Synthetic fibers are man-made fibers produced from petrochemicals, which possess qualities such as strength, durability, and elasticity. Synthetic fibers in comparison with natural fibers possess superior properties. They are water and stain resistant and also cost-effective. Synthetic fibers have a wide variety of uses in commercial, industrial, outdoor, and indoor applications along with apparels. Synthetic fibers can be dried easily, easier to wash, and has good elasticity, which makes it comfortable to wear.
The demand for synthetic fibers is expected to grow throughout the globe, owing to the increased demand for safe, lightweight, and high strength materials in aerospace, automobile, and textile industries. Moreover, the demand for low fuel consuming and low carbon emitting vehicles is expected to further surge the global market of synthetic fibers. Advancements in research and development of green bio fibers and green synthetic fibers are further boosting the growth of the global market of synthetic fibers. However, the tendency of the synthetic fiber to melt and burn easily as compared to natural fiber is one of the major drawbacks of the synthetic fiber market throughout the globe. Stringent government regulations and growing environmental concerns are acting as another restraint for the global synthetic fiber market.
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Synthetic Fibers market outlook:
Asia pacific is expected to be the fastest growing region in synthetic fibers market over the forecast period, owing to the presence of the world’s most populated economies such as India and China. The growth in the economy of the region has increased the per capita income of consumers, which in turn is adding to the demand for apparels in the region. Moreover, industrialization has further propelled the construction industry in the region, which is a major factor driving the growth of synthetic fibers market. The various end-use industries of synthetic fibers such as the automotive and aerospace is developing at an augmented pace in the region further adding to the demand. According to India Brand Equity Foundation, a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India (IBEF), the Indian infrastructure industry is expected to grow to US$ 5 billion till 2022, as from April 2000 to March 2016, the infrastructure and construction development in India received a foreign direct investment, which accounted for US$ 25.19 billion. The lack of government restrictions has attracted many manufacturers to enter the lucrative synthetic fibers market in the region.
North America is the dominant region in the synthetic fibers market and is expected to retain its position over the forecast period. The developed end-use industries of the region are the major driving factor for the growth of synthetic fibers market. The construction sector in the region is growing significantly due to the recent investments proposed in Canada and the U.S, in turn is adding to the demand for synthetic fibers. Moreover, North America is considered to be the largest region in the aerospace industry, which is a major end user for synthetic fiber, hence propelling the growth of synthetic fibers market.
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The key market players are adopting various organic and inorganic strategies. For instance, Kuraray co. has entered into a merger agreement in 2017, under which Kuraray co will acquire Calgon Carbon. The key players operating in the global synthetic fiber market include Mitsubishi Rayon, Jushi Group, Owens Corning, Teijin, Nan Ya Plastics, Toray Industries, BASF, Toho Tenax, Akra Polyester, ALFA, Recron, Asahi Kasei Fiber, Reliance Industries, Radici Partecipazioni, Performance Fibers, Bayer, BP Amono, Cydsa SAB, Eastman, DAK America, Technical Absorbents, and DuPont.