Synthetic Yarn Market Estimated to Reach $300.5 billion by 2029 Globally, at a CAGR of 5.1%, says MarketsandMarkets™

/EIN News/ -- Chicago, June 27, 2024 (GLOBE NEWSWIRE) -- The Global 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, as per the recent study by MarketsandMarkets. The demand for synthetic yarn from apparel & furnishing industry is increasing significantly due to increase in urban population and rapid urbanization. The demand for apparels & home furnishing is rising due to changing fashion trends and lifestyles. 

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202- Market Data Tables

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List of Key Players in Synthetic Yarn Market:

1. Kuraray Co., Ltd. (Japan)
2. Teijin Limited (Japan)
3. Mitsubishi Chemical Corporation (Japan)
4. DuPont (US)
5. Toray Industries, Inc. (Japan)
6. Zhejiang Hengyi Group Ltd. (China)
7. Reliance Industries Limited (India)
8. Indorama Ventures Public Company Limited (Thailand)
9. Aksa Akrilik Kimya (Turkey)
10. Lenzing Group (Austria)
11. Eastman Chemical Company (US)
12. Others

Drivers, Restraints, Opportunities and Challenges in Synthetic Yarn Market:

1. Drivers: Growing demand for fast fashion trend
2. Restraints: Increasing competition from natural fiber yarn
3. Opportunity: Growing demand for eco-friendly products
4. Challenge: Increasing environmental regulations and standards

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Key Findings of the Study:

1. Filament yarn type accounted for the largest market share in 2023, in terms of value.
2. Polyester fiber type accounted for the largest market share, in terms of volume in 2023.
3. Apparels & home furnishings to remain the largest end-use industries in terms of volume during the forecast period.
4. Asia Pacific region accounted for the largest share in 2023, in terms of volume.

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 into a wide range of colors and a variety of applications in various end-use industries. Filament yarn is used in various industries such as apparels & 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, resistant to chemicals, and quick drying property. Polyester fiber is widely used in apparel & home furnishings, industrial applications, and automotive & transportation industries. 

Based on the applications, the global synthetic yarn market has been segmented into apparels & home furnishings, Aerospace, Automotive & transportation industry, 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.

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Based on Region, the Asia Pacific region is expected to grow with the 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 market. Many companies are focusing on advancement 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.

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