Specialty Synthetic Fiber Set to Garner Staggering Revenues by 2026
The synthetic fiber market is anticipated to see steady growth in the coming years according to Transparency Market Research (TMR). Currently, business landscape of this market features fragmentation. A handful vendors dominate the synthetic fiber market, while the remaining shares are distributed among several vendors. This is expected to lower the entry barriers for new vendors.
The market is also witnessing high participation of regional players, who are generating substantial market revenues. Leading vendors in the global synthetic fibers are involved in the research and development of innovative product portfolio. Customization is a leading strategy that is being adopted by vendors to gain momentum in the global specialty fibers market. Collaboration and geographical expansion of production facilities is another key strategy being adopted by market players.
Leading vendors operating in the global specialty synthetic fiber market are Mitsubishi Chemical Holdings Corporation, Toray Industries, Inc., E. I. du Pont de Nemours and Company, Asahi Kasei Fibers Corporation, and Indorama Corporation.
As reported by TMR, the global synthetic fiber market is expected to rise at a 4.10% CAGR over the forecast period 2017 to 2026. The market is estimated to reach S$ 90,000 mn in revenue by 2026.
Geography-wise, the global synthetic fibers market is expected to be dominated by Asia Pacific excluding Japan (APEJ). This could be attributed to the soaring population in the region.
Automotive Sector to Boost Growth
Automotive is expected to account the real offer of the market income. Expanding demand for automotive interior materials, for example, tweed, velvet, velour, and different fibers is expected to drive the market development. Polyester is most generally utilized material in automotives because of its light weight property. Developing demand for lighter automotive interior material is expected to drive the market development over the gauge time frame.
In any case, stringent natural controls identified with non-biodegradability of synthetic fiber represent a test to the market accordingly directions influence the appropriation rate of synthetic fibers.
Apparel Industry to Offer Lucrative Opportunity
Clothing industry that includes work wear, children’s wear, menswear and women’s wear, has been seeing an ascent on account of swift growth in urban populace, which inclines toward obtaining simple to look after attire. Buyers over the globe demand for garments that is helpful and offers security in the riotous urban way of life. As clothing created from synthetic fibers involves each of these characteristics, their demand will observer a considerable ascent among consumers universally.