SYNTHETIC TEXTILE FIBER MARKET ANALYSIS

Synthetic fibers are manmade fibers, produced with chemical synthesis, which is quite opposite to natural fibers. Synthetic fibers are manufactured through extrusion, fiber-forming materials through spinnerets into the air to form a thread. Long before the development of synthetic fibers, cellulose was used for manufacturing of fibers, which was derived from plants. However, textile fibers are be manufactured from various materials including fur, animal hair, silkworm, etc. The textile companies are obligated to mention textile content details on the label, which is used to test textiles to meet different safety norms such as machine washable, flame resistance, and dry-cleaning ability. Olefin, rayon, luminex, lyocell, acrylic, polyester, tencel, spandex, nylon, Lurex, acetate are some of the common synthetic fibers used in various applications.

Market Outlook

Global synthetic textile fiber market size is expected to increase significantly during the forecast period (2019-2027), owing to growing use of synthetic fibers in various industries. Synthetic textile fibers find major application in fiber and textile technology sector such fashion industry. These fibers are suitable for creating dress materials and various wearable. Growing use of synthetic textile fiber in the fashion industry is expected to increase its demand and thereby support the market growth. Moreover, synthetic textile fiber is available in abundance as it is not dependent on agricultural crops, which is expected to increase the demand and thereby drive growth of the market. Moreover, increasing research and development activities by scientists around the world is expected to fuel growth of the market in the near future. Scientists are trying to develop biofibers, to reduce the usage of synthetic textile fibers as they are non-biodegradable. This is expected to pose excellent growth opportunities for market players and thereby boost the market growth.

However, volatile prices and non-biodegradability of synthetic fibers are the major restraining factor in global synthetic textile fiber market growth.

Market Regional Analysis

Asia Pacific is expected to gain a significant market share in the global synthetic textile fiber market over the forecast period. This is owing to lack of regulations and increasing demand from emerging economies such as India and China. Due to lack of regulations, major key players are shifting production site to Asia Pacific countries, which is expected to support the market growth. North America is expected to witness significant growth, owing to increasing demand and production of synthetic textile fiber in the region.

Market Players

Key players operating in the global synthetic textile fiber market are Bridgestone Corporation, DuPont (EI) de Nemours, Bayer AG, BP Amono Plc., Univex SA, and BASF SE.

Key Developments

Major companies operating in the market are adopting various strategies such as mergers & acquisitions and new product launch in order to maintain their position in competitive business environment.

For instance, In October 2015, Toray’s ecodear PET partially plant-based polyester fiber obtained world’s first production certificate under type I Envirnmental Label (Eco Mark).

In April 2016, Oerlikon, global leader in surface solution, material processing, and advanced materials, signed an agreement to acquire the staple fiber technology portfolio of Truetzschler Group, a leading manufacturer of nonwovens & man-made fibers.

On 19^th November 2019, Songwon Industrial Co., Ltd., a leading manufacturer and supplier of specialty chemicals for textile industry, has entered into a strategic co-operation agreement with JiangSu Uniwel Chemistry Co., Ltd. to expand the company product portfolio and global presence.