The synthetic fiber market is driven by the growing demand for low-cost, high-performance fibers in various industries such as textiles, automotive, construction, and packaging. Synthetic fibers, such as polyester, nylon, and acrylic, offer superior strength, durability, and resistance to moisture, chemicals, and pests compared to natural fibers. The increasing adoption of synthetic fibers in the fashion industry, particularly in developing economies, has also contributed to market growth.
However, the market for Synthetic Fibers is also affected by factors such as fluctuating raw material prices, environmental concerns, and competition from natural fibers. Increasing awareness of sustainability and eco-friendliness in the textile industry has led to the development of bio-based and recycled synthetic fibers, which are expected to drive future growth in the market.
Top Companies in the Synthetic Fiber Industry:
1. Mitsubishi Rayon
Mitsubishi Rayon, now known as Mitsubishi Chemical Carbon Fiber and Composites, was founded in 1933 and is headquartered in Tokyo, Japan. It is a global manufacturer of carbon fiber and composite materials used in various industries such as aerospace, automotive, and sports. In January 2023, the company announced plans to invest in a new carbon fiber production facility in the United States to meet the growing demand for lightweight materials in the automotive industry. Mitsubishi Chemical Carbon Fiber and Composites operates in over 30 countries worldwide.
2. Jushi Group
Jushi Group was founded in 1993 and is headquartered in Zhejiang, China. It is a leading manufacturer of fiberglass and related products used in industries such as construction, transportation, and wind energy. In January 2022, the company announced plans to expand its production capacity with a new facility in Egypt. Jushi Group operates in over 20 countries worldwide.
3. Owens Corning
Owens Corning was founded in 1938 and is headquartered in Toledo, Ohio, United States. It is a global manufacturer of insulation, roofing, and fiberglass composites used in various industries such as construction, automotive, and aerospace. In September 2022, the company announced plans to acquire Germany-based composite solutions provider Scholz Group. Owens Corning operates in over 30 countries worldwide.
4. Teijin
Teijin was founded in 1918 and is headquartered in Tokyo, Japan. It is a global manufacturer of advanced fibers and composites used in various industries such as automotive, aerospace, and healthcare. In October 2021, the company announced the launch of a new plant in Thailand to expand its production of carbon fiber products. Teijin operates in over 20 countries worldwide.
5. Nan Ya Plastics
Nan Ya Plastics was founded in 1958 and is headquartered in Taipei, Taiwan. It is a global manufacturer of polyester and related products used in industries such as textiles, packaging, and electronics. In October 2022, the company announced plans to increase its production capacity in response to rising demand for polyester products. Nan Ya Plastics operates in over 20 countries worldwide.
6. Toray Industries
Toray Industries was founded in 1926 and is headquartered in Tokyo, Japan. It is a global manufacturer of advanced fibers, films, and chemicals used in various industries such as automotive, aerospace, and electronics. In December 2021, the company announced plans to expand its production capacity for carbon fiber products. Toray Industries operates in over 30 countries worldwide.
7. BASF
BASF was founded in 1865 and is headquartered in Ludwigshafen, Germany. It is a global manufacturer of chemicals, plastics, and performance materials used in various industries such as automotive, construction, and healthcare. In August 2022, the company announced plans to acquire US-based specialty chemicals company, Perma-Pipe International Holdings, to expand its portfolio of plastic and composite products. BASF operates in over 80 countries worldwide.
8. Toho Tenax
Toho Tenax was founded in 1918 and is headquartered in Tokyo, Japan. It is a global manufacturer of carbon fibers and related products used in various industries such as aerospace, automotive, and sports. In January 2022, the company announced plans to establish a new production facility in Japan to increase its output of carbon fiber products. Toho Tenax operates in over 10 countries worldwide.
9. Akra Polyester
Akra Polyester was founded in 1996 and is headquartered in Istanbul, Turkey. It is a leading manufacturer of polyester products used in industries such as textiles, packaging, and automotive. In May 2022, the company announced plans to invest in a new production facility in Turkey to expand its manufacturing capabilities. Akra Polyester operates in over 20 countries worldwide.
Definition- Synthetic fiber refers to fibers made from man-made materials such as polyester, nylon, and acrylic, which are produced through chemical processes rather than natural fibers such as cotton or wool.
