Synthetic Fiber Market Size, Share & Industry Analysis, By Type (Polyester, Nylon, Polypropylene, Acrylics, and Others), By Application (Clothing, Home Furnishing, Automotive, Healthcare, and Others), and Regional Forecast, 2024-2032

The global synthetic fiber market size was valued at USD 87.46 billion in 2023. The market is expected to grow from USD 92.99 billion in 2024 to USD 155.53 billion by 2032 at a CAGR of 6.6% during the forecast period.

Synthetic fibers are man-made fibers produced from chemical substances and are used extensively across industries. They are designed to offer high strength, durability, and elasticity. Widely observed in clothing for their ability to maintain shape and resist staining, these fibers are also critical in sectors such as healthcare, for making surgical meshes, and in the automotive industry for upholstery and tire reinforcement. In addition, their use in home furnishings for carpets and curtains is well appreciated for their colorfastness and ease of maintenance. Their versatility and cost-effectiveness make them a popular choice in various applications, from filtration systems to high-strength ropes used in construction and marine environments.

The COVID-19 pandemic negatively impacted the market due to the lockdown, which halted import-export activities globally. The pandemic significantly disrupted the market, reducing industrial demand and leading to production shutdowns. Supply chain interruptions and a downturn in end-use sectors, such as automotive and construction, further strained the market. However, recovery signs emerged as industries adjusted to new operational norms and demand rebounded.

Synthetic Fiber Market Trends

Rapidly Shifting Fashion Trends and the Expansion of E-Commerce to Create New Lucrative Opportunities

The rapidly shifting fashion trends and the expansion of e-commerce have significantly influenced the market. Firstly, they have accelerated the demand for versatile and durable products as consumers seek the latest trends quickly and affordably. Secondly, online shopping platforms have expanded the global reach of fashion brands, increasing the need for products that can withstand long shipping processes. Thirdly, the pace of changing fashion trends has pushed manufacturers to invest in innovative and sustainable products catering to eco-conscious consumers. In addition, e-commerce has facilitated direct-to-consumer sales models, increasing demand for personalized and custom-made synthetic fiber products. These factors have driven research and development in the industry, aiming for higher-quality, more sustainable materials.

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Synthetic Fiber Market Growth Factors

Increasing Demand for Lightweight Automotive Parts to Drive Market Growth

The growing need for the product in the automotive industry propels market expansion. Synthetic fiber components are used in the manufacturing of automotive upholstery and interiors to provide durability and aesthetic appeal. Automotive parts such as seat covers, carpets, and headliners are often made from these fibers due to their strength and resistance to wear and tear. Synthetic fiber-based materials are also used in the production of automotive filters, belts, and hoses for their excellent mechanical properties and heat resistance. The use of the product in automotive parts contributes to lighter vehicle weight, improved fuel efficiency, and reduced environmental impact. High-performance products are employed in the production of safety components such as airbags and seatbelts, enhancing passenger protection in vehicles. Synthetic fiber-reinforced composites are utilized in the manufacturing of lightweight and strong automotive body panels and structural parts. The application of these fibers in automotive parts aligns with the industry's emphasis on sustainability, cost-efficiency, and innovation in material technologies.

RESTRAINING FACTORS

Volatile Raw Material Prices May Impede Market Growth

Volatile raw material prices restrict the growth of the market by increasing production costs and reducing profit margins. Fluctuations in raw material prices can lead to uncertainty in planning and budgeting for product manufacturers. This volatility can also affect the competitiveness of the product compared to natural fibers. In addition, it can make it challenging for product producers to maintain stable pricing for their customers, which can impact market demand. Furthermore, consumers may experience fluctuations in product prices, which can affect demand patterns. Sharp fluctuation in raw material prices may result in price instability and uncertainty for both suppliers and consumers, potentially hindering the synthetic fiber market growth.

Synthetic Fiber Market Segmentation Analysis

By Type Analysis

Polyester Segment Dominated Owing to its Rising Adoption in Clothing Industry

Based on type, the market is segmented into polyester, nylon, polypropylene, acrylics, and others.

The polyester segment held the largest market share in 2023. Polyester is extensively utilized in the clothing industry to create long-lasting and wrinkle-resistant garments. It is a preferred option for sportswear and outdoor clothing because of its moisture-wicking properties. Polyester fibers can be combined with natural fibers to produce fabrics that are breathable and easy to maintain. In addition, in the market, polyester is used to manufacture different types of clothing, including shirts, dresses, and outerwear.

The nylon segment is set to register significant growth during the forecast period. Nylon is widely used in the market to produce clothing, carpets, and industrial materials due to its durability, strength, and flexibility. Its application in sportswear, hosiery, and other textiles has made nylon a popular choice in the market. In addition, nylon is utilized in the production of ropes, seatbelts, and tire cords, contributing to its significance in various industries.

Moreover, polypropylene is commonly used in the market for producing ropes, carpets, and geotextiles due to its high tensile strength, chemical resistance, and durability. Its applications range from industrial materials to household textiles, making it a versatile and widely utilized material in the industry.

By Application Analysis

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Clothing Segment Holds Leading Position Due to Changing Fashion Trends

Based on application, the market is classified into clothing, home furnishing, automotive, healthcare, and others.

