023). Unlike natural fibers, synthetic fibers are produced using chemicals. The procedure involves polymer and monomers linking through polymerization. Synthetic fibers are artificial and possess superior chemical and physical properties such as lightweight, high durability, elasticity and wrinkle resistance.
This has helped in driving the popularity of synthetic fibers extensively. Moreover, such fibers have a relatively lower-price tag then bio-based or natural fibers. They are used in manufacturing products that require moisture resistance, and easy crease recovery. These essential qualities of the synthetic fiber makes it an apt material for the textile industry. Synthetic fibers are increasingly used in clothing, home furnishing and automotive interior designing applications. By the year 2023, the global synthetic fiber market is expected to reach USD 144,279.9 Mn in terms of value.
Synthetic fibers use in the automotive interiors and home furnishings manufacturing has increased substantially in recent years. The constantly evolving fashion trends and lifestyles has led to an increase demand for fibers, which is creating opportunities for market players. Further, the supply and demand gap in natural fiber is also acting as major growth enabler for the global synthetic fiber market. Nonetheless, volatility in raw material prices like those of caprolactam and acrylonitrile has an undesirable effect on the market. Manufacturers are focusing on production of bio-based or green synthetic fibers to overcome such hurdles.
Synthetic Fiber Market Segmental Analysis:
MRFR’s report includes a segmental analysis of the market based on type and application. On the basis of type, the market has been segmented into polyester, acrylic, nylon, polyolefin, and others. In 2017, the polyester segment accounted for over 67% of the market share. The segment is expected to remain highly profitable during the assessment period. The growing demand for affordable and high-performance fiber in clothing and home furnishing is partly boosting the demand for polyester-based synthetic fibers.
The nylon segment currently holds the second position and likely to exhibit a healthy CAGR during the review period. Nylon application has increased in manufacturing of products such as nets, tire cords, tarpaulins, hoses, monofilament fishing lines, conveyor belts, seatbelts, tents, and parachutes.
On the basis of application, the market has been segmented into clothing, home furnishing, automotive, filtration, and others. The clothing segment is expected to retain its leading position over 2023. The segment stood at USD 45,102.7 Mn in 2017 and is projected to witness a healthy growth during the assessment period. This can be attributed to the boom of e-commerce and a rise in spending on premium priced clothing.
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Global Synthetic Fiber Market Regional Analysis:
The market has been covered across major regions such as North America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC) and South America. During the forecast period, the APAC is expected to spearhead the global synthetic fiber market. In 2017, APAC accounted for more than 58% market share. The market in APAC is anticipated to surpass a valuation of USD 87,800 Mn by the year 2023. The massive population in the region and the high rate of urbanization is likely to drive the growth of the synthetic fiber market in APAC over the next several years.
Market Research Future employs a comprehensive research methodology for qualitative and quantitative assessment of macroeconomic indicators and governing factors of markets and industries. A multi-layered research module with strong data triangulation technique is utilized for in-depth analysis of market dynamics, growth opportunities and challenges. Extensive primary and secondary research processes ensure accuracy and objectivity of market insights. For collection of primary data, detailed surveys and personal interviews are conducted with key opinion makers across the value chain. secondary research processes verify the primary data through inputs from SEC filings, white paper references, research publications and other credible sources available in public domain. Additionally, top-down and bottom-up approaches are utilized for extrapolation of research findings.
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