Synthetic Yarn Market Projections – 2029: Key Trends, Opportunities, and Growth Factors in New Report
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. The market research report provides accurate synthetic yarn market outlook in relation to CAGR, market size by value and volume, and market shares. It also provides carefully calculated and validated market figures related but not limited to revenue, production, consumption, gross margin, and price.
Synthetic yarns are made of different synthetic fibers such as polyester, nylon, rayon/viscose, acrylic and others. These fibers are created using various chemical compounds. Due to their high strength and excellent durability, synthetic yarns are widely accepted across end-use industries. Synthetic yarns are available in wide variety of colours, styles and textures and is widely used in textiles industry for clothing. The synthetic yarns are of two types- Filament yarn and Spun yarn.
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Filament yarn type accounted for the largest market share in 2023, in terms of value.
In 2023, Filament yarn type dominated the global synthetic yarn market, in terms of value. The high market share and growth of filament yarn can be attributed to their key advantages as compared to other yarn type, that is Spun yarn. Filament yarn is made from polymer which is extruded through spinnerets and drawn into filaments and then twisted into yarn. Filament yarns are smooth, light weight, versatile, and reduces fabric pilling.
Polyester fiber type accounted for the largest market share, in terms of volume in 2023.
Global synthetic yarn market has been segmented based on the fiber type. In 2023, polyester fiber type dominated the market in terms of volume and value by contributing to the highest market share. Polyester fiber is a man-made fiber made from Petro-based chemicals offering high strength, versatility, durability, stretchability, resistant to wrinkle and moisture. They are easy to care for and has quick drying property and is used in wide range of industries.
Apparels & home furnishings to remain the largest end-use industries in terms of volume during the forecast period.
In 2023, Apparels & home furnishings accounted for the largest market share of global synthetic yarn market, in terms of volume. Growing demand of synthetic yarns for apparels & home furnishings due to increase in textile consumption is driving the market. Changing fashion trends and lifestyle has dominated the apparels & home furnishing industry. In upcoming years, the demand for apparels & home furnishing industry is witnessing growth due to consumer preferences towards sustainable products.
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Asia Pacific region accounted for the largest share in 2023, in terms of volume.
In 2023, Asia Pacific region accounted for the highest market share, in terms of volume. Due to increase in urban population and rapid urbanization, the consumer spending in this region is driving the growth of aerospace, automotive & transportation, industrial and electrical & electronic industries. Also, growing focus towards sustainability and recycled products is driving the usage of synthetic yarns in various industries. Major key players in the synthetic yarn market are focusing the Asia Pacific region due to the strong regional market. Many manufacturers are shifting their manufacturing base in this region due to low-cost production facilities.
Prominent companies 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).
Kuraray Co., Ltd. (Japan)
Kuraray Co., Ltd, is leading Japanese company that deals in the manufacturing of Chemicals, Fibers and other materials. The company operates under various business segments such as Vinyl acetate, Trading, Fibers, Textiles, Functional materials, Isoprene and others. The company is top leading manufacturer of filament yarn and spun yarn. They have 31 production facilities and 3 laboratories worldwide and maintains its strong foothold in North America, Europe and the Asia Pacific region.
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Teijin Limited (Japan)
Teijin limited is one of the top leading manufacturer and seller of chemical products. They operate under various business segments such as Materials, Healthcare, Fibers & product converting, Information Technology and others. The company provides high quality and high-performance synthetic yarn products under the brand named Tenax. Teijin limited is spread across globally and maintains its geographical presence in North America, Europe and the Asia Pacific region, covering 20 countries.
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