Synthetic Fibers Procurement Intelligence anticipated to grow at a CAGR of 7.4% from 2023 to 2030.
Synthetic Fibers Category Overview The global synthetic fibers category is anticipated to grow at a CAGR of 7.4% from 2023 to 2030. The majority of the global textile market is made up of synthetic fibers because of their affordability and functional qualities. In 2023, owing to its performance advantage over natural textiles, synthetic fibers currently account for more than 60% of all fiber usage globally. In contrast to materials like cotton, silk, or wool that are derived directly from plants or animals, synthetics are made wholly of chemicals. The most popular kinds are petroleum-based and include nylon, polyester, rayon, acrylic, and spandex. By material type, polyester is the most popular one and dominates the category accounting for 48 - 52% of the total fiber production in 2023. With an increasing focus on sustainability, one of the major trends has been the use of sustainable colorant solutions and functional additives (for chemicals, dyes, spin-dyeing, and finishes) for...