Synthetic Yarn Market by Yarn type (Filament Yarn and Spun Yarn), Fiber Type (Polyester, Nylon, Rayon, Acrylic), End-Use Industries (Apparels & home furnishings, Aerospace, Automotive & transportation, Industrial), and Region - Global Forecast to 2029
Updated on : June 20, 2024
Synthetic Yarn Market
The global synthetic yarn market is valued at USD 234.1 billion in 2024 and is projected to reach USD 300.5 billion by 2029, growing at 5.1% cagr from 2024 to 2029. It is expected to witness steady growth during the forecast period, owing to the increasing demand for apparels & home furnishings, aerospace, automotive & transportation, electrical & electronics and industrial applications. The demand for synthetic yarn market is mostly from polyester fiber. The major end use industries of synthetic yarns are apparels & home furnishings, automotive & transportation and industrial applications.
Attractive Opportunities in Synthetic Yarn Market
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Synthetic Yarn Market Dynamics
Driver: Growing demand for fast fashion trends
The growing demand for fast fashion in apparels & home furnishing industry is pushing the companies to manufacture cost effective and high-quality clothing and home textiles. The demand for apparel & home furnishings has risen due to the increasing urban population and changing consumer preferences and lifestyle. Synthetic yarns offer different colors, various styles and textures to produce strong and durable products. Continuous innovations in the synthetic yarn market are expected to be driven by the increasing demand for fast fashion clothing.
Restraint: Increasing competition from natural fiber yarn
Synthetic yarns negatively impact the environment as compared to natural fiber yarn. Natural fiber yarns are made from natural fiber such as cotton, wool, linen, silk, bamboo and others and do not cause much harm to the environment because the fibers are not chemically processed. They are biodegradable and renewable. The demand for natural yarns is increasing due to changing consumer preferences towards sustainability and manufacturers are focused on producing cost effective natural yarn to increase their market share.
Opportunity: Growing demand for eco-friendly products
With the increasing population, the demand for synthetic yarn is growing in various industries. Consumer spending has been increased with the changing consumer preferences and lifestyles. The consumers are shifting towards eco-friendly products, so many well-established players in the synthetic yarn market are focusing on manufacturing recycled products to practice sustainability. These has increased the demand for synthetic yarn in many end use industries such as apparels & home furnishings, aerospace, automotive & transportation, electrical & electronics and industrial applications.
Challenge: Increasing environmental regulations and standards
The fluctuating raw material prices can hinder the growth of global synthetic yarn market. This can lead to supply chain disruption and result in economic downturn. Synthetic yarns being chemically produced may face competition from manufacturers producing natural fiber yarn. Synthetic yarns are non-biodegradable which can negatively impact the environment. Natural yarns being produced from natural fibers are environment friendly and changing consumer preferences towards sustainability could be a major challenge for global synthetic yarn market.
Synthetic Yarn Market Ecosystem
Based on yarn type, filament yarn type is estimated to be the fastest-growing source during the forecast period in terms of value.
Filament yarn is made from man-made fibers such as polyester, nylon, rayon/viscose, acrylic and others. Filament yarn offers high strength, durability, resistance to chemicals and abrasion, minimum shrinkage and high colour retention property. Filament yarn is cost effective as compared to natural yarn and is used in wide variety of industries such as apparels & home furnishings, aerospace, automotive & transportation, electricals & electronics and industrial applications.
Based on the fiber type, Polyester fiber type is estimated to be the fastest-growing type during the forecast period, in terms of value.
Polyester fiber offers high strength and excellent durability; they are resistant to abrasion and chemicals, which makes them suitable for wide range of end-use industries. They have moisture wicking and quick drying property making them ideal for active wear and sportswear. Due to their mechanical properties, polyester fiber is widely accepted in the apparels & home furnishings, aerospace, automotive & transportation, electrical & electronics and industrial applications.
Based on End-use Industries, the apparels & home furnishings industry segment is anticipated to register the highest CAGR in synthetic yarn market.
The apparels & home furnishings are expected to be the fastest-growing end use industry in the synthetic yarn market during the forecast period. Synthetic yarns are mostly preferred for apparels & home furnishings due to its cost effectiveness. Synthetic yarns are used to manufacture clothing items such as outerwear, activewear, undergarments and home textiles such as curtains, rugs, carpets, bedsheets. Synthetic yarns are widely used in apparels & home furnishings industry due to its high strength and excellent durability.
Europe to be the second-largest market for synthetic yarn market during the forecast period, in terms of value.
Europe is the second-largest synthetic yarn market across the world. The major end-use industries in this region include apparels & home furnishings, automotive & transportation and industrial applications. The demand for synthetic yarn is high in apparels & home furnishing industry due to changing consumer preferences. Germany is the largest synthetic yarn market in Europe, which is witnessing significant growth in synthetic yarn market for automotive & transportation industry apart from apparels & home furnishings.
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Synthetic Yarn Market Players
The synthetic yarn market is dominated by a well-established players, Kuraray Co., Ltd (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), DuPont (US), Toray Industries, Inc. (Japan), Zhejiang Hengyi Group Ltd. (China), Reliance industries Limited (India), Indorama Ventures Public company Limited (Thailand), Aksa Akrilik Kimya (Turkey), Lenzing Group (Austria), Eastman Chemical Company (US), are the main producers in the global synthetic yarn market.
These companies are attempting to establish themselves in the synthetic yarn market by adopting sustainable practices. A thorough competitive analysis of these major synthetic yarn market participants is included in the research, along with information on their company profiles, most recent advancements, and important market strategies.
