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Synthetic fibre market revenue worth $ 90 bn by 2026: TMR

Mar '20
Pic: Shutterstock
Pic: Shutterstock
The synthetic fibre market is projected to see a steady growth in the coming years, according to Transparency Market Research (TMR). It is expected to rise at a 4.10 per cent compounded annual growth rate (CAGR) over the forecast period 2017 to 2026. The market is estimated to reach $90 billion in revenues by 2026. Its business landscape features fragmentation now.

A handful of vendors dominate this market, while the remaining shares are distributed among several vendors. This is expected to lower the entry barriers for new vendors.

The market is also witnessing high participation of regional players, who are generating substantial market revenues. Leading vendors in the global synthetic fibres are involved in the research and development of innovative product portfolio.

Customisation is a leading strategy that is being adopted by vendors to gain momentum in the global specialty fibres market. Collaboration and geographical expansion of production facilities is another key strategy being adopted by market players, the Pune-based market intelligence company said in a press release.

Leading vendors operating in the global specialty synthetic fibre market are Mitsubishi Chemical Holdings Corporation, Toray Industries, Inc., E. I. du Pont de Nemours and Company, Asahi Kasei Fibers Corporation and Indorama Corporation.

The market is expected to be dominated by Asia Pacific excluding Japan (APEJ). This could be attributed to the soaring population in the region.

Automotive is expected to boost the market’s growth. Expanding demand for automotive interior materials like tweed, velvet and velour is expected to drive the market development. Polyester is most generally utilised material in automotives because of its light weight property. Developing demand for lighter automotive interior material is expected to drive the market development till 2026.

Fibre2Fashion News Desk (DS)

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