The global synthetic fibers market is witnessing growth, and this can be credited to the growing utilization of polyester fibers in many applications, such as coated fabrics, tires, and fabrics for conveyor belts; and growing knowledge regarding the protection of resources. Furthermore, recycled polyester fibers can be utilized in vehicle upholstery, mainly in vehicle carpets and seat covers, which boosts the industry development.
In recent years, the polyester category led the synthetic fibers industry, and the category is also projected to advance at a significant rate during the projection period, on the basis of type. This will be mainly because of the abrasion and chemical resistance of polyester fibers.
Furthermore, this material is favored in the making of clothing because of its easy wash, wrinkle-free, shape retention, and high perspiration features. Polyester is also utilized in heavy-duty industrial workers, like safety belts and conveyor belts, and also coated fabrics and car tire reinforcements.
In the past few years, the clothing category had a significant share in the synthetic fibers industry, on the basis of application segment. This can be credited to the wear resistance, strength, resilience, wrinkle-free, high durability, and simple-to-clean properties provided by synthetic fibers to apparel. The 2 most-utilized synthetic fibers in clothing are rayon and polyester.
During the projection period, the online category is projected to grow at the fastest development rate in the synthetic fibers industry, on the basis of distribution channel. This will primarily be because of the rising popularity of e-commerce platforms, as they offer customers easy accessibility and suitability of shopping.
A significant trend in the synthetic fibers market is the growing preference for synthetic fibers over natural ones. This shift is propelled by factors such as the plentiful availability, cost-effectiveness, and versatile applications of synthetic fibers across various industries. Unlike natural fibers, which rely on consistent agricultural produce favorable temperatures, and conditions affected by global warming, synthetic fibers are derived from non-renewable resources and offer recyclability.
In recent years, the Asia-Pacific (APAC) region emerged as the leading contributor to the global synthetic fibers market, and it is anticipated to experience the most significant Compound Annual Growth Rate (CAGR) in the forecast period.
This dominance is linked to the substantial production of polyester, nylon, and acrylic fibers in countries such as China, South Korea, Taiwan, India, and Japan. Additionally, the comparatively lower cost of synthetic fibers, when contrasted with natural fibers, serves as a key factor driving their adoption among consumers.
The surging use of polyester fibers in several applications is the major growth driver for the synthetic fibers industry.