Expansion of the synthetic fiber market over the forecast period is due to a surge in customer demand for synthetic fibers owing to their cost-effectiveness, durability, and easy washing ability. In addition to this, exceptional product features such as outstanding chemical resistance, lightweight, physical properties, mechanical strength, elasticity, and softness will boost the size of the industry in foreseeable future. Synthetic fibers are integrated into fabrics, filtration, home furnishing, and vehicles.
The rise in the use of products in healthcare, packaging, aviation, electronics, and air filters will expedite synthetic fiber business growth. Surging product application in home furnishings will open new facets of growth for the synthetic fiber industry in the next couple of years.
As per recent studies published by FNF Research, Synthetic Fiber Market, which accrued revenue worth USD 63.2 Bn in 2021, is predicted to register the highest gains of about 6.9% over the next six years and earn nearly 102 Bn by 2028.
We will discuss a few of the giant participants of the Synthetic Fiber market.
- Bombay Dyeing & Manufacturing Company Limited (India): It is based in India and was founded on 23rd August 1879, Mumbai. It operates in the textile business and is one of the largest fabric producers in India.
- I. du Pont de Nemours & Company (U.S.): The firm is based in the U.S. and was founded in 1802 in Delaware. It produces polymers such as nylon, vespel, sorona, lycra, Teflon, and Neopren. Apart from this, the organization also produces synthetic pigments and paints such as ChromaFair.
- Lenzing AG (Austria): The Company is based in Lenzing, Austria and was founded in 1938. It produces environment-friendly specialty fibers of high quality.
- Mitsubishi Chemical Holdings Corporation (Japan): The firm is located in Tokyo, Japan and was founded on 3rd October 2005, Japan. It operates in businesses such as olefins & aromatics, MMA monomer, Carbon, Acrylic Resin, and Chemicals production.
- Reliance Industries, Inc. (India): The Company is based in Mumbai, India and was founded on 8th May 1973. The firm offers various products such as petroleum, retail, natural gas, textiles, petrochemicals, financial solutions, medial, and entertainment.
- China National Petroleum Corporation (China): The firm was founded on 17th September 1998 in Beijing, China. It manufactures petrochemicals, petroleum, and natural gas products. For the record, the company was ranked fourth in Fortune Global 500 in 2020.
- Toray Chemical Korea, Inc. (South Korea): It is based in South Korea and was founded in 1972. Moreover, it produces polyester fibers and sells polyester staple fibers, polyester filaments, and PET resins.
- Toyobo Co. Ltd. (Japan): It is a manufacturer of one of the best fibers & fabrics in Japan. The firm, which was founded on 26th June 1914 in Osaka, Japan, produces natural fibers & synthetic fibers such as wool and cotton.
- Barnet GmbH & Co. KG (Germany): It is based in Germany and offers a plethora of products including Polyester, Nylon, High Tech Fibers, and Acrylic. The firm was founded in New York, U.S. in 1898 by William Barnet.
- The CHA Textiles Group (Hong Kong): The firm is based in Hong Kong and was founded in 1949 by Mr. Cha Chi Ming. The organization is involved in fabric production along with weaving, wax-printing, dyeing, and spinning of textiles.