Global Synthetic Fibers Market Forecast: Revenue is Estimated to Show $150.26 Billion by 2029

Global Synthetic FibersMarket Overview

According to Global Market Monitor, the global synthetic fibers market size is $109.82 billion in 2024 and is expected to grow to $150.26 billion by 2029.

Market Drivers

Synthetic fabrics are textiles made from man-made rather than natural fibers. Rising consumer demand for fabrics that are cost-effective, durable, easy to clean, and maintainable is expected to drive market growth during the forecast period. These types of fabrics are derived from chemical synthesis and have excellent chemical, mechanical, and physical properties such as strength, softness, elasticity, crease recovery, high gloss, etc. Because of these unique properties, these fibers are preferred in a variety of application industries such as clothing, home, filtration, automotive, and more.The market demand for synthetic fibers is growing, and the downstream applications are expanding, which provides a good foundation for the development of the synthetic fiber market.

Application Fields

Increasing demand for polyester synthetic fabrics in apparel, homewares, and industrial applications is expected to drive market growth. The high use of industrial polyester fibers, in the form of yarn and rope for automotive tire reinforcement materials, seat belts, conveyor belts, etc., is likely to increase growth in the industrial and automotive segments, and in turn the synthetic fiber industry. Increasing consumer interest in home products such as blankets, linens, upholstery, and carpets due to the rapid population growth is likely to generate positive growth for the market during the forecast period.

The barriers to entry in the synthetic fiber market are not particularly high, but for many producers already in the industry, most of them have raw material cost advantages or labor cost advantages, and they have a large share of the market. For new entrants, fierce market competition cannot be ignored. Fluctuations in crude oil prices have a greater impact on the development of the synthetic fiber market. Large price fluctuations are not conducive to manufacturers adjusting production capacity and control costs. The production process of synthetic fibers has an impact on the environment. The government requires enterprises to use environmentally friendly facilities to properly handle pollutants. This will, to a certain extent, eliminate some small manufacturers that have not solved the pollution problem. For larger manufacturers, it will also have a certain impact. And international political fluctuations also have a certain impact on the import and export of goods.

Company Name	Toray Industries Inc
Website	www.toray.com
Established Time	1926
Plants Distribution	Worldwide
Sales Region	Worldwide
Business Overview	Toray Industries, Inc. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials. The Company also makes chemical products such as polyester films, engineering plastics, and resin materials. Toray develops information equipment such as electronic circuits and liquid crystal color filters.