The clothing segment held the largest synthetic fiber market share in 2023. The dominance of the segment in the market is due to changing fashion trends, which have led to increased demand for the product in apparel production. This trend has prompted innovative applications of the product in clothing, such as performance wear and athleisure, aligning with evolving fashion demands. Moreover, the clothing-dominated market has facilitated the utilization of the product in sustainable fashion, driving advancements in eco-friendly textiles and apparel.

The home furnishing segment is predicted to witness notable growth in the coming years. These fibers can be used in the production of durable and stain-resistant upholstery fabrics for sofas, chairs, and other furniture. Synthetic fiber-filled pillows and cushions are popular in the home furnishing segment due to their hypoallergenic and easy-to-clean properties. Synthetic fiber rugs and carpets are widely used in home furnishing due to their resilience, stain resistance, and affordability.

Furthermore, these products are widely used in the automotive industry for manufacturing seat upholstery, carpets, and other interior components due to their durability and stain-resistant properties. In addition, synthetic fiber-based composite materials are used in the production of lightweight automotive parts for improved fuel efficiency.

REGIONAL INSIGHTS

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific occupies the dominant share of the global market and might emerge as the fastest-growing region in the future. The booming textile and apparel industry primarily drives the market in the region. In addition, the increasing demand for automotive and industrial applications further boosts the market growth. The growth of the construction and infrastructure sectors also creates opportunities for synthetic fibers in products such as geotextiles. Furthermore, technological advancements in product production processes contribute to the market's expansion. The growing awareness of sustainable and eco-friendly fibers is also influencing the market dynamics in Asia Pacific.

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The demand for technical textiles, such as geotextiles and automotive textiles, drives the market in North America. The use of the product in the production of sports and activewear also contributes to the market's growth. The durability and versatility of these fibers make them suitable for various applications, including outdoor gear and protective clothing. Furthermore, the increasing adoption of the product in the home textile industry also propels market growth in North America.

Europe is expected to showcase significant growth in the global market during the forecast period. The expansion of the construction sector, especially in Eastern Europe, is boosting the demand for glass. The rising automotive industry, which uses glass extensively, also supports the need for synthetic fibers in Europe. Lastly, advancements in water treatment technologies, where it is used to adjust pH levels, further contribute to the rising demand within the region.

Latin America and the Middle East & Africa markets are projected to grow moderately during the assessment period. The escalating natural synthetic fiber production in countries such as Turkey contributes to the market's expansion in the Middle East & Africa. Economic growth and increasing consumer spending power in Latin American countries further fuel the demand for products, enhancing the market growth. Lastly, environmental regulations promoting cleaner processes and products have led to innovations and adaptations in the industry, supporting sustainable market growth in these regions.

KEY INDUSTRY PLAYERS

Key Players to Adopt Organic and Inorganic Business Growth Strategies to Maintain Dominance in Market

In terms of the competitive landscape, the market depicts the presence of established and emerging companies. Mitsui Chemicals, DuPont, TORAY INDUSTRIES, INC., Leigh Fibers, Inc., and Indo Rama Synthetics are some of the key players in this market. Global players in the market have heavily invested in developing better technologies to improve product output. Superior operational efficiency and novel technology development are the strategies the market leaders use for their growth. In addition, major players focus on acquisition and expansion activities to increase their market share.

LIST OF TOP SYNTHETIC FIBER COMPANIES:

• Mitsui Chemicals (Japan)


• DuPont (U.S.)


• TORAY INDUSTRIES, INC. (Japan)


• Leigh Fibers, Inc. (U.S.)


• Indo Rama Synthetics (India)


• Toyobo (Japan)


• China Petroleum (Taiwan)


• Indorama Ventures Public Company Limited (Thailand)


• Bombay Dyeing (India)


• Reliance Industries Limited (India)

KEY INDUSTRY DEVELOPMENTS:

• August 2023: Teijin Limited announced that it is developing new sustainable synthetic fibers. These new fibers will be made from recycled materials and will have a lower environmental impact than traditional synthetic fibers.


• July 2023: China Petroleum & Chemical Corporation (Sinopec) announced that it will expand its synthetic fibers business in Asia. The company plans to invest USD 1 billion in building new synthetic fiber production facilities in China, India, and Indonesia.


• June 2023: Reliance Industries Limited (RIL) announced that it will invest USD 750 million in expanding its polyester business. This investment will help the company increase its production capacity of polyester fibers by 50%.


• April 2023: DuPont introduced Kevlar EXO aramid fiber, a significant innovation in aramid technology. This new platform serves various applications requiring high performance and protection in demanding conditions.


• April 2023: Toray Industries, Inc. unveiled the rebranding of its &+ fiber brand made from recycled PET bottles. This move shows the company’s commitment to expanding the raw materials range it collects in making its contribution to a sustainable society with its textile business.

REPORT COVERAGE

The research report provides a detailed market analysis and focuses on crucial aspects such as leading companies, types, and applications. In addition, it provides quantitative data regarding volume and value, market analysis, research methodology for market data, insights into market trends, vital industry developments, and the competitive landscape. In addition to the abovementioned factors, the report encompasses various factors that have contributed to the market's growth in recent years.

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Report Scope & Segmentation