Global Synthetic Fiber Market Expected to Grow at a Lucrative CAGR of 5.1%

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Expected to grow at a lucrative CAGR of 5.1% from 2022 to 2030, the global synthetic fiber market is expected to reach US$98.21 billion by 2030, all driven by growing consumer demand for cost-effective products, durable and easy to use. washable and easy-care synthetic fabrics.

Additionally, the increasing adoption of polyester fiber and the expansion of the textile industry are also seen as major growth drivers.

However, rising crude oil prices and the impact on the environment remain major challenges in this regard.

Affirming this, the “Synthetic Fibers Market Size, Share and Trends Analysis Report by Type (Polyester, Nylon, Acrylics), by Application (Garments, Home Furnishings), by Region and Segment Forecast, 2022 -2030” report by indicates that Asia-Pacific is the largest market for synthetic fibers, with demand likely to increase throughout the forecast period due to the high population density of the region. region and the growing need for synthetic fiber products in sectors such as automotive, textiles, filtration and furniture.

The presence of major multinational fashion apparel manufacturers including H&M, Zara, Dior, Louis Vuitton, Gucci and Hermès has increased the demand for branded apparel which, in turn, is expected to benefit the fiber market demand synthetics in the country.

The growing e-commerce industry has given different sportswear retailers the opportunity to offer products like sportswear and gym wear that is lightweight and has moisture wicking properties. This is expected to drive the demand for polyester fibers over the forecast period.

Major players in the market are undertaking mergers and collaborations to expand their reach and increase their production capacity, thereby increasing their market share.

Additionally, players are investing heavily in R&D to overcome environmental concerns, as breakthroughs in polyester production and synthetic fiber recycling are not a cure for all environmental problems.

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