(MENAFN- GetNews) ![]( "Synthetic Yarn Market<br/>")
The
synthetic yarn market
is projected to grow USD 234.1 billion in 2024 and is projected to reach USD 300.5 billion by 2029, at a CAGR of 5.1% from 2024 to 2029. The demand for synthetic yarn from apparels & furnishing industry is increasing significantly due to the increase in urban population and rapid urbanization. The demand for apparel & home furnishing is rising due to changing fashion trends and lifestyles.
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Based on yarn type,
the synthetic yarn market is segmented into filament yarn and spun yarn. In terms of value, and volume, filament yarn type dominated the market. The high market share is attributed to its availability in a wide range of colors and a variety of applications in various end-use industries. Filament yarn is used in various industries such as apparel & home furnishings, aerospace, automotive & transportation, electrical & electronics and industrial applications.
Based on fiber type,
the synthetic yarn market is segmented into different types of fibers -Polyester, Nylon, Rayon/Viscose, Acrylic and others. In terms of value, and volume, polyester fiber type dominated the market. The high market share is attributed to its mechanical properties such as high strength, resilience, excellent durability, resistance to chemicals and quick drying properties. Polyester fiber widely used in apparel & home furnishings, industrial applications, and automotive & transportation industries.
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Based on the applications,
the global synthetic yarn market has been segmented into apparel & home furnishings, Aerospace, Automotive & transportation industries, electrical & electronics and industrial applications. Synthetic yarns are most widely used in the apparel & furnishing industry. This is because synthetic yarns are cost-effective and easy to care for when used for clothing and home textiles. High tenacity, High modulus, excellent stretchability and durability make them suitable to get used in various applications across the world.
Based on Region , Asia Pacific region is expected to grow with a highest CAGR, in terms of both value and volume, during the forecasted period 2024 to 2029. This region has well-established players in the synthetic yarn industry . Many companies are focusing on advancements in technologies and shifting towards sustainability to cater to the growing demand for synthetic yarns across the world. Growth of apparel & home furnishing is boosting the market for synthetic yarns in the Asia Pacific region. Growth in various industries, such as aerospace, automotive & transportation and industrial applications drives the synthetic yarn market.
Major players operating in the synthetic yarn market include 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) and others.
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