Synthetic Fibers Global Market Report 2024

The synthetic fibers market size has grown strongly in recent years. It will grow from $175.06 billion in 2023 to $190.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historic period can be attributed to several factors, including the increasing demand for cost-effective fibers, the growth of the textile industry, advancements in material science leading to improved synthetic fiber performance characteristics. These factors collectively contributed to the expansion of the synthetic fibers market.

The synthetic fibers market size is expected to see strong growth in the next few years. It will grow to $258.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to several factors, including the growing emphasis on sustainability and recycling in the textile industry, the expansion of technical textiles, ongoing innovations in synthetic fiber types, and increasing consumer demand for performance apparel. Major trends expected in the forecast period include the development of bio-based synthetic fibers, the incorporation of smart and functional fibers, the integration of nanotechnology into fiber production, and the use of microfiber textiles. These trends reflect the evolving landscape of the synthetic fibers market and the demand for more environmentally friendly, high-performance, and innovative textile solutions.

Synthetic fibers find widespread applications in various industries, including textiles and home furnishings, thanks to their advantageous physical and chemical properties, such as exceptional durability and resistance to stains. Polyester is a prominent synthetic fiber employed in the production of tires, belts, and hoses, while nylon is a popular choice for crafting carpets. Projections indicate that by 2030, polyester consumption will be roughly three times that of cotton fiber. This surge in synthetic fiber utilization across different industries is anticipated to fuel the growth of the synthetic fiber market.

The main types of synthetic fibers include polyester, nylon, acrylics, polyolefin, and other varieties. Polyester, for example, comprises a group of polymers composed of recurring ester units and is commonly used in the production of fibers and plastics. These synthetic fibers find applications in diverse sectors, including clothing, home furnishings, automotive, filtration, and other uses. They are distributed through both online and offline channels.

The synthetic fibers market research report is one of a series of new reports that provides synthetic fibers market statistics, including synthetic fibers industry global market size, regional shares, competitors with a synthetic fibers market share, detailed synthetic fibers market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic fibers industry. This synthetic fibers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The burgeoning demand in the construction sector is expected to be a driving force behind the growth of the synthetic fibers market. Construction encompasses the planning, design, assembly, and construction of physical structures, facilities, and infrastructure. Synthetic fibers offer advantages like resistance to corrosion, high strength-to-weight ratios, and versatility, making them valuable assets in modern construction practices. For instance, data from Oxford Economics in September 2021 suggests that global construction output is set to increase by 42%, or $4.5 trillion, reaching USD 15.2 trillion between 2020 and 2030. This heightened demand for construction activities is a pivotal factor propelling the synthetic fibers market.

The non-biodegradable nature of synthetic fibers has adverse environmental implications. The breakdown and degradation of large synthetic fibers lead to the generation of microplastics, which have detrimental effects on ecosystems. Microplastics, defined as plastic particles less than 5 mm in length, serve as conduits for the entry of harmful chemicals and microorganisms into the human body. Recent research initiated by the World Wildlife Fund and conducted by University of Newcastle researchers in Australia estimates that people ingest approximately 5 grams of plastic per week, equivalent to the size of a credit card. Consequently, governments have implemented stringent regulations to curb the use of synthetic fibers, restraining the market's growth.

The surging demand for lightweight and fuel-efficient materials, particularly advanced composite materials, is amplifying the need for synthetic fibers. Synthetic fibers derived from aromatic polyamides, such as para-aramid and meta-aramid, are predominantly used. Specialty synthetic fibers encompass aramids, UHME polyethylene, and POA and find significant applications in various industries like marine, medical, sporting goods, pressure vessels, and reinforcement materials. Growth in these sectors is a key driver for the synthetic fiber market. Moreover, there is a notable shift towards new products utilizing synthetic fibers, such as bioplastics, plastic composites/nanocomposites, self-healing polymers, plastic electronics, and smart and reactive polymers.

Major companies operating in the synthetic fiber market are innovating and introducing products like the TERRYL brand to boost their market revenues. The TERRYL brand encompasses a range of offerings, including wellness, holidays, dining, shopping, and payment services. For instance, in 2023, Cathay unveiled the TERRYL brand, marking the company's transition into a multifaceted travel lifestyle brand, extending beyond its core business of airline travel. This rebranding initiative aims to engage customers across various platforms and enhance interactions between the company and its clientele.

In February 2022, Bast Fibre Technologies, a Canadian textile engineering company, acquired Lumberton Cellulose for an undisclosed sum. This acquisition expands BFT's portfolio of natural fiber offerings and facilitates entry into complementary product categories, including cosmetic cotton, filtration, hygiene, and various nonwoven applications. Lumberton Cellulose, based in the US, is a manufacturer of premium natural fibers.

Major companies operating in the synthetic fibers market include Bombay Dyeing & Manufacturing Company Limited, DuPont de Nemours Inc., Indorama Corporation, Lenzing AG, Mitsubishi Chemical Group Corporation, Reliance Industries Limited, Sinopec Corp, Teijin Limited, Toray Chemical Korea Inc., Toyobo Co. Ltd., Dow Chemical Company, Toho Tenax Co. Ltd., Koch Industries Inc., Formosa Plastics Corporation, TUNTEX Group Co. Ltd., Asahi Kasei Corporation, Kolon Industries Inc., Hyosung Corporation, Radici Group, Far Eastern New Century Corporation, Indorama Ventures PCL, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, China National Chemical Fiber Corp., Huvis Corporation, Unifi Inc., FiberVisions Corporation, Trevira GmbH, Advansa BV, Wellman International Ltd., Kuraray Co. Ltd., Grasim Industries Ltd., Thai Polyester Co. Ltd., JBF Industries Ltd., Polygenta Technologies Limited, Shinkong Synthetic Fibers Corporation

Asia-Pacific was the largest region in the synthetic fibers market in 2023. Western Europe was the second-largest region in the global synthetic fibers market share. The regions covered in the synthetic fibers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the synthetic fibers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The synthetic fibers market consists of the sales of rayon, microfiber, and spandex synthetic fibers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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