Synthetic Yarn Market Report Scope
|
Report Metric |
Details |
|
Market size available for years |
2022–2029 |
|
Base year considered |
2023 |
|
Forecast period |
2024–2029 |
|
Units considered |
Value (USD Million), Volume (Kiloton) |
|
Segments Covered |
Yarn type, Fiber Type, End-use Industries and Region |
|
Geographies covered |
Asia Pacific, Europe, North America, Middle East & Africa and Latin America |
|
Companies covered |
Kuraray Co., Ltd. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), DuPont (US), Toray Industries, Inc. (Japan), Zhejiang Hengyi Group Ltd. (China), Reliance industries Limited (India), Indorama Ventures Public company Limited (Thailand), Aksa Akrilik Kimya (Turkey), Lenzing Group (Austria), Eastman Chemical Company (US). |
The study categorizes the synthetic yarn market based on Yarn type, Fiber type, End-use industries, and Region.
By Yarn type of synthetic yarn:
- Filament
- Spun
By Fiber type:
- Polyester
- Nylon
- Rayon/Viscose
- Acrylic
- Other types
By End-use industries:
- Apparels & home furnishings
- Aerospace
- Automotive & transportation
- Electrical & electronics
- Industrial
- Other end-use industries
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Recent Developments
- In April 2023, DuPont launched a Product named Kevlar EXO, a next generation aramid fiber that has highest ballistic performance and has unmatched combination of flexibility and durability.
- In October 2022, Indorama Ventures Public Company Limited collaborated with Toyobo Co., Ltd. to manufacture high performance nylon yarns for automobile airbags.
- In October 2022, Teijin Limited expanded its production capacity in Thailand with Teijin Polyester Limited to produce highly efficient polyester filaments for manufacturing apparel and interior applications.
Frequently Asked Questions (FAQ):
Which are the major companies in the synthetic yarn market? What are their major strategies to strengthen their market presence?
Some of the key players in the synthetic yarn market are Kuraray Co., Ltd. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Corporation (Japan), DuPont (US), Toray Industries, Inc. (Japan), Zhejiang Hengyi Group Ltd. (China), Reliance Industries Limited (India), Indorama Ventures Public Company Limited (Thailand), Aksa Akrilik Kimya (Turkey), Lenzing Group (Austria), Eastman Chemical Company (US).
What are the drivers and opportunities for the synthetic yarn market?
Growing demand for fast fashion trends is one of the major drivers of the synthetic yarn market, and one of the major opportunities lies in increasing demand for eco-friendly products.
Which region is expected to hold the highest market share?
Asia Pacific and Europe’s synthetic yarn market has been witnessing growth and significant industry demand.
What is the total CAGR expected to be recorded for the synthetic yarn market during 2024-2029?
The CAGR is expected to record a CAGR of 5.1% from 2024-2029.
How is the synthetic yarn market aligned?
The market is growing at a significant pace. The market is a potential market, and many manufacturers are planning business strategies to expand their existing business.
What are the primary drivers of growth in the synthetic yarn market in Europe?
The growth in Europe is driven by increasing demand for sustainable and high-performance fabrics in the apparel and automotive sectors, alongside rising consumer preferences for fast fashion.
How is the rise of e-commerce affecting the synthetic yarn market in North America?
The growth of e-commerce is boosting demand for synthetic yarns as manufacturers seek to produce versatile and cost-effective textiles that cater to the expanding online retail market.
What are the major growth factors for synthetic yarn in Europe’s fashion and textile industry?
Rising demand for durable, versatile, and innovative materials fuels synthetic yarn’s growth in European textiles, as brands aim to meet evolving consumer preferences.
What technological advancements are shaping the synthetic yarn market in North America?
Innovations like bio-based synthetic yarns and advanced spinning techniques are helping North American manufacturers meet demands for high-performance, sustainable products.
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The study involves two major activities in estimating the current market size for the synthetic yarn market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering synthetic yarn products and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the synthetic yarn market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the synthetic yarn market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from synthetic yarn industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to type, end-use industries, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using synthetic yarn products were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of synthetic yarns and outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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Market Size Estimation
The research methodology used to estimate the size of the synthetic yarn market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in synthetic yarn products in different end-use industries at a regional level. Such procurements provide information on the demand aspects of the synthetic yarn industry for each end-use industry. For each end-use industries, all possible segments of the synthetic yarn market were integrated and mapped.
Synthetic Yarn Market Size: Botton Up Approach
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Synthetic Yarn Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Synthetic yarns are made from synthetic fibers such as polyester, nylon, rayon/viscose, acrylic, and others. These synthetic fibers are derived from petroleum and fossil fuel-based Chemicals. These fibers are created by melting polymer which are extruded through spinnerets and the fiber is formed. Synthetic yarns are strong, durable, versatile, and resistant to chemicals and abrasion. Synthetic yarns are used in a wide variety of industries such as apparel & home furnishings, aerospace, automotive & transportation, electrical & electronic and industrial applications.
Key Stakeholders
- Synthetic yarn manufacturers
- Synthetic yarn suppliers
- Raw material suppliers
- End-use industries
- Government bodies
- Universities, governments, and research organizations
- Research and consulting firms
- R&D institutions
- Investment banks and private equity firms
Report Objectives
- To define, describe, and forecast the synthetic yarn market size in terms of volume and value.
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
- To analyze and project the global synthetic yarn market by yarn type, fiber type, end-use industries, and region.
- To forecast the market size concerning five main regions (along with country-level data), namely, Asia Pacific, Europe, North America, the Middle East & Africa and Latin America, and analyze the significant region-specific trends.
- To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
- To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
- To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape.
- To strategically profile the key market players and comprehensively analyze their core competencies.
Available Customizations
MarketsandMarkets offers following customizations for this market report:
- Additional country-level analysis of the synthetic yarn market
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company's market.
Growth opportunities and latent adjacency in Synthetic Yarn Market