Global Synthetic Fibers Market is hit to Booming at a CAGR of 6.15% to Estimated $93.02 Billion Grow

Definition:

Synthetic fibers can be described as the man-made fibers that are produced with the help of chemical polymerization and the resulting fibers have superior physical and chemical properties and are generally light in weight as compared to the natural fibers. Due to the high number of characteristics and cost effective nature of these fibers, their demand from the various end-users is on the rise.

Analysis of Global Synthetic Fibers Market report:

Global synthetic fibers market is expected to rise from its initial estimated value of USD 57.70 billion in 2018 to an estimated value of USD 93.02 billion by 2026, registering a CAGR of 6.15% in the forecast period of 2019-2026. This rise in market value can be attributed to the rising growth of the applicable industries and the subsequent rise in demand of applications of synthetic fibers.

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Market Drivers:

• Rise in demand from various end-use industries is expected to drive the market growth
• Lower cost and increased amount of features and characteristics as compared to the natural fibers is expected to drive the market growth

Market Restraints:

• Presence of strict regulations regarding the non-biodegradable factor of synthetic fibers is expected to restrain the market growth
• Low melting and burning points in comparison to the natural fibers is also expected to restrain the market growth

Leading Key players profiled in this report are:

Few of the major competitors currently working in the synthetic fibers market are DowDuPont, Bombay Dyeing, Indorama Corporation, LENZING AG, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, TEIJIN LIMITED, Toray Chemical Korea Inc., TOYOBO CO. LTD., China Petroleum & Chemical Corporation, Asahi Kasei Corporation, Eastman Chemical Company, Tongkun Group Co. Ltd., Kolon Industries Inc., KURARAY CO. LTD., Owens Corning, NAN YA PLASTICS CORPORATION, BASF SE, Akra Polyester, and Radici Partecipazioni SpA.

Global Synthetic Fibers Market Segmentation:

By Product Type

• Acrylic
• Nylon
• Polyester
• Polyolefin
• Acetate
• Rayon
• Aramid
• Others

By Applications

• Apparels
• Aerospace
• Automotive
• Medical
• Filtration
• Home Furnishing
• Construction
• Others

By Geography

• North America
• South America
• Europe
• Asia-Pacific

Company Share Analysis:

Global synthetic fibers market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of synthetic fibers market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

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The Global Synthetic Fibers Market report provides the global market size of the main players in each region. Moreover, the report provides knowledge of the leading markets players within the Global Synthetic Fibers Market. The industry changing factors for the market segments are explored in this report. This analysis report covers the growth factors of the worldwide market based on end-users. Market opportunities and recommendations for new investments are also encompassed in this report.

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