The global synthetic fibers industry is witnessing a steady growth over the recent years driven the changing consumer demands and industrial productivity needs, while the top 10 synthetic fiber manufacturers in the world remain as some of the largest contributors to the growth of this market through 2020. Synthetic fibers are known as the man made textile materials that are typically more durable and adaptable than textiles made from things found in nature, thus have been widely adopted in various of applications including clothing, furnishing, automotive, filtration, and construction materials. As the demand of synthetic fibers continue to grow in the downstream sectors, the global synthetic fibers industry is expected to maintain a healthy growth rate, and the top 10 synthetic fiber manufacturers are forecast to generate higher revenues over the next few years.
This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into Indian鈥檚 footwear industry including:
- How big is the global synthetic fibers market size?
- What are the factors driving the global synthetic fibers market growth?
- Which is the major segment in the global synthetic fibers market?
- Which region holds the largest share in the global synthetic fibers market?
- Who are the top 10 largest synthetic fiber manufacturers?
- What are the future trends of the synthetic fibers industry?
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Global Synthetic Fibers Market Overview 2020
Synthetic fibers are man-made textile materials, which are made by the compounds deprived from raw materials such as petroleum-based chemicals. Synthetic fibers are best known for their better advantageous properties compared to natural fibers, such as strength, elasticity, lightweight, waterproofing and cost effectiveness. According to a recent market report from Grand View Research, the global synthetic fibers market size is expected to reach US$ 88.5 billion by 2025, representing a strong CAGR of 6.3% over the five-year forecast period.
The production of synthetic fibers is also increasing year on year. The latest industry figures show that the global synthetic fiber production reached about 66.6 million tons in 2018, representing approximately 63% of all fibers produced around the world. The annual synthetic fiber production is forecast to reach 134.5 million tons by 2025, in line with a 3.7% annual growth rate for all fiber production worldwide.
Several factors are driving the global synthetic market growth. Worldwide consumers growing preference towards textile with characteristics of durability, better stain resistance, softness, and elasticity coupled with manufacturers鈥� ability to provide all such properties at lower costs is one of the key driving factors for the growth of the global synthetic fiber market. Meanwhile, weak supply of natural fibers such as wool and cotton also facilitates the adoption of synthetic fibers in the global textile industry over the recent years.
When it comes to the product segments, polyester is the largest synthetic fiber segment by type. Polyester accounts for a market share of around 52% of total global fiber production every year. Nearly 56 million tons of polyester produced worldwide per year. The global polyester market is forecast to grow at over 6.3% CAGR and reach a market size of US$98.4 Billion by 2025. Other major synthetic fiber segments include Nylon, Acrylics, Polyolefin etc.
Geographically, China is currently the largest manufacturer of synthetic fibers, accounting for 66% of the global production of synthetic fibers every year. India is the second-largest producer with over 8% of global production. India surpassed the United States as a fiber powerhouse in the mid-2000s, thanks to its huge polyester fiber capacity increase. The demand for synthetic fibers is still high in North America, especially in the US.
Top 10 Synthetic Fiber Manufacturers in the World 2020
China National Petroleum Corporation 鈥� China
China National Petroleum Corporation (CNPC) is one of the world鈥檚 top 10 synthetic fiber manufacturers. In China, CNPC is a leading manufacturer and supplier of chemical products in six categories including synthetic resin, synthetic fiber, synthetic rubber, urea, organic/inorganic chemical products and raw materials. Its key synthetic fiber products include synthetic fiber monomers (PTA, acrylonitrile and glycol), synthetic fiber polymers (polyester), and synthetic fiber products (terylene, acrylon and polypropylene).
DuPont 鈥� US
DuPont, also known as DuPont de Nemours, Inc., is the world鈥檚 largest chemical company formed by the merger of Dow Chemical and E. I. du Pont de Nemours and Company in 2017. Its fabrics, fibers & nonwovens business segment is well known for developing and manufacturing new uses of high performing synthetic fiber materials, including DuPont鈩� Kevlar庐 aramid fiber for ballistic and cut protection, DuPont鈩� Nomex庐 flame resistant fiber for fire dangers, DuPont Sorona庐 eco-fiber for versatile, design-freedom, DuPont鈩� Tyvek庐 for breathable barrier protection, and DuPont鈩� Tychem庐 for chemical protection.
