Reports and Data’s latest research study on the Synthetic Fibers market gives a thorough analysis of it. In this report, the global Synthetic Fibers market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Synthetic Fibers market.
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Market Overview:
The global synthetic fibers market size was USD 66 Billion in 2022 and is expected to reach USD 111.51 Billion in 2032, and register a revenue CAGR of 6 % during the forecast period. Rising demand for synthetic fibers in numerous end-use sectors, including textile, automotive, construction, and packaging, is a major factor driving the market revenue growth. With their strength, cost-effectiveness, and superior durability than natural fibers, synthetic fibers are widely used in various sectors.
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Strategic Developments:
- In 2021, DuPont de Nemours, Inc. announced a strategic collaboration with the Belgian biotech company, Evonetix, to develop new synthetic DNA-based materials for Gene Synthesis applications. The collaboration is aimed at exploring new applications of synthetic fibers and expanding the company’s product portfolio.
- In 2021, Toray Industries, Inc. announced a joint venture with Mitsui & Co. Ltd., to establish a new manufacturing plant for recycled polyester fibers in Thailand. The joint venture is aimed at expanding Toray’s product offerings in the sustainable synthetic fibers market.
- In 2020, Lenzing AG announced a joint venture with Duratex S.A., to build a new lyocell plant in Brazil. The joint venture is aimed at expanding Lenzing’s lyocell fiber production capacity and strengthening its presence in the South American market.
- In 2020, Indorama Ventures Public Company Limited announced the acquisition of the U.S. company, Huntsman Corporation’s Integrated Oxides and Derivatives (IO&D) business for $2 billion. The acquisition was aimed at expanding Indorama’s product portfolio in the polyester and nylon markets.
Competitive Landscape:
- DuPont de Nemours, Inc.
- Toray Industries, Inc.
- Lenzing AG
- Indorama Ventures Public Company Limited
- Teijin Limited
- Formosa Plastics Corporation
- Mitsubishi Chemical Holdings Corporation
- Reliance Industries Limited
- Asahi Kasei Corporation
- Kuraray Co., Ltd.
- Kolon Industries, Inc.
Segments Covered in Report:
| By Product Type Outlook |
|
| By Fiber Type Outlook |
|
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Key Questions Answered in This report on the Synthetic Fibers Market
The report provides detailed information about the Synthetic Fibers market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Synthetic Fibers market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue from the advantages of the product?
- What will be the Y-o-Y growth of the Synthetic Fibers market between 2023 and 2032?
- What are the winning imperatives of market frontrunners in the Synthetic Fibers market?
- Which end-user is expected to undertake maximum adoption of the product during the forecast period?
Research Methodology: Synthetic Fibers Market
The research methodology adopted by analysts to compile the Synthetic Fibers market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Synthetic Fibers market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Synthetic Fibers market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Synthetic Fibers market.
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