[FURL=https://www.industryarc.com/Research/Synthetic-Fabric-Market-Research-501417?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Synthetic Fabric market[/FURL] size is forecast to reach US$1.6 billion by 2026, after growing at a CAGR of 3.2% during 2021-2026. Globally, inorganically made man-made fabric are known as synthetic fabric which is derived from synthetic fibres. Increasing use of synthetic fibres such as polybenzimidazole fiber in its raw state, or blended form with other fibers, due to its very high decomposition temperature is anticipated to raise the market growth.Key Takeaways
Asia-Pacific region dominates the synthetic fabric market owing to the increasing investments in the textile and apparel industry. For instance, according to Invest India, till March 2021, FDI in the textiles and apparel industry has increased up to US$3.75 bn.
Increasing demand for seat covers and belts with an increase in production of various transports such as automotive and aircraft is estimated to drive the growth of the synthetic fabric market.
Growing demand for hygiene products along with rising government investment promotion schemes will act as a key factor driving the growth of the synthetic fabric industry in the upcoming years.
However, rising environmental effects due to the excessive use of synthetic fabrics such as polyester and polyvinyl chloride can hinder the growth of the synthetic fabric market.
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Synthetic Fabric MarketSegment Analysis – By Geography
Asia-Pacific region dominated the synthetic fabric market with a share of 45% in the year 2020. APAC region is one of the leading man-made or synthetic fabric manufacturers in the world with China and India being the key consumer as well as supplier of synthetic fabrics. The rising growth of several end-use industries such as textile and apparel, transportation, sports, and others have uplifted the growth of the synthetic fabric market. For instance, according to the report ‘Technical Textiles: Emerging Opportunities and Investments’ released by the Federation of Indian Chambers of Commerce and Industry (FICC) the Indian technical textile market is expected to expand US$ 23.3 billion by 2027. India’s textiles industry contributed 11% share to India’s textiles and apparel exports in mercantile shipments in 2019-20. Exports stood at US$ 29.45 billion, as of March 2021.
Synthetic Fabric Market Drivers
Increasing Demand for Economical Fabrics
High Growth Rate of Transportation Industry
Synthetic Fabric Market Landscape
Major players in the synthetic fabric market are DUPont, Indorama Corporation, Asahi Kasei Fibers Corporation, Reliance Industries Limited, Skycorp Company, Lenzing AG, Mitsubishi Chemical Holding Corp., Adidas, Teijing Ltd., Toray Chemical Korea, Inc., Toyobo Co., Ltd., and others.
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