The synthetic fiber market is growing at four per cent. The business landscape features fragmentation now. A handful of vendors dominate the market, while the remaining shares are distributed among several vendors. This is expected to lower the entry barriers for new vendors. The market is also witnessing a high participation of regional players, who are generating substantial market revenues. Leading vendors in synthetic fibers are involved in the research and development of innovative products. Customisation is a leading strategy that is being adopted by vendors to gain momentum in the global specialty fiber market. Collaboration and geographical expansion of production facilities is another key strategy being adopted by market players.

The market is expected to be dominated by Asia Pacific excluding Japan. This could be attributed to the soaring population in the region. Automotives are expected to boost the market’s growth. Expanding demand for automotive interior materials like tweed, velvet and velour is expected to drive the market’s development. Polyester is the most generally used material in automotives because of its light weight property. Developing demand for lighter automotive interior material is expected to drive the market till 2026.

Leading vendors operating in the global specialty synthetic fiber market are Mitsubishi, Toray, Asahi Kasei Fibers and Indorama.