Growing Demand for Synthetic Fibers in Home Furnishing to Drive the Global Synthetic Fibers Market: MRFR

Market Research Future (MRFR) will be publishing a cooked research report on the “Global Synthetic Fibers Market” containing the information from 2023 to 2032. 

MRFR recognizes the following companies as the key players in the global synthetic fibers market— Lenzing AG (Austria), Toyobo Co. Ltd (Japan), Bombay Dyeing Inc. (India), Reliance Industries Limited (India), Toray Chemical Korea, Inc. (South Korea), TEIJIN LIMITED (Japan), China Petrochemical Corporation (China), Mitsubishi Chemical Corporation (Japan), DuPont (US), and Indorama Corporation (Thailand).

Market Highlights

Synthetic fibers market is projected to be valued at USD 188.5 Billion by the end of 2032, registering a CAGR of more than 6.63% during the forecast period.

Synthetic fibers are artificially made from organic synthetic high molecular compounds derived from petrochemicals. These fibers are of long lengths as they are continuous filaments derived from the fiber extrusion process either by dry, wet, or melt spinning methods. They are more durable than natural and regenerated fibers since they are primarily made of polymers. These items are well-known for their durability, flexibility, washability, and cost-effectiveness. Furthermore, the product's distinctive properties, such as abrasion and chemical resistance, as well as high performance, are projected to add to its growing demand during the forecast period.

The usage of synthetic fibers in home furnishings is the main driver of the global market. The essential components of home furnishings are the floor, furniture, and fabrics. The growing real estate industry and robust economic development in emerging economies in Asia-Pacific and the Middle East are helping the home furnishings business thrive. As a result of globalization, consumers worldwide now have easier and wider access to products and designs. According to ROIREVOLUTION, home furnishing e-commerce sales are estimated to reach USD 92.32 billion in 2020. Bed Bath & Beyond, Ashley Furniture Homestores, IKEA, and Williams-Sonoma were the leading furniture and home goods retailers in the US in 2020.

During the projection period, demand for synthetic fibers in car interior materials is predicted to increase due to desirable qualities such as design flexibility, corrosion resistance, and promising mechanical and material anisotropy. Automotive carpets, seat belts, automobile coverings, steering wheel covers, and seat covers are made using synthetic fibers.

COVID Impact Analysis

Due to the emergence of COVID-19, the majority of raw materials providers in the synthetic fibers market had to shut down their operations. To combat the virus, the key suppliers prioritized providing pandemic relief. The raw resources needed to make synthetic fibers are petroleum-based, and their pricing is still unpredictable. However, during the epidemic, prices fell rapidly, resulting in abundant supply, straining providers. Nonetheless, as a response to the spread, several firms gave COVID-19 relief in the form of masks, sanitizers, etc.

Segment Analysis

The global synthetic fibers market has been segmented on the basis of type, application, and region.

Based on the type, the global synthetic fibers market is segmented into polyolefin fibers, polyester fibers, carbon fibers, aramid fibers, UHMWPE fibers, acrylic fibers, nylon fibers, and others. In 2020, the polyester fibers segment accounted for the larger share of 63.7% due to its relatively large-scale consumption across home furnishing sector verticals. It was valued at USD 68,661.3 million in 2020 and is expected to reach USD 114,370.9 million with a 6.87% CAGR by the end of 2028.

On the basis of application, the global synthetic fibers market is segmented into clothing, home furnishing, automotive, aerospace & defense, filtration, and others. In 2020, the clothing segment accounted for the largest share of 48.4% due to its high global sales. It was valued at USD 52,202.5 million in 2020 and is expected to reach USD 87,563.1 million at a 6.96% CAGR by the end of 2028.

Regionally, Asia-Pacific held the largest share of 63.8% due to rapid development in the clothing and its application sector. The market was valued at USD 68,755.9 million in 2020 and is expected to reach USD 117,056.7 million at a 7.16% CAGR by the end of 2028. Various major factors, such as significant investment in the automotive industry, the strong presence of the textile industry, and an expanding focus on lightweight and fuel-efficient vehicles, are driving the regional market. Synthetic fibers have been adopted in the automotive sector because of their lightweight, mechanical strength, high design versatility, and lower system costs.

Key Findings of the Study:

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  The global synthetic fibers market is projected to reach a value of 176,435.6 million by the end of 2028, registering a CAGR of more than 6.63% during the forecast period of 2021-2030.

  
  


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  Asia-Pacific accounted for the largest market share in 2020 due to expanding industrial base in countries with growth potential such as India, South Korea, etc. The region is also expected to emerge as the fastest-growing market at a CAGR of 7.16% during the review period.

  
  


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  Europe is expected to be the second-fastest growing regional market registering a CAGR of over 6.06%.

  
  


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  The emergence of greener synthetic fibers on account of the rising government pressure due to the non-biodegradability of synthetic fibers is a key opportunity in the market.Access full report @ synthetic fibers market size