The global synthetic fibre market is expected to reach US$ 98.21 billion by 2030. The market is anticipated to grow at a lucrative CAGR of 5.1% from 2022 to 2030. The increasing consumer demand for cost-effective, durable, and easy-to-wash & maintainable synthetic fabrics is expected to drive the market growth during the forecast period.
The “Synthetic Fibre Market Size, Share & Trends Analysis Report by Type (Polyester, Nylon, Acrylics), by Application (Clothing, Home Furnishing), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The shifting fashion trends coupled with the rising urban population with modern living standards are expected to provide opportunities for high-end polyester fibres. Synthetic fibres have been extensively used in the textile industry and exhibit superior properties as compared to natural fibres. Thus, the market for synthetic fibres is anticipated to grow with the expansion of the textile industry.
Fabrics produced from synthetic fibres, such as acrylics, polyester, nylon, and rayon, are used in an array of applications in the clothing segment. These fabrics are strong, durable, easy to dye, & soft, and act as a highly absorbent material. The factors like the digitalization of production facilities and the growing textile industry in emerging economies are expected to surge market growth during the forecasted period.
Asia Pacific is the largest market for synthetic fibres, with demand likely to rise throughout the forecast period due to the region’s high population density and rising need for synthetic fibre products in sectors such as automotive, textile, filtration, and furniture. The region’s growing economies, particularly India and China, will see an increase in demand for synthetic fibres. The presence of major multinational fashion clothing manufacturers, including H&M, Zara, Dior, Louis Vuitton, Gucci, and Hermes, has increased the demand for branded clothing, which, in turn, is anticipated to benefit the demand for synthetic fibre market in the country.
The synthetic fibre market exhibits a large number of players in the market resulting in high competitive rivalry. To gain a competitive edge many companies are adopting various strategies such as new product launches, mergers, enhancing portfolios, and adapting various technological advancements.For more information: https://www.researchandmarkets.com/r/adgz16