Steviol Glycoside Market Size | Uses, Price, Growth, Key Players, Development St
Posted by Rishab Gupta on March 24th, 2020
Synthetic Fibers Market Overview:
The latest study conducted by Market Research Future (MRFR) reveals that the global market for synthetic fiber is set to exhibit an above-average CAGR of 7.25% during the forecast period (2018-2023). Unlike natural fibers, synthetic fibers are produced using chemicals.
The procedure involves polymer and monomers linking through polymerization. Synthetic fibers are artificial and possess superior chemical and physical properties such as lightweight, high durability, elasticity and wrinkle resistance.
This has helped in driving the popularity of synthetic fibers extensively. Moreover, such fibers have a relatively lower-price tag then bio-based or natural fibers. They are used in manufacturing products that require moisture resistance, and easy crease recovery.
These essential qualities of the synthetic fiber makes it an apt material for the textile industry. Synthetic fibers are increasingly used in clothing, home furnishing and automotive interior designing applications. By the year 2023, the global synthetic fiber market is expected to reach USD 144,279.9 Mn in terms of value.
Top Key Players:
Global Synthetic Fiber Market Regional Analysis:
The market has been covered across major regions such as North America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC) and South America. During the forecast period, the APAC is expected to spearhead the global synthetic fiber market. In 2017, APAC accounted for more than 58% market share. The market in APAC is anticipated to surpass a valuation of USD 87,800 Mn by the year 2023. The massive population in the region and the high rate of urbanization is likely to drive the growth of the synthetic fiber market in APAC over the next several years.
Global Synthetic Fiber Market Segmental Analysis:
MRFR’s report includes a segmental analysis of Synthetic Fiber Market based on type and application. On the basis of type, the market has been segmented into polyester, acrylic, nylon, polyolefin, and others. In 2017, the polyester segment accounted for over 67% of the market share.
The segment is expected to remain highly profitable during the assessment period. The growing demand for affordable and high-performance fiber in clothing and home furnishing is partly boosting the demand for polyester-based synthetic fibers. The nylon segment currently holds the second position and likely to exhibit a healthy CAGR during the review period. Nylon application has increased in manufacturing of products such as nets, tire cords, tarpaulins, hoses, monofilament fishing lines, conveyor belts, seatbelts, tents, and parachutes.
On the basis of application, the market has been segmented into clothing, home furnishing, automotive, filtration, and others. The clothing segment is expected to retain its leading position over 2023. The segment stood at USD 45,102.7 Mn in 2017 and is projected to witness a healthy growth during the assessment period. This can be attributed to the boom of e-commerce and a rise in spending on premium priced clothing.
Synthetic Fibers Market Key Players Innovations and Latest News:
Teijin Limited is a holding company and is engaged in advanced fibers and composites, electric materials, performance polymer products, healthcare, products converting, and IT divisions as part of the material business and healthcare business segments. In September 2017, Teijin developed a new linen-like fiber that is highly comfortable for outer clothing, jackets, bottoms, and blouses. In addition to this, it also launched new material in polyester fiber segment along with another product that was co-development of a new dyeable and flame-retardant meta aramid fiber. Furthermore, in December 2017, Teijin Limited established an R&D facility for fiber products including polyester fiber in Thailand. It also collaborated with Teijin’s polymerization and fibers R&D facility and Teijin Product Development China Co., Ltd located in Japan and China, respectively for product innovation. These collaboration, new product launch and expansion are expected to boost company’s portfolio and increase production in fibers and textiles business segment.
Reliance Industries Limited (RIL) is engaged in petrochemicals production, hydrocarbon exploration, petroleum refining, and digital services and retail. The company operates various businesses such as electronics, telecommunications, jewellery, apparel, footwear, hypermarkets as well as online retail portals. In October 2017, Reliance launched a new product namely, REIan in its apparel range, and also tied up with around 22 companies across various states including Punjab, Gujarat, Karnataka, West Bengal, and Tamil Nadu. With a large R & D facility, company is implementing various strategies such as product launch and expansions for increasing their business portfolio and strengthen their position in global and domestic market.
Toray Chemical Korea Inc. (Toray Chemical), one of the leading fibre companies in Asia-Pacific, manufactures, processes, and sells fibres and textiles, plastics, chemicals and IT-related products, carbon fibre composites materials, environment and engineering products, and life science products. In 2016, Toray Chemical expanded its production capacity of low melt polyester staple fiber (PSF) from 70,000 tons a year to 170,000 tons per year, making it the third largest company in the global market. This expansion was in line with the company’s strategy to expand its presence across the globe and increase their business sales.
Mitsubishi Chemical Holdings Corporation (Mitsubishi Chemical) is a leading manufacturer of fibers in Japan and worldwide. It operates through the performance products, industrial materials, and health care business segments in Japan and worldwide. The company’s performance products segment offers synthetic fiber as part of the fibers and textile sub-division of the advanced molding and composites division. There has been no recent development by the company in global synthetic fibre market.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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