Synthetic Textile Fiber Market: North America to Represent a Leading Market

Increasing production of the socks, seat belts, and ropes is expected to rev up demand for the synthetic textile fiber globally. Moreover, surge in adventurous activities such as fishing, and rock climbing is further expected to impact growth of the global market positively. Transparency Market Research projects the global synthetic textile fiber market is expected to register a healthy growth over the forecast period, 2016-2024.

Market Dynamics: Demand for synthetic fiber with strong and stretchable features in the automotive and textile industry is expected to rev up significantly. As the synthetic textile does not absorb moisture, manufacturers in the automotive industry prefer using synthetic textile for production of various interior materials of the vehicle. Synthetic fiber also witnesses significant demand among the manufacturers for the production of the ropes and sleeping bags. With increasing participation in adventurous activities such as camping, demand for sleeping bags, strong ropes, socks, and fishing nets is expected to rev up in the global market. Bound to these factors, demand for the synthetic fiber is expected to increase among various manufacturers.

Moreover, increasing preference for textile that can be conveniently washed and are stain resistant is likely to rev up demand for synthetic textile in the residential and fashion industry. Increasing demand for textile that is resistant to the insects and pest has led to an upsurge in demand for synthetic fiber in the textile industry. Further, low durability and cheaper cost price of the synthetic textile fiber is further expected to rev up demand, which in turn is likely to impact growth of the global synthetic textile fiber market during the forecast period.

On the other hand, various disadvantages are likely to dip sales of the synthetic textile fiber in the global market. As these fibers are could irritate the skin, the end users can not wear attires that are manufactured with synthetic textile. In addition, the synthetic textile fiber catches fire easily and can melt fast as compared to the textile produced from natural fiber. These factors are likely to drop sales of the synthetic textile fiber in the global market. Further, the researchers and scientists are increasingly focusing on developing biofiber products, in order to lessen the pressure on oil sources. Such factors are likely to inhibit growth of the global synthetic textile fiber market during the forecast period.

Regional Analysis

North America among other regions is expected to remain a leading market for synthetic fibers globally. The synthetic textile fiber market in Europe and Latin America is expected to represent the second highest growth in terms of revenue over the forecast period. Imposition of regulations regarding environment friendly products and increasing preference for green fiber is further likely to contribute towards growth of the synthetic textile fiber market in Europe and Latin America. However, attributed to increasing demand in APAC, the synthetic textile fiber market is likely to witness significant growth. Further, regulations imposed in various countries of APAC are less as compared to Latin America and Europe.

Market Players: Leading market players operating in the global synthetic textile fiber market include BP Amono Plc., Bridgestone Corporation, Bayer AG, Univex SA, DuPont (EI) de Nemours, and BASF SE.

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Nikhil Kaitwade

With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.