The synthetic fibers market entails of sales of synthetic fibers. The Fibers are man-made textile synthetic fibers which are customarily made from natural materials, such as rayon and acetate from cellulose, or regenerated protein synthetic fibers from zein or casein, as well as fully synthetic synthetic fibers likewise nylon or acrylic synthetic fibers.
According to the report analysis, ‘Synthetic Fibers Global Market Report 2020’ states that in the synthetic fibers global market there are several corporates which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the short span of time while spreading the awareness related to such, increasing the applications of such, delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of the synthetic fibers, employing the young workforce and establishing the several research and development programs includes Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corporation, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, China Petroleum Corporation (Sinopec Corp.), Teijin Limited, Toray Chemical Korea, Inc., Toyobo Co., Ltd. and several others.
The worldwide synthetic fibers market was worth USD 147.16 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 5% and reach USD 175.06 billion by 2023. However, the synthetic fibers market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific registers for nearly 50% of the market.
The Sybthetic fiber is effectively utilized in a broad range of applications involving textile industry and home furnishings due to its physical and chemical advantages such as high durability, and stain-resistant characteristics. Polyester is one foremost fiber utilized in tires, belts, hoses whereas nylon is used for the preparation of carpets. According to the Textiles Intelligence Report, the demand for man-made synthetic fibers augmented by 3.4% in 2017 and obtaining a total share of 73% at global level. Thus, the augmented usage of synthetic fibers in end-user industries propels the market.
Augmented the demand for lightweight and fuel-efficient materials or advanced composite materials is growing the demand for synthetic synthetic fibers. Synthetic fibers generated from polymer aromatic polyamide are majorly of two types, para aramid and made aramid. The Aramids, UHME polyethylene, and POA are the foremost types of sphere synthetic synthetic fibers. Marine, medical, sporting goods, pressure vessel, and reinforcement materials industries are the proficient applications for the specialty synthetic fiber market and growth in these markets is propelling the synthetic fibers market. For instance, some of the fresh products utilizing synthetic synthetic fibers involve bioplastics, plastic composites/nanocomposites, self-healing polymers, plastic electronics and smart and reactive polymers. Therefore, in the near years it is predicted that the market of synthetic fibers will increase around the globe more proficiently over the upcoming years.
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Ankur Gupta, Head Marketing & Communications