May 16, 2024

Synthetic Fabric Market Size to Rise USD 1.43 Billion by 2033

The global synthetic fabric market size reached USD 1.03 billion in 2023 and is predicted to attain 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 has experienced significant growth over recent years due to its versatile applications across various industries. Synthetic fabrics are man-made textiles produced from chemical substances such as polyester, nylon, acrylic, and polypropylene. These materials offer numerous advantages over natural fibers, including durability, resistance to wrinkles, moisture-wicking properties, and affordability. The market encompasses a wide range of products, including clothing, home textiles, automotive upholstery, and industrial materials.

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Growth Factors

Several key factors contribute to the growth of the synthetic fabric market. One of the primary drivers is the increasing demand for durable and cost-effective textiles in the fashion and apparel industry. Synthetic fabrics provide manufacturers with the ability to create innovative designs while meeting consumer preferences for performance-oriented clothing. Additionally, the growing use of synthetic fibers in technical textiles, such as geotextiles and medical textiles, has further propelled market expansion. Moreover, advancements in textile manufacturing technologies have enhanced the quality and versatility of synthetic fabrics, driving their adoption across diverse sectors.

Region Insights

The synthetic fabric market exhibits varying trends across different regions. Asia Pacific dominates the market, fueled by the presence of major textile manufacturing hubs in countries like China, India, and Vietnam. These regions benefit from low labor costs and extensive raw material availability. North America and Europe also contribute significantly to the market, with a focus on high-quality synthetic fabrics for premium applications. In emerging economies, such as Latin America and Africa, the market is experiencing steady growth due to increasing industrialization and urbanization.

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 propel the growth of the synthetic fabric market. Rising consumer demand for functional and performance-oriented apparel is a major driver, pushing manufacturers to innovate and develop new synthetic fibers with enhanced properties. Environmental factors also play a role, with a shift towards sustainable synthetic fibers made from recycled materials gaining traction. Moreover, the versatility of synthetic fabrics in industrial applications, such as automotive and construction, drives market expansion.

Opportunities

The synthetic fabric market presents numerous opportunities for growth and innovation. Expansion into new application areas, such as smart textiles and wearable technology, offers exciting prospects for manufacturers. Additionally, the development of eco-friendly synthetic fibers presents a significant opportunity to tap into the growing demand for sustainable textiles. Collaborations between textile manufacturers and technology companies could lead to breakthroughs in performance-enhancing fabrics, opening up new market segments.

Challenges

Despite its growth potential, the synthetic fabric market faces certain challenges. One key challenge is the increasing awareness of environmental issues associated with synthetic fibers, particularly related to microplastic pollution and carbon emissions during production. Consumer preferences are shifting towards natural and sustainable alternatives, posing a challenge for traditional synthetic fabric manufacturers. Regulatory pressures to adopt sustainable practices and reduce environmental impact also present hurdles for market players. However, these challenges also drive innovation and encourage the industry to explore new solutions for sustainable synthetic textiles.

Read Also: Self-healing Concrete Market Size to Rise 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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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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