- The synthetic fibers market is witnessing huge growth. It is likely to observe a CAGR of around 10.4 percent by 2019. This growth is attributed to rising demand for light weight, high strength and safe materials from consumer industries, including automotives, aerospace and textiles.
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The waterproofing and elasticity properties of synthetic fibers are expected to augment the demand for synthetic fibers. This is due to the extensive use of synthetic fibers in fashion industry. Additionally, synthetic fibers are easily maintainable and cost effective. These properties of synthetic fibers augur well for the synthetic fibers market and propel it further.
Also, rising environmental concerns and growing demand for reducing carbon dioxide ejections are driving the synthetic fibers market. However, majority of the synthetic fibers are not bio-degradable. This feature may restrain the market growth. Synthetic fibers are resistant to stains, fungi rot and insects.
They are easier to wash than natural fibers and economical. Some of the vital synthetic fibers are polyester, lyocell, nylon, acetate, polylactide, luminex, rayon, spandex, tencel, olefin, acrylic, lurex, aramid and ingeo. The growing fashion industry is expected to drive the synthetic fibers market over the forecast phase. Moreover, further demand for this market is attributed to increasing disposable incomes and rapid industrialization.
Globally, North America is anticipated to witness decent demand for the synthetic fibers market. This is due to the presence of key synthetic production facilities. North America is followed by Europe and Latin America.
Rising demand for synthetic fibers from various application sectors and lack of governmental legislations are predicted to attract major players in Asia Pacific.
Information Source: Grand View Research
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