Synthetic Fibers Market:
Synthetic Fibers are manufactured through polymerization process by liking monomers into polymers. The growth observed in this market was significant over the past seven years. The comprehensive application scope of the synthetic fibres covers clothing, home furnishing, automotive, filtration and others. Clothing’s is the primary market for the synthetic fibres which is largest revenue generating application area in this market.
Top 10 Key Players Analyzed in Global Synthetic Fibers Market:
Bombay Dyeing, Dupont, Indorama Corporation, LENZING AG, Mitsubishi Holdings Chemical Corporation, Reliance Industries Limited, TEIJIN LIMITES, Toray Chemicals Korea Inc, China Petroleum Corporation among others are the key industry players in the global decorative coatings market and are profiled in the MRFR analysis.
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Demand for clothing has been raised as a result of economic reforms, rising lifestyle standards, and consistently increasing e-commerce websites. Nylon is among the largest used synthetic fibers in textile as well as automotive sector. Properties associated with it have led to its growing adoption as a result of performance endurance. Clothing segment emerged as largest consumer due to the endless end sue application such as dresses, footwear, for men’s, women’s, and children’s. As per our analysis, the anticipated to have massive growth opportunities over the forthcoming years as a result of the consistently rise in the population as well economic development.
Synthetic Fibers Market Competitive Landscapes:
Synthetic Fibers Market is a bit modest in terms of market competition due to high adoption of engineering textile as well as other industries. Emergence of engineering plastic has given push to the production of synthetic fibres and also to the growth of this market. This market consist of large number of global players as well as domination of the China based players who have been enjoying the cost effectiveness. As per our analysis, key players profiled in this market are Bombay Dyeing, Dupont, Indorama Corporation, LENZING AG, Mitsubishi Holdings Chemical Corporation, Reliance Industries Limited, and many of the other players.
Industry/ Innovation/ Related News:
January 1, 2018 – INVIYA announces the textile production capacity expansion in Indian market at their Baddi based plant. The overall capacity is has augmented by10, 000 tones. INVIYA is one of the famous brands of the spandex being produced in India and Asian subcontinent, which has started it’s commercial production due to the increasing demand for clothing as well as rising e-commerce. India is one of the dynamic market for the textile production as well as demand and it is the third largest economy for the clothing market. Increased textile production capacity expected to help INVIYA while catering the increasing demand. As per our analysis, it altogether expected to provide better growth opportunities for synthetic fibres in the coming years as a result of the increasing demand for clothing.
December 5, 2017 – Leigh Fibers has announced the acquisition plants of J.E. Herndon. The company is known for sustainable product engineering through manufactured and reprocessed fibers and polymers, which has announced J.E. Herndon Co., which reprocesses textile fibers and by-products primarily connected to the cotton industry. Overall details of this acquisition has not disclosed yet, and the traction is likely to be closed by February 2018. The level of expertise J.E. Herndon Co has built over the course of nine decades, will avail huge benefits for Leigh Fibers while catering additional demand in synthetic fibers segment.
May 27, 2017 – Polyester fiber and plastic producer Shinkong Fibers has announced the capacity expansion of engineering plastic, widely consumed across the end use industries. This capacity expansion will undertake the additional capacity of 50, 000 tons of engineering plastics, which will be largely used in the production of the synthetic fibres. Being a part of China market, as a manufacturer Shinkong Fibers has been serving large base of engineering plastic to the automotive market majorly and then to textile industry as an emerging use of synthetic fibers. Therefore, the company expected to have an additional benefits due to this expansion while catering the growing demand for synthetic fibers.
July 21, 2017 – FORTA Corporation has completed the acquisition of VM Feeder Inc., FORTA Corporation is a technology oriented organization develop as well as provides solution of consumer problems. The company with their newly acquired technology FORTA®, acquired VM Feeder Inc to operate as a market leader in the synthetic fibre reinforcement product line. VM Feeder produces cost effective and user friendly fibre feeders for the volumetric concrete market, therefore the acquisition will allow FORTA Corporation to offer enhanced services I synthetic fibers segment.
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Segmental Analysis:
MRFR’s report includes a segmental analysis of the market based on type and application. On the basis of type, the market has been segmented into polyester, acrylic, nylon, polyolefin, and others. In 2017, the polyester segment accounted for over 67% of the market share. The segment is expected to remain highly profitable during the assessment period. The growing demand for affordable and high-performance fiber in clothing and home furnishing is partly boosting the demand for polyester-based synthetic fibers. The nylon segment currently holds the second position and likely to exhibit a healthy CAGR during the review period. Nylon application has increased in manufacturing of products such as nets, tire cords, tarpaulins, hoses, monofilament fishing lines, conveyor belts, seatbelts, tents, and parachutes.
On the basis of application, the market has been segmented into clothing, home furnishing, automotive, filtration, and others. The clothing segment is expected to retain its leading position over 2023. The segment stood at USD 45,102.7 Mn in 2017 and is projected to witness a healthy growth during the assessment period. This can be attributed to the boom of e-commerce and a rise in spending on premium priced clothing.
Synthetic Fiber Market Regional Analysis:
The market has been covered across major regions such as North America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC) and South America. During the forecast period, the APAC is expected to spearhead the global synthetic fiber market. In 2017, APAC accounted for more than 58% market share. The market in APAC is anticipated to surpass a valuation of USD 87,800 Mn by the year 2023. The massive population in the region and the high rate of urbanization is likely to drive the growth of the synthetic fiber market in APAC over the next several years.
Intended Audience:
- Synthetic fiber manufacturers
- Suppliers and distributors
- Potential investors
- Raw material suppliers
- Associations
- Government
- End Use Industries
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