Synthetic Fibers Market Size, Share, and Industry Analysis, By Type (Polyester, Acrylics, Nylon, and Others), By Application (Home Furnishing, Clothing, and Filtration), and Regional Forecast, 2024-2032

Synthetic fibers are extensively used across various industries due to their unique properties. In the apparel sector, they are critical for creating durable, lightweight clothing such as sweaters and fleece. They play a significant role in home furnishings, providing softness and warmth in products, such as blankets and carpets. For outdoor applications, their weather resistance makes them suitable for items, such as awnings and boat covers. Additionally, their strength and resilience are harnessed in the industrial space, particularly in manufacturing filters and conveyor belts.

• The government of India is considering measures to boost domestic production capabilities of synthetic yarns by offering subsidies and tax incentives to set up advanced manufacturing units, as well as strengthening the sector's overall competitiveness.

Segmentation

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, Partnerships


• Latest Technological Advancements


• Insights on Sustainability


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Analysis By Type

By type, the market is segmented into polyester, acrylics, nylon, and others. The polyester segment holds a significant share of the global synthetic fibers market. Polyester plays a crucial role in the synthetic fibers market, predominantly used in the apparel industry for its durability and resistance to shrinking and stretching. It's also a key component in home furnishings, including curtains, bedsheets, and upholstery, due to its aesthetic flexibility and fabric strength. In addition, polyester's quick-drying properties make it ideal for outdoor clothing and gear. The packaging industry benefits from polyester's strength and moisture resistance, particularly in making bottles and containers. Moreover, its use in the automotive sector for tire reinforcements, seat belts, and interior fabrics underscores polyester's versatility and demand across various applications.

The acrylics segment also drives the synthetic fibers market. Acrylic fibers, due to their durability and resistance to chemicals and sunlight, are widely used in the apparel industry for making lightweight, warm garments, such as sweaters and fleece. They are also leveraged in home furnishing products, including blankets and carpets, offering a soft, wool-like feel. Additionally, these fibers find applications in outdoor products, such as awnings and boat covers, thanks to their weather-resistant properties. In the industrial sector, acrylic fibers are used in filters and conveyor belts due to their strength and resilience.

Analysis By Application

By application, the market is segmented into home furnishing, clothing, and filtration. The home furnishing segment holds a considerable share of the global synthetic fibers market. The home furnishing segment within the synthetic fibers market is growing significantly due to its various applications. Key usages include the production of durable and aesthetically pleasing upholstery textiles that can resist wear and tear. Synthetic fibers also find an application in making affordable and easy-to-clean carpets and rugs. Additionally, they are used to create lightweight and hypoallergenic bedding materials. Furthermore, advancements in technology have enabled the use of synthetic fibers to produce window treatments that enhance insulation and reduce energy costs.

The clothing segment primarily drives the synthetic fibers market. The clothing segment in the synthetic fibers market is pivotal for its widespread applications. These fibers are heavily utilized in sportswear due to their moisture-wicking properties, enhancing athletic performance. In fashion, synthetic fibers offer unparalleled flexibility in design and coloration, leading to vibrant and durable garments. Additionally, their use in outdoor apparel, offering waterproofing and wind resistance, highlights their versatility and importance in the industry.

Regional Analysis

To gain extensive insights into the market, Request for Customization

The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Asia Pacific dominated the synthetic fibers market with approximately 66% of the share. The synthetic fibers market in the Asia Pacific is propelled by the robust textile industry demand, increasing consumer spending, and the growing adoption of high-performance materials. Rapid industrialization and technological advancements in fiber manufacturing also significantly contribute to market growth. Lastly, environmental sustainability concerns are prompting innovations in eco-friendly synthetic fibers, further driving the market in this region.

Top exporter of furniture worldwide in the year 2023,

• China – USD 80,664 million


• Germany – USD 14,106 million


• Italy – USD 13,277 million


• Vietnam – USD 12,889 million


• Poland – USD 11,291 million

The major synthetic fibers market consumers by region are China, Japan, and India in Asia Pacific; the U.S. & Canada in North America; Germany and France in Europe; and Saudi Arabia and UAE in the Middle East.

• China was the leading exporter of furniture, exporting around 44% of furniture in 2022.


• In 2022, Germany was the second leading exporter of furniture, exporting around USD 14.1 billion.

Key Players Covered

The report includes the profiles of key players, such as Bombay Dyeing, DuPont de Nemours, Inc., Indorama Corporation, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited China Petroleum Corporation (Sinopec Corp.), Toray Chemical Korea, Inc. and Teijin Limited.

Key Industry Developments 

• In July 2023, China Petroleum & Chemical Corporation (Sinopec) announced an expansion of its synthetic fibers business in Asia. The company plans to invest USD 1 billion in the construction of new synthetic fiber production facilities in China, India, and Indonesia.


• In June 2023, Reliance Industries Limited (RIL) announced a USD 750 million investment to expand its polyester business, which will increase its production capacity of polyester fibers by 50%.