Procurement Outlook
Synthetic fibers are one of the key fabrics used in multiple industries such as aerospace, apparel, architecture and construction, automotive and transportation, chemical processing, electrical and electronic, filtration, marine, medical, and welding. Such fibers are made from synthesized polymers based on raw materials such as petroleum.
The different types of synthetic fibers are:
Polyester: Polyester suits, industrial ropes, pet bottles are the key end products from this type of fiber
Acrylic: These fibers are mainly used to make blankets and clothing apparel such as shawls and jacket
Rayon: Apart from garments, rayon is used for the preparation of surgical dressing and viscose-rayon absorbent wool
Nylon: It is mainly used for creating filtration products, such as filter cloths and sieves
Synthetic fibers are mainly sourced in either of the following ways:
From recycled petrochemical feedstock either in part or whole
From a natural source such as fungi or sugar, which are also called bio-based synthetics
Demand Outlook
The global synthetic fibers market size was estimated at USD 59.95 billion in 2020 and is projected to register a 6.6% CAGR during the forecast period. Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintain fabrics is expected to drive the market growth over the forecast period. Owing to the inclusion of unique properties (such as high strength, high elasticity, softness, etc.) synthetic fibers are preferred in various application industries, such as clothing, home furnishing, filtration, automotive, and others.
The clothing application segment led the market in 2020 accounting for a revenue share of more than 46%, owing to the ever-changing fashion trends influencing the demand for clothing across the world.
Grab your copy, or request for a free sample of the “Synthetic Fibers Market Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
Cost Drivers
Synthetic fiber is considerably cheaper compared to its alternative (Natural Fibers), as they are often manufactured from by-products of oil and generally produced in large quantities. Majority of the synthetic production (60%-70%) takes place in China (owing to cheaper raw material and processing costs), and the country is also the leading exporter of the said fiber.
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Browse through Grand View Research’s collection of procurement intelligence studies:
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- Disposable Gloves Industry Procurement Intelligence – The global disposable gloves market was valued at USD10.2 billion in 2020 and is expected to grow at a CAGR of 9.2% from 2020 to 2027 due to the growing demand for disposable gloves from the healthcare industry during the ongoing Covid-19 pandemic, along with the rising awareness about Healthcare-Associated Infections (HAIs). Natural rubber gloves are the most widely used disposable globes across the world due to their usability in multiple applications like medical & dental, food processing & service, janitorial & sanitation, pharmaceutical, etc. It accounted for more than 30% share in the global disposable gloves industry. North America is the largest geographic segment with over 35% global revenue share in 2020 followed by APAC and Europe.
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