Scienza e Tecnologia
Global Synthetic Fibers Market Generated Around $60 Billion Revenue in 2020: P&S Intelligence
The synthetic fibers market is classified into nylon, polyester, acrylics, polyolefins, and others, depending on type. Out of these, the polyester category held the largest share in the market in 2020, and it is predicted to exhibit rapid expansion in the forthcoming years. This is attributed to the abrasion and chemical resistance characteristics of polyester. In addition, polyester is being increasingly used in the production of wrinkle-free clothing.
Based on application, the synthetic fibers market is divided into automotive, filtration, clothing, and home furnishing. Amongst these, the clothing category dominated the market in 2020. This is credited to the resilience, strength, wear resistance, wrinkle-free, easy-to-clean, and durability characteristics of synthetic fibers, such as polyester and rayon, that they impart to clothing.
Globally, Asia-Pacific (APAC) contributed the highest revenue to the synthetic fibers market in the years gone by, and it is predicted to register huge expansion in the coming years. This is attributed to the surging production of nylon, polyester, acrylic, and various other fibers in South Korea , China , India , Japan , and Taiwan and the lower costs of these fabrics in comparison to natural fibers.
The players operating in the synthetic fibers market are announcing mergers and acquisitions in order to strengthen their position. For example, Teijin Frontier Co. Ltd., which is a fiber and product converting organization of Teijin Group, announced in March 2021 that it will soon merge its subsidiary firms — Shinwa Limited and Teijin Modern Yarn Co. Ltd. — to manufacture, develop, process, and sell yarns under the name of Teijin Frontier Knitting Co. Ltd. With the establishment of Teijin Frontier Knitting, the variations of its predecessors' knitting machines were combined and the new machines were integrated with quality-control capabilities, which would assist in the development of complex products. This is predicted to bolster the expansion of the organization's circular knitting business.
Some of the major players in the synthetic fibers market are The Dow Chemical Company, Teijin Frontier Co. Ltd., E. I. du Pont de Nemours and Company, Lenzing AG, Toyobo Co. Ltd., Toray Chemical Korea Inc., Indorama Corporation, and Bombay Dyeing & Manufacturing Co. Ltd.
The European polytetrafluoroethylene market is expected to hold the second-largest share during the forecast period, on account of the high sales of lightweight vehicles. In the coming years, the production and adoption of lightweight vehicles will accelerate in Germany , the U.K., and France , which, in turn, will create an extensive demand for PTFE for coatings.
Asia-Pacific (APAC) was the largest polypropylene market till 2019, and it will maintain its market dominance in the coming years. This would be a result of the rising number of production plants and rapid innovations in rigid and flexible packaging materials in the region.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Prajneesh Kumar
P&S Intelligence
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