Feb 11, 2020   SOURCE: PR NewsWire

Synthetic Fibers (Polyester, Nylon, Acrylics, Polyolefin, Others) Industry Analysis, 2015-2030

DUBLIN, Feb. 11, 2020 /PRNewswire/ -- The "Synthetic Fibers Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

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The global synthetic fibers market was worth $147.16 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5% and reach $175.06 billion by 2023.

The synthetic fibers market covered in this report is segmented by type into polyester, nylon, acrylics, polyolefin, others. It is also segmented by application into clothing, home furnishing, automotive, filtration, others.

Sybthetic fiber is used in a broad range of applications including textile industry and home furnishings owing to its physical and chemical properties such as high durability, and stain-resistant characteristics. Polyester is one major fiber used in tires, belts, hoses whereas nylon is used for preparation of carpets. According to the Textiles Intelligence Report, the demand for man-made synthetic fibers increased by 3.4% in 2017 and acquiring a total share of 73% at global level. Thus, the increased usage of synthetic fibers in end-user industries drives the market.

Synthetic fibers are non-biodegradable and affect the environment negatively. Fragmenation and withering of large synthetic fibers generate microplastics, which affect the ecosystem. Any plastic that is less than 5mm in length is a microplastic. Microplastics act as a medium through which harmful chemicals and micro-organisms enter into a human body easily.

According to a recent study that is started by the World Wildlife Fund and conducted by researchers at the University of Newcastle in Australia, it is estimated that people consume around 5 grams of plastic in a week that is similar to a credit card. As a result, governments impose stringent regulations to curb the use of synthetic fibers restraining the growth of the market.

Increased demand for lightweight and fuel-efficient materials or advanced composite materials is increasing the need for synthetic synthetic fibers. Synthetic fibers made from polymer aromatic polyamide are mainly of two types, para aramid and meta aramid. Aramids, UHME polyethylene, and POA are the major types of specialty synthetic synthetic fibers.

Marine, medical, sporting goods, pressure vessel, and reinforcement materials industries are the significant applications for the specialty synthetic fiber market and growth in these markets is driving the synthetic fibers market. For instance, some of the new products using synthetic synthetic fibers include bioplastics, plastic composites/nanocomposites, self-healing polymers, plastic electronics and smart and reactive polymers.

In June 2018, Americhem, a USA-based manufacturer that manufactures color concentrates, additive concentrates and single pigment dispersions acquired Prescient Color Limited, a subsidiary of Sudarshan Chemical Industries Limited for an undisclosed amount. The acquisition helped Americhem broaden its reach in the global synthetic fiber market. Prescient Color Limited is an India-based Chemicals company and specializes in producing high-end master batches in niche applications including synthetic fibers.

The synthetic fibers market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific accounts for around 50% of the market.

Major players in the market are Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corporation, Lenzing AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, China Petroleum Corporation (Sinopec Corp.), Teijin Limited, Toray Chemical Korea, Inc., Toyobo Co., Ltd.

Key Topics Covered

1. Executive Summary

2. Synthetic Fibers Market Characteristics

3. Synthetic Fibers Market Size and Growth
3.1. Global Fibers Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Fibers Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Synthetic Fibers Market Segmentation
4.1. Global Synthetic Fibers Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

    --  Polyester
    --  Nylon
    --  Acrylics
    --  Polyolefin
    --  Others

4.2. Global Synthetic Fibers Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

    --  Clothing
    --  Home Furnishing
    --  Automotive
    --  Filtration
    --  Others

5. Synthetic Fibers Market Regional and Country Analysis
5.1. Global Synthetic Fibers Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Synthetic Fibers Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned 

    --  Bombay Dyeing
    --  China Petroleum Corporation (Sinopec Corp.)
    --  Dow Inc.
    --  DuPont
    --  E. I. du Pont de Nemours and Company
    --  Indorama Corporation
    --  Lenzing AG
    --  Mitsubishi Chemical Holdings Corporation
    --  Reliance Industries Limited
    --  Teijin Limited
    --  Toho Tenax
    --  Toray Chemical Korea Inc.
    --  Toyobo Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/enl5ek

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