SYNTHETIC FIBERS MARKET ANALYSIS

Regional Analysis

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.