Global Synthetic Fibers Market Is Anticipated To Witness Significant Growth Owing To Growing Demand Of Lightweight And Fuel-Efficient Materials And Increasing Need For Synthetic Fibers

Synthetic Fibers Market
Synthetic Fibers Market

Overview:

Synthetic fibers are synthetic, man-made materials used for a variety of applications. They have many advantages over natural fibers. Their properties include strength, durability, elasticity, and resistance to shrinkage and wrinkles. These materials are also environmentally friendly. Some of the major synthetic fibers include nylon, polyester, and acrylic. These fibers are petrochemical products.

Nylon is a strong, lightweight fiber that is often used in sportswear and construction. It is easy to wash and dry, which makes it popular for clothing. Polyester is a more durable fiber. It is a popular choice for clothing, upholstery fabrics, and carpets. The material is also commonly used for tires and hoses.

Synthetic Fibers are also being used in filtration media and geotextiles. Advancements in nanotechnology have led to the development of new types of Synthetic Fibers. Many are designed to provide multiple benefits, including UV protection, fire resistance, and antimicrobial yarn.

Market Dynamics:

Increasing expansion of textile industry is estimated to augment growth of the global Synthetic Fibers Market during the forecast period. For instance, Teijin Frontier Co. Ltd., declared their merger of their subsidiary company Teijin Modern Yarn Co. Ltd. and Shinwa Limited, in March 2021. The company will be creating next-generation materials that will be used for circular knitting patterns. Moreover, high costs and strict environmental regulations is anticipated to restrain growth of the global synthetic fibers market during the forecast period.

Impact of COVID-19:

The pandemic was first reported in 2019 in China and it was transmitted to other parts of the world. Several countries imposed strict lockdowns for avoiding the transmission of the virus. These restrictions resulted in shutting down several businesses across the world, which affected the global economy.

These preventive measures also led to halting of production activities in many sectors and supply chains were disrupted. The halting of manufacturing activities hampered the growth of the global Synthetic Fibers Market. However, in the post-pandemic era, all restrictions have been eased and businesses are slowly witnessing growth.

Key Takeaways:

The global Synthetic Fibers Market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to growing acquisitions by major players.

For instance, Lumberton Cellulose was acquired by Bast Fibre Technologies in February 2022. This acquisition will provide BFT’s entry in complementary product categories for hygiene, cosmetic cotton and filtration.

Asia Pacific is anticipated to witness significant growth in the global synthetic fibers for market over the forecast period, owing to increasing demand for synthetic fiber products in textile, furniture, automotive sectors.

Major players operating in the global Synthetic Fibers Market are DuPont, Bombay Dyeing, TOYOBO CO., LTD., Indorama Corporation, Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Teijin Ltd, Reliance Industries Ltd, China Petroleum Corporation, and Lenzing AG.

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