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. 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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