Published Date : 21 Jul 2023
The global synthetic fibers market size was exhibited at USD 70.02 billion in 2022 and is expected to expand around USD 114.53 billion by 2030, poised to grow at a projected CAGR of 7.96% from 2022 to 2030.
Demand for synthetic fibers remains strong in 2022. Some sales insights revealing the strong growth of the synthetic fibers market during the past few years are listed below:
Leading Regions Market Review
Approximately 69% of the global synthetic fibers market captured by Asia Pacific
The countries like China, India, Japan, South Korea, and Taiwan are the leading producers of synthetic fibers. Moreover, the nations like China and India are highly populated and the demand for textiles is significantly higher in this region. The huge demand for clothing in the Asia Pacific region has fostered the growth of the Asia Pacific synthetic fibers market.
Moreover, the rising population and growing number of real estate housing projects is expected to boost the demand for various home furnishing products such as bed covers, curtains, and cushions. China is one of the largest producers of electric vehicles across the globe. Therefore the demand for synthetic fibers for making driver belts, seat covers, and airbags is significantly high. Rapid industrialization and rapid urbanization of the Asia Pacific is positively impacting the market growth.
The rising applications of synthetic fibers across various sectors like automotive, home furnishing, filtration, and clothing is expected to boost the demand for synthetic fibers in the forthcoming years. Asia Pacific is the home to the world’s largest population and the surging demand for various textile and home furnishing products makes Asia Pacific the fastest-growing market.
Synthetic Fibers Market Report Scope:
|Market Revenue in 2023||USD 70.02 Billion|
|Projected Forecast Revenue in 2030||USD 114.53 Billion|
|Growth Rate from 2022 to 2030||CAGR of 7.96%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
What are the key trends in the global synthetic fibers market?
The rising preference for synthetic fibers owing to its various features such as elasticity, softness, durability, and stain resistance has led to significant adoption across various industry verticals. Moreover, synthetic fibers are cost-effective, which is a major benefit. The constantly changing fashion trends and the aforementioned features of synthetic fibers make it more adaptable for use in the clothing industry. The global clothing industry is expected to grow by 10% by 2025. The rapid growth of the clothing industry across the globe is estimated to boost the growth of the synthetic fibers market in the foreseeable future. Furthermore, the rising consumer expenditure on home furnishings especially in the Europe and North America markets is significantly boosting the growth of the market.
What are the key challenges in the global synthetic fibers market?
Synthetic fibers are made from petrochemicals. The chemical-based fibers are non-biodegradable are poses a serious threat the environment. The rising government initiatives to reduce harmful product usage and promote the use of natural and organic materials is expected to be a major challenge for the market players in the foreseeable future. People are becoming more health conscious and are ready to spend extra for acquiring sustainable and natural products.
According to the Organic Trade Association, US witnessed an all-time high sales of organic non-food products in 2022. The surging demand for chemical-free and organic products among middle and high income consumers across the developed regions is expected to restrict the growth of the synthetic fibers market during the forecast period. Market players are investing heavily in research and development in order to develop more eco-friendly fibers to tackle environmental challenges.
Europe forecast the strongest growth rate during the forecast year from 2022 To 2030
There is a high demand for clothing and home furnishing products in Europe, which is a significant driver of the synthetic fibers market. Further, the rising demand for synthetic fibers in the automotive industry for making seat covers, belts, and airbags is expected to foster market growth during the forecast period. The surging demand for synthetic fibers for industrial applications is another major driver of the Europe synthetic fibers market during the forecast period.
Major Key Players:
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