Indorama Corporation – Indonesia
Indorama Corporation is one of the leading producers in the intermediate petrochemicals industry and one of the world鈥檚 largest manufacturers of Polyethylene, Polypropylene, Polyester Fiber, Spandex filament, Filament. The company is divided into three segments, including Feedstock, PET, Fibers. It supplies polyester fibers worldwide, mainly to the sectors including automotive, personal care, home furnishing, apparel and industrial. In addition to polyester, Indorama also manufactures intermediates such as IPA and performance materials made from fibers such as polypropylene, nylon, viscose, and aramids.
Toray Industries 鈥� Japan
Toray is a Japanese multinational company that engages in sectors of fibers and textiles manufacturing, performance chemicals, carbon fiber composite materials, environment and engineering, life science, and others. Toray Industries operates and manufactures polyester and other synthetic fibers through several well-known brands including TORAY TETORON, AXTAR, PENTAS, CEO伪. The company generates annual revenue of over $20 billion and has over 45,800 employees globally, making it one of the top 10 synthetic fiber manufacturers in the world.
Mitsubishi Chemical Holdings Corporation 鈥� Japan
Founded in 1997 and headquartered in Tokyo, Japan, Mitsubishi Chemicals is one of the largest acrylics and polyester manufacturers in Asia Pacific region. The companies top serving markets include Japan, China, Southeast Asian countries, West European countries and the US. It focuses on the promotion of inorganic commodities and specialty additives for different industries like Polyolefins, PVC, Paper, electronics and photochemical.
Reliance Industries Limited 鈥� India
Reliance industries is an Indian conglomerate company that mainly engages in energy, petrochemicals, fibers, natural resources, retail, and telecommunications. Its operations span from the exploration and production of oil and gas to the manufacture of petroleum products, polyester products, polyester intermediates, plastics, polymer intermediates, chemicals, synthetic textiles and fabrics. Reliance Industries is also one of the world鈥檚 largest polyester manufacturers with a capacity of 2.5 million tons per year. Its key synthetic fiber products include polyesters staple fiber, polyester filament yarn, and others.
Lenzing AG 鈥� Austria
Lenzing Group is an international group based in Lenzing, Austria. Lenzing is a world鈥檚 leading producers and suppliers of textile fibers, nonwoven fabrics, pulp, thermoplastics, PTFE, acrylic fibers. Lenzing Group manufacturers and sells its synthetic fiber products through several major brands such as TENCEL鈩�, VEOCEL, ECOVERO, LYOCEL and LENZING. The Company bas production facilities in Austria, Germany, the Czech Republic, the United Kingdom, the United States, Indonesia and China.
Teijin 鈥� Japan
Teijin Limited is a Japanese chemical, pharmaceutical and IT company. It is one of the world鈥檚 top 10 synthetic fiber manufacturers and one of the world鈥檚 leading suppliers of high-performance fibers such as aramid, carbon fibers & composites, and polyester fibers. Its key synthetic fiber products include Aramid fibers, High-performance polyethylene, High-performance polyester fibers, PEN fibers, Artificial leather, Carbon fiber reinforced composites and Flame-resistant fibers.
Asahi Kasei Fibers Corporation 鈥� Japan
Asahi Kasei Corporation is a leading Japanese textile products and synthetic fiber manufacturer. The company mainly produces spunbonds, artificial suedes, fiber fabrics, filaments, and other synthetic fiber products. Asahi Kasei also provides chemicals, building materials, and other products. Asahi Kasei has operations facilities and plants across Japan, as well as China, Singapore, Thailand, USA, and Germany.
Toyobo Co 鈥� Japan
Toyobo Co., Ltd. Is also among the world鈥檚 top 10 synthetic fiber manufacturers list. It is one of Japan’s leading fibers and textiles producers. The company manufactures and sells natural and synthetic fibers. The Company specializes in synthetic fibers, cotton synthetic blends, wool, secondary textile products, and functional materials. Toyobo also produces plastic films, biochemical products, and electronics, as well as operates construction business.
Global Synthetic Fibers Market Trends for Future
Many world鈥檚 top 10 synthetic fiber manufacturers are now increasingly focusing on the R&D of various technologies and processes to implement better technical and safety characteristics in their synthetic fiber products. Increased attention has been given to incorporate functional changes in synthetic fibers with little or no hazardous impact on the environment. These major trends in the global synthetic fibers market are expected to further propel the market growth over the near future.
Read more:
Top 10 Largest Textile Producing Countries and Top 10 Textile Exporters in the World 2020
Top 10 Largest Apparel Companies in the World 2020
Top 10 Largest Shoe Companies in India
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