The global synthetic fiber market is expected to reach USD 88.5 billion by 2025, according to a new report by Grand View Research, Inc. The superior chemical, physical and mechanical properties of synthetic fibers are further expected to propel the demand over the forecast period.
In terms of revenue, polyester was the largest segment in 2016 and the trend is anticipated to continue at a growth rate of 6.3% over the forecast period. The useful chemical properties such as resistance to moisture, chemical and abrasion are expected to boost the demand among the consumers over the forecast period. Polyester has been extensively used in clothing applications on account durability, wrinkle and stain resistance. The polyester when mixed with other synthetic fibers improves the surface appearance as it imparts high luster.
Synthetic fiber is used in various applications, such as clothing, home furnishing, automotive, and filtration, as it imparts useful functional properties including heat and moisture resistance. The increasing spending capability of customers toward purchasing attractive clothing is expected to trigger the demand for various types of synthetic fibers. These factors together are anticipated to boost the demand over the forecast period.
The demand for synthetic fiber will further be driven by the growth in clothing in developed economies including the U.S., Germany, the UK, and France. E. I. du Pont de Nemours and Company announced the addition of two new testing facilities in Brazil and Singapore to test and analyze the performance of fire protective apparels. The addition of these facilities will bring the company’s total lab count to five. Other companies in synthetic fiber business are also undergoing expansion on account of increased demand from developed economies.
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Further key findings from the report suggest:
- Polyester segment is expected to experience the fastest growth, in terms of volume, at a CAGR of 5.4% from 2017 to 2025 as polyester finds application in various end-use industries such as clothing, home furnishing, automotive and filtration
- Clothing was estimated as the largest application due to different types of segments across various geographies
- The U.S. synthetic fiber market, in terms of revenue, was valued at USD 4,301.6 million in 2016 and is estimated to reach USD 6,776.7 million by 2025. The clothing industry in the U.S. is projected to witness the fastest growth over the next eight years owing to the increasing demand from customers
- Key players including Toray Industries, Inc., E. I. du Pont de Nemours and Company, Lenzing AG, Indorama Corporation, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, and China Petroleum Corporation have a prominent presence in the global synthetic fiber market
