May 26, 2024

Synthetic Fabric Market Size to Reach USD 1.43 Billion by 2033

The global synthetic fabric market size was estimated at USD 1.03 billion in 2023 and is projected to reach around USD 1.43 billion by 2033, growing at a CAGR of 3.35% from 2024 to 2033.

Synthetic Fabric Market Size 2024 to 2033

The synthetic fabric market encompasses a diverse range of man-made textile materials produced through chemical processes. These fabrics, such as polyester, nylon, and acrylic, offer various advantages over natural fibers, including durability, versatility, and resistance to wrinkles and shrinking. The market for synthetic fabrics has seen significant growth due to their widespread use in apparel, home textiles, industrial applications, and more.

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Growth Factors

Several key factors are driving the growth of the synthetic fabric market. One primary factor is the increasing demand for cost-effective and high-performance textiles across industries. Synthetic fabrics often provide superior properties such as moisture-wicking, stain resistance, and UV protection, making them popular choices in sportswear and outdoor gear. Additionally, technological advancements in manufacturing processes have led to the development of innovative synthetic fibers with enhanced characteristics, further propelling market growth.

Region Insights

The market for synthetic fabrics exhibits regional variations influenced by factors such as economic development, consumer preferences, and manufacturing capabilities. Asia Pacific dominates the global synthetic fabric market, driven by the presence of major textile manufacturing hubs in countries like China, India, and Bangladesh. North America and Europe also contribute significantly to market growth, with a focus on advanced textiles for automotive, aerospace, and healthcare applications.

Synthetic Fabric Market Scope

Report Coverage Details
Synthetic Fabric Market Size in 2023 USD 1.03 Billion
Synthetic Fabric Market Size in 2024 USD 1.06 Billion
Synthetic Fabric Market Size by 2033 USD 1.43 Billion
Growth Rate from 2024 to 2033 CAGR of 3.35%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Synthetic Fabric Market Dynamics

Drivers

Several drivers are propelling the expansion of the synthetic fabric market. Growing awareness about sustainability has spurred the demand for eco-friendly synthetic fibers made from recycled materials or bio-based sources. Moreover, the fashion industry’s evolving trends towards functional and performance-oriented apparel have boosted the adoption of synthetic fabrics. Furthermore, the increasing use of synthetic textiles in technical applications such as geotextiles and protective clothing drives market growth.

Opportunities

The synthetic fabric market presents promising opportunities for innovation and market expansion. Investments in research and development to create novel synthetic fibers with improved properties, such as biodegradability and antimicrobial features, can open new avenues for growth. Additionally, emerging markets in Latin America, Africa, and the Middle East offer untapped potential for synthetic fabric manufacturers to expand their presence and cater to evolving consumer demands.

Challenges

Despite its growth prospects, the synthetic fabric market faces certain challenges. Concerns regarding the environmental impact of synthetic fibers, particularly microplastic pollution, have raised sustainability issues within the industry. Moreover, fluctuating prices of raw materials and geopolitical factors affecting trade can pose challenges to market stability. Addressing these challenges requires concerted efforts towards sustainable practices and technological innovations in synthetic textile manufacturing.

Read Also: Self-healing Concrete Market Size to Reach USD 1,145.66 Bn by 2033

Synthetic Fabric Market Recent Developments

  • In April 2024, Kawhi Leonard‘s fourth signature footwear released its New Balance Signature Footwear. The new style of sneaker incorporates an Energy Arc carbon fiber plate with FuelCell foam midsole cushioning sitting and strategic gaps beneath an engineered mesh top with synthetic overlays.
  • In April 2024, Sika launched a state-of-the-art facility in Lima, Peru, for the manufacturing of synthetic fibers and increasing the product range with the enormous response in Latin America.
  • In April 2024, JOGANI Reinforcement introduced JOGANI Super Mesh—a high–quality fiberglass mesh with a hole size of 10 mm by 10 mm for better mortar penetration, workability, and ease of fixing. It was launched for the first time in India and aims to increase durability and control cranks in construction.
  • In May 2024, Hyosung, a leading player and the globally renowned manufacturer of spandex and the major supplier of other performance synthetic fibers, integrates the new facilities to increase the supply chain flexibility of the bio-based spandex.

Synthetic Fabric Market Companies

  • Bombay Dyeing
  • E. I. du Pont de Nemours and Company
  • Indorama Corporation
  • Lenzing AG
  • Mitsubishi Chemical Holdings Corporation
  • Reliance Industries Limited
  • China Petroleum Corporation (Sinopec Corp.)
  • Teijin Limited
  • Toray Chemical Korea, Inc.
  • Toyobo Co., Ltd.

Segments Covered in the Report

By Type

  • Acetate Fabric
  • Acrylic Fabric
  • Chiffon Fabric
  • Denim Fabric

By Application

  • Construction
  • Automotive
  • Healthcare
  • Apparel
  • Household
  • Others

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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