The global synthetic fiber market size was worth USD 62.50 billion in 2021 and is estimated to grow to USD 96.13 billion by 2030, with a CAGR of approximately 4.90 percent over the forecast period.
Humans may create synthetic fibers by chemical synthesis, eliminating the need to harvest fiber from plants or animals. They are known as artificial fibers because they are created or produced using machines. These synthetic fibers are often strong, resilient, washable, light, and simple to color. Numerous industries utilize these synthetic fibers, including home furnishings, textiles, buildings, and net manufacture. The enormous increase in clothing demand, particularly in nations focusing on economic growth, is a key driver driving the expansion of the synthetic fiber industry. Positive market effects result from rapid development and rising disposable income. Furthermore, the use of social media is becoming more widespread, and e-commerce, influencer marketing, and social media businesses are all becoming more widely accepted. The development drives the market in technological innovation in new upholstery items brought on by coated textiles.
The synthetic fiber market is expanding as a result of the increasing use of textile fabric in various processes, including knitting, weaving, crocheting, and others. These processes primarily manufacture a wide range of finished and semi-finished goods in bedding, clothing, apparel, medical, and other accessories. Additionally, the market for synthetic fibers benefits from an increase in investments, the growth of the oil and gas sector, and developments in the chemical industry.
Environmental issues, including manufacturing synthetic fibers that biodegrade, are anticipated to present substantial difficulties for manufacturers worldwide. In addition, synthetic fiber burns more quickly than natural fiber and has a lower melting point. The pollution of local waters with microplastics is significantly influenced by polyester and other synthetic fibers like nylon. In light of this, moving to biosynthetic fiber could assist in avoiding it. Although synthetic fibers are less expensive and natural fibers have additional environmental costs, such as problems with water and land use, an increasing number of consumers are switching to natural fibers, including wool, cotton, silk, and linen. Thus, concerns about the environment and safety are some of the major reasons that may limit the development of the synthetic fiber market.
The global synthetic fiber market has been segmented into type, distribution channel, and application.
Based on type, the synthetic fiber market is divided into polyester, nylon, acrylic, and polyolefin. Among these, the polyester segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Filters, apparel, household goods, tire cord materials, nonwoven fabrics, and industrial fabrics created from polyester fibers. Due to its lack of moisture absorption, polyester is ideal for water, fire, and dirt-resistant coatings. When polyester clothing is finished, it can be pre-shrunk without the fabric later shrinking or stretching out of shape. Polyester fibers are occasionally spun alongside natural fibers to provide specific mixed qualities. Besides this, the nylon category is expected to develop at the fastest rate throughout the forecast period. Unlike naturally occurring fibers, synthetic nylon fibers have the following benefits: lightweight, toughness, flexibility, water resistance, superior strength, abrasion resistance, and cleaning capabilities. Due to these benefits, nylon synthetic material is a great option for various items that people use regularly.
Based on the distribution channel, the synthetic fiber market is classified as offline and online. In 2021, the offline category dominated the global market because consumers are willing to purchase products at retail or wholesale prices since they are appealing and provide satisfied users. On the other hand, the offline category is anticipated to grow significantly over the forecast period. The market’s revenue growth can be due to the rising trend of online shopping, which provides consumers with convenience and simple access.
In 2021, North America dominated the market for synthetic fibers since there are many manufacturers in the region, which is expected to promote the expansion of the synthetic fiber market because of the rise in disposable income; significant growth is anticipated in China, India, and South Korea. Major multinational clothing brands like H&M, Dior, Zara, Louis Vuitton, Gucci, and Hermès are present, raising demand for branded clothes and is expected to improve the country’s market for synthetic fibers.
Some of the main competitors dominating the global synthetic fiber market include- Teijin Frontier Co. Ltd., The Dow Chemical Company, Toyobo Co. Ltd., Lenzing AG, Indorama Corporation, E. I. du Pont de Nemours and Company, Bombay Dyeing & Manufacturing Co. Ltd and Toray Chemical Korea Inc.
The produced fibers market significantly decreased in volume and quantity during COVID-19. This is a result of the severe restrictions imposed in many regions of the world, which have disrupted the production process and the supply chain. By 2021, decreased production in end-of-life industries, including the automobile industry, and a decrease in passenger car sales also affected the synthetic fiber market. The International Textile Manufacturers Federation (ITMF) has conducted a survey that found that, in comparison to pre-pandemic years, an average of 8% of orders and revenue worldwide have decreased in the year 2020.
Synthetic Fiber Market by Type
Synthetic Fiber Market by Distribution Channel
Synthetic Fiber Market by Application
Synthetic Fiber Market by Region
| Synthetic Fiber Market Report Scope | |
| Report Attribute | Details |
| Market Size Value in 2022 | USD 65.56 billion |
| Revenue Forecast in 2030 | USD 96.13 billion |
| Growth Rate | CAGR of 4.9 % from 2022 to 2030 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 – 2021 |
| Forecast Years | 2022 – 2030 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, Trends competitive landscape, and growth factors |
| Segments Covered | Type, Distribution Channel, Application, and Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key Companies Profiled | Teijin Frontier Co. Ltd., The Dow Chemical Company, Toyobo Co. Ltd., Lenzing AG, Indorama Corporation, E. I. du Pont de Nemours and Company, Bombay Dyeing & Manufacturing Co. Ltd, and Toray Chemical Korea Inc. |
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