June 25, 2024

Synthetic Fabric Market Size to Worth USD 1.43 Billion by 2033

The global synthetic fabric market size accounted for USD 1.03 billion in 2023 and is predicted to grow around USD 1.43 billion by 2033, growing at a CAGR of 3.35% from 2024 to 2033.

Key Points

  • Asia Pacific dominated the synthetic fabric market with the largest market share in 2023.
  • North America is expected to witness a significant growth rate in the market during the forecast period.
  • By type, the acrylic fabric segment held a significant share of the market in 2023.
  • By application, the apparel application segment held the largest share of the market in 2023.

Synthetic Fabric Market Size 2024 to 2033

The synthetic fabric market encompasses a wide range of materials that are manufactured using chemical processes rather than being derived directly from natural sources like cotton or wool. Synthetic fabrics such as polyester, nylon, acrylic, and spandex have gained significant popularity due to their durability, versatility, and affordability. These materials find extensive applications in the textile industry for clothing, upholstery, industrial fabrics, and various technical textiles.

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Growth Factors

Several factors contribute to the growth of the synthetic fabric market. One key driver is the increasing demand for cost-effective and high-performance materials in industries such as apparel, automotive, and home furnishings. Synthetic fabrics offer properties like moisture-wicking, stretchability, and resistance to wrinkles, making them attractive for various consumer and industrial applications. Additionally, advancements in manufacturing technologies have enabled the production of synthetic fabrics with improved comfort, aesthetics, and sustainability profiles, further driving market growth.

Region Insights

The market for synthetic fabrics exhibits regional variations influenced by factors such as industrialization, consumer preferences, and regulatory environments. Developed regions like North America and Europe have well-established textile industries and stringent quality standards, driving demand for innovative synthetic fabrics. Emerging economies in Asia-Pacific, particularly China and India, are major manufacturing hubs for synthetic textiles due to lower production costs and growing export markets.

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

Key drivers of the synthetic fabric market include the expanding apparel industry, especially sportswear and athleisure segments where synthetic fabrics are favored for their performance-enhancing properties. Moreover, the automotive sector increasingly uses synthetic fabrics for interior components due to their durability and design flexibility. Environmental factors such as the need for water conservation (synthetic fabrics often require less water in production compared to natural fibers) also contribute to market growth.

Opportunities

The synthetic fabric market presents various opportunities for growth and innovation. Research and development efforts focus on enhancing the sustainability of synthetic fibers through recycling technologies and the use of bio-based materials. Additionally, emerging applications in sectors like healthcare (e.g., medical textiles) and construction (e.g., geotextiles) offer untapped potential for synthetic fabric manufacturers to diversify their product portfolios and capture new markets.

Challenges

Despite its growth potential, the synthetic fabric market faces challenges related to sustainability concerns and consumer perceptions. Issues such as microplastic pollution from synthetic textiles and the environmental impact of petrochemical-based fibers remain significant challenges that manufacturers need to address through sustainable practices and alternative materials. Furthermore, competition from natural and eco-friendly fibers poses a challenge to market penetration, particularly in environmentally conscious consumer segments.

Read Also: Self-healing Concrete Market Size to Worth 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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