The global market for synthetic fibers is estimated to have significant CAGR during the forecast period. Synthetic fiber is engineered and developed as an alternative to natural fibers. Owing to its various properties such as improve tance and thermal stability, high toughness and rigidity, outstanding resistance to weather, aging, and yellowing, and high gloss. synthetic caters to its use in major applications such as automotive, textiles, home furnishing, filtration, and many more consumer applications. Therefore, the increasing application of synthetic fibers in these industries further contributes to the growth of the market. However, the environmental concerns related to the biodegradability of synthetic fiber further projected to hinder the market growth during the forecast period. 

 Segmental Outlook  

The global synthetic fibers market is segregated on the basis of type and application. On the basis or type, the market is further segmented into acrylics, polyolefin, polyester, nylon and other (Acetate). The polyester segment is projected to have considerable growth owing to the growth in the textile industry coupled with the growing middle-income population in emerging countries such as India China and others. the global synthetic fibers market is further segmented into automotive, textiles, home furnishing, filtration, and other. The textile industry has a significant application of synthetic fibers due to the growing use of synthetic fiber in children's wear, menswear, workwear, and womenswear.

 Global Synthetic Fibers Market Share by Application, 2018(%)

Global Synthetic Fibers market to be driven by Automotive Application

The automotive application segment projected to have considerable market growth during the forecast period owing to the high application of synthetic fibers in the automotive interior coupled with the increasing automobile sector. The rise in urbanization and development is increasing demand for the automobile sector. Moreover, there are various applications of synthetic fibers in the automobile sector such as rubber tires, rubber bumper, O-ring, rubber airbag, rubber seal and others. Automobile production is growing modestly across the globe. In 2017, as per the International Organization of Motor Vehicle Manufacturers, global automobile production has been increased by 4.5%. The increasing production in the automobile segment is expected to boost the market during the forecast period.

Regional Outlook 

Geographically, the global synthetic fibers market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. North America is projected to have significant market growth in the global market during the forecast period. The market growth in the region is increasing owing to the high prevalence growing application of synthetic fibers in automotive, textiles, home furnishing sectors in the region. Europe is one of the key contributors to the market. UK, Germany, Spain, Italy, France are the key countries that contribute to the market growth. High consumption of synthetic fibers, large automotive market, are some of the factors which will drive the market growth in the region 

Global Synthetic Fibers Market Growth, by Region 2019-2025

Asia-Pacific to hold a considerable share in the global Synthetic fibers market

Geographically, Asia-Pacific is projected to hold a significant market share in the global synthetic fibers market. The major economies such as China, Australia, Japan, South Korea, India, and Singapore are significantly contributing to the growth of the market during the forecast period. There are various factors that are driving the growth of the market in the region; this includes augmenting the automotive sector in the region and the growing textile industry. The plastic market is rapidly expanding in the Asia-Pacific region. The market is witnessing a dynamic growth specifically in the ASEAN countries including Thailand, Indonesia, Vietnam, and Philippines. Moreover, as a result of urbanization, growing energy demands, climate change, and technological advancements, plastic manufacturers are focusing on adapting the latest technology in order to manufacture advanced synthetic fiber-based products.

Market Players Outlook

The key players in the Synthetic fibers market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Asahi Kasei Corp., BASF SE, DuPont de Nemours, Inc., Mitsubishi Chemical Corp., Toray Industries, Inc., China Petrochemical Corp. (Sinopec), Eastman Chemical Co., and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global synthetic fibers market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.