Global Synthetic Fibers Market Generated Around $60 Billion Revenue in 2020: P&S Intelligence

NEW YORK, July 28, 2021 /PRNewswire/ -- The surging use of polyester fibers in several applications such as fabrics for conveyor belts, coated fabrics, and replacement tire fabric, and the growing public awareness about the various beneficial traits of synthetic fibers, such as wear resistance, recyclability, and high flexibility and strength, are the major factors driving the expansion of the global synthetic fibers market. Because of these reasons, the market is predicted to exhibit huge expansion during 2021–2030, since generating $60 billion in 2020, according to P&S Intelligence.

The COVID-19 pandemic disrupted the progress of the synthetic fibers market, both in terms of value and volume. This was because of the imposition of lockdowns in several countries and the subsequent slowdown in manufacturing and supply chain operations. Moreover, apart from disruptions in logistics, manufacturing stopped in several end-use industries, such as textile and automotive.

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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.

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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.

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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.

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