Synthetic Fibers Market Size is Predicted to Witness 6.6% CAGR till 2028

The global synthetic fibers market size was valued at USD 59.95 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

The global Synthetic Fibers Market size is estimated to reach USD 99.78 billion by 2028 registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Bombay Dyeing, E. I. du Pont de Nemours and Company, Indorama Corp. are some of the key players in this industry. Increasing demand for clothing and apparel due to the changing fashion trends across the globe is likely to drive the market growth over the forecast period.

The properties offered by these products, such as stretching, waterproofing, and resistance to stain, sunlight, & oil, are likely to boost their demand during the forecast period. In addition, product application in various industries, such as clothing, home furnishing, automotive, filtration, and others, is expected to add significant growth to the market.

The market is heavily dependent upon the demand and changing consumer preferences, especially from the clothing and home furnishing products. Increasing adoption of strong and durable fabric for various land & air adventure sports applications involving parachutes and ropes is expected to have a positive impact on the market growth over the forecast period.

The majority of the players in the market are adopting recycling and advance technology methods. It involves the usage of recycling secondary raw materials (MPS) from synthetic textile fiber wastes and composites that exhibit anti-microbial properties. This trend is expected to increase during the forecast period in the wake of rising environmental and health concerns across the globe.

Related Press Release @ Synthetic Fibers Market Report

Synthetic Fibers Market Report Highlights

• Polyester is expected to account for the maximum revenue share by 2028 on account of the high product penetration in various application industries as it is long-lasting and durable, thus substitute for many natural fibers, such as cotton
• The nylon product segment is estimated to register the fastest CAGR over the forecast period
• This is owing to the extensive product use for clothing, reinforcement materials in automobiles, and injected molded parts for vehicles and mechanical equipment
• The clothing application segment led the market, in terms of revenue as well as volume, in 2020, on account of changing consumer fashion trends and demand for cost-effective & easy-to-maintain clothes across various geographies
• Asia Pacific is expected to be the largest as well as the fastest-growing regional market with a CAGR of more than 7% over the forecast period
• This growth is credited to the high product demand from the clothing, home furnishing, and automotive application industries of the region
• North America emerged as the second-largest regional market in 2020 on account of the product demand from the clothing and automotive application segments