Synthetic Fibers 2020-Size, Status, Growth Trends, Demand, Opportunities, Top Companies Players, Share Insight and Regional Forecast to 2027


Posted June 18, 2021 by Ganesh21feb

The market is led by some of the fervent players including Ashland Inc., GE Water & Process Technologies, Kemira Oyj's, The Dow Chemical Company,

 
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.
Synthetic fibers use in the automotive interiors and home furnishings manufacturing has increased substantially in recent years. The constantly evolving fashion trends and lifestyles has led to an increase demand for fibers, which is creating opportunities for market players. Further, the supply and demand gap in natural fiber is also acting as major growth enabler for the global synthetic fiber market. Nonetheless, volatility in raw material prices like those of caprolactam and acrylonitrile has an undesirable effect on the market. Manufacturers are focusing on production of bio-based or green synthetic fibers to overcome such hurdles.

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.

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Global Synthetic Fiber Market: Competitive Landscape
Some of the prominent market players profiled in MRFR’s report include Bombay Dyeing Inc., Toyobo Co. Ltd, Teijin Limited, Indorama Corporation, China Petrochemical Corporation, DowDuPont, Mitsubishi Chemical Holdings Corporation, Toray Chemical Korea, Inc., Lenzing AG, and Reliance Industries Limited.

Global Synthetic Fiber Market: Segmental Analysis
MRFR’s report includes a segmental analysis of the 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.

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Global Water Treatment Chemicals Market – Segmentation
The MRFR analysis is segmented into three key dynamics for the convenience of the report and enhanced understanding;
By Types : Scale Inhibitor, Corrosion Inhibitor, Biocides & Disinfectant, Anti-foaming agents and Chelating agents, among others.
By Applications : Food & Beverage, Municipal Water Treatment, Chemical Processing, Power Generation, and Oil & Gas, among others.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Water Treatment Chemicals Market - Regional Analysis
The Asia Pacific region accounts for the leading market for water treatment chemicals mainly due to the ample availability of feedstock, and cost-combative labor force. The increasing development strategies drive the market growth in the region, fulfilling the demand for the product.
Attributing to the growing awareness in the region towards the benefits of wastewater treatments, the region is likely to retain its hegemony over the global market during the assessment period, witnessing the largest production and consumption of these chemicals. The largest number of manufacturing plants and consumption in the countries such as India, Taiwan, and South Korea is the key driving force for the market growth in the region.
The Europe region is emerging as the second-largest market for the water treatment chemicals, accounting for the substantial growth in the global market. Factors substantiating the market growth include the presence of well-established end-use industries and rising expenditures on R&D and innovation in the countries like the U.K., France, Germany, and Italy.
Evidently, the resurging economy in the region is a key driving force for the market growth which is invariably increasing the consumer spending, improving their purchasing power. Owing to the upsurge in the food processing and water treatment sector, the region is expected to witness a phenomenal growth during the assessment period.
North America, emerging as one of the lucrative markets for the water treatment chemicals is expected to witness a significant market growth. The growing industrialization backed by the rising investments transpired in the field are some of the factors driving the markets in the countries such as the US, Canada, and Mexico which is further expected to drive the market growth in the region during the review period.
Global Water Treatment Chemicals Market - Competitive Landscape
The competitive market of water treatment chemicals appears to be fragmented owing to a huge number of companies operating in the market, churning the market competition. Increasing innovations and technologies will generate strong investment opportunities for the players. They strive to continue to commercialize other techniques that can lower the production.
To gain the competitive advantage, these players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities.
The competitive landscape of the market is determined by evaluating numerous market participants along with their production chain, production capacities, and the revenue generated by the each manufacturer.
Key Players:
The market is led by some of the fervent players including Ashland Inc., GE Water & Process Technologies, Kemira Oyj's, The Dow Chemical Company, Ecolab USA Inc., Akzo Nobel N.V., Buckman Laboratories International Inc., BASF SE, Cortec Corporation and Solvay S.A. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of competition.
Industry/Innovation/Related News
July 09, 2018 – Modern Water Plc., (UK), an eminent provider of advanced membrane technology inaugurated the world’s first brine treatment plant in Vadodara (India). The new Vadodara based brine-treatment unit, based on Modern Water’s all-membrane brine concentration process (AMBC) can treat technically challenging waste water released by the Indian chemicals giant Bodal Chemicals.
This is a crucial part of an energy-efficient treatment process for a highly saline organic-laden effluent stream from the dye manufacturing operation that achieves zero liquid discharge.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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Issued By Market Research Future
Country India
Categories Business
Last Updated June 18, 2021