Synthetic Fabric Market Size Forecast to Reach $1.6 Billion by 2026

(EMAILWIRE.COM, March 06, 2022 ) Synthetic Fabric market 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. Owing to the superior chemical and physical properties such as durability, elasticity, strength, and others, the demand for synthetic fabric is estimated to rise over the forecast period. Unlike natural fabrics such as cotton and silk, synthetic fabrics are water and stain-resistant, and are more economical in comparison. In addition, the increasing demand for synthetic fabrics such as polyester, spandex or lycra fabric, and cuprammonium rayon for production of elegant dresses in the textile and apparel industry, is further estimated to drive the growth of the synthetic fabric market.

COVID-19 Impact

The COVID 19 outbreak widely affected the textile and apparel, healthcare, and transportation industries over the year 2020. Owing to the nationwide lockdown, the production process of various goods in these industries declined due to the non-functioning of the manufacturing plants. Globally, the textile and apparel industry is badly hit. The domestic sales and export of various textile products has also witnessed a halt during the COVID-19 outbreak. Thus, affecting the overall growth of the synthetic fabric market. Business communities even faced several issues related to manpower shortage, supply chain disturbance, and many more. However, rising demand for healthcare products emerged as a driving factor for synthetic fabrics with the increase in production of PPE, masks, and others, during these tough times.

Synthetic Fabric Market Segment Analysis – By Type

The polyester fabric segment held the largest share in the synthetic fabric market in 2020. Globally, polyester is one of the most widely used synthetic fabrics. Polyester’s rising use in clothes lowers production costs and raises affordability, while also improving shrinkage, durability, and wrinkling properties when blended with commonly used natural materials. Since polyester fabric is resistant to environmental conditions thus it remains a widely used and heavily produced fabric worldwide. Increasing use of polyester fabric in the apparel, homeware, and industrial applications for the production of shirts, suits, bath towels, pillows, films, and others, is anticipated to drive the growth of the synthetic fabric industry.

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Synthetic Fabric Market Segment Analysis – By Application

Clothing segment held the largest share in the synthetic fabric market in 2020. Synthetic fabrics owing to its strong, durable, easy to dye, & soft, and highly absorbent properties, it is widely used in the clothing industry. The clothing application segment has led the market due to the ever-changing fashion trends influencing the demand for clothing across the world. In addition, to suit the expectations of consumers, industry producers are increasing their product range by launching innovative quality items in many variations. With the rising demand for more economical and convenient clothing the demand for synthetic fabric is further anticipated to rise during the forecast period.

Synthetic Fabric MarketSegment Analysis – By End-Use Industry

The textile and apparel industry segment held the largest share in the synthetic fabric market in 2020 and is growing at a CAGR of 5% during 2021-2026. A positive impact on the segment growth during the forecast period with the increasing demand for garments and accessories such as those made with cuprammonium rayon is set to drive the market growth. Owing to the changes in the garment industry, the clothing sector is developing at an unprecedented rate, which is positively impacting the textile and apparel industry. Thus, it is estimated that with the rising growth of the textile and apparel industry the synthetic fabric market will also rise over the forecast period.

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. Low-value added and commodity products are the primary focus of India’s MMF-based textile production. In the APAC region, demand for synthetic fabrics with added value is growing substantially. High-end MMF textiles are also being manufactured in other APAC countries such as Taiwan, China, and South Korea, which is further driving the growth of the synthetic fabric industry.

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Synthetic Fabric Market Drivers

Increasing Demand for Economical Fabrics

Polyester fabric has resulted in a very useful and easy to wear and purchase fabric, with low cost. It has numerous qualities which attract its usage in various end-use industries. It is recyclable, adaptable, and blendable along with other fabrics such as spandex or lycra fabric and cotton fabric as per the requirements. Similarly, acrylic fabric is also used as a cost-cutting measure with its blendable property with other natural fabrics such as cotton and wool. Acrylic fabric is soft to the touch, light-weight, and warm. Expanding acrylic fabrics, like other synthetic materials, is required to generate a useable final textile; stretching acrylic fibers renders them several times their original length, lowering costs, and increasing production efficiency. It is even used as a substitute for wool. Thus, the rising demand for economical fabrics such as polyester and acrylic owing to their alluring properties is estimated to drive the growth of the market.

High Growth Rate of Transportation Industry

With the rise in the country’s economy, the production and demand for transportation also increase. The transportation industry majorly includes aerospace, marine, automotive, and others. In these transportation sectors, synthetic fabrics are increasingly being used in applications such as seat covers, belts, and others. Also, the rising demand for synthetic fibers such as polybenzimidazole fiber in the aircraft walls fabrics, and other fabrics has uplifted the demand for synthetic fabric. In recent years, the rising production of transport such as aircraft and automotive has contributed towards the positive growth of the market. For instance, according to Organisation Internationale des Constructeurs d’Automobiles (OICA), in Austria, motor vehicle production increased from 1,64,900 units in 2018 to 1,79,400 units in the year 2019. Similarly, in Vietnam, the production of motor vehicles increased from 2,37,000 units in 2018 to 2,50,000 units in the year 2019. With the increasing production of automobiles, it is estimated that the demand for seat covers and belts will also rise, which would further drive the growth of the synthetic fabric industry in the forecast period.

Synthetic Fabric Market Challenges

Rising Environmental Effects Will Hamper the Market Growth

Negative impacts of synthetic fabrics such as polyester on the environment are more general. From its production to its disposal, the polyester fabric has unfortunate environmental impacts at every stage of its use cycle. Similarly, polyvinyl chloride has the same impact on the environment. The material is neither biodegradable nor degradable, for decades. PVC-based products sustain their forms. The only breakdown that occurs is granulation, which possibly chokes the intestinal tract of animals upon their consumption, leading to their deaths. Moreover, environmental scientists have raised concerns about the pollution caused by synthetic fabrics such as polyester and polyvinyl chloride since it takes centuries to break down completely. Thus, increasing environmental effects with the rising usage of synthetic fabrics such as polyester and polyvinyl chloride will create hurdles for the growth of the market.

Synthetic Fabric Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the synthetic fabric market. 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.

Acquisitions/Technology Launches

In January 2020, Adidas company announced that it will launch new fabrics made from recycled polyester and marine plastic waste and expand product lines that use them. By 2024, Adidas plans to recycle 100% of polyester fabrics used by them.

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.

Relevant Reports

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https://www.industryarc.com/Report/15565/concrete-fiber-market.html

B. Textiles Fiber Market

https://www.industryarc.com/Report/16289/textiles-fibre-market.html

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