The Asia-Pacific synthetic fibers market is projected to grow at a CAGR of 7.4% during the forecast period (2020-2026). One of the major factors that propel the growth includes the rising demand for synthetics fiber in the automotive sector as the consumer prefers the lightweight vehicle to reduce fuel consumption.
Moreover, the countries that contribute to the growth of the market in the region include China, India, Japan, and others. Among these China is the largest contributor in the synthetic fibers market owing to significant production in the automotive industry. China exports a considerable amount of synthetic fiber and its related products to countries such as the US and UK.
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Moreover, India contributes significantly to the growth of the market owing to the significant market for automotive. For instance, around 2,76,412 passenger cars were sold in the Indian market in December 2020. The sales increased by 17.7% in December 2020 as compared to December 2019. The synthetic fibers have various applications in automotive, such as automotive suspension bushings, cushions, electrical potting compounds, chemical tanks, cable insulation, gas cans, doors, pipes, and sheathing of electrical cables, and others.
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Market Coverage
- Study Period- 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered- By Type and by Application
- Regions Covered- China, India, Japan, and the Rest of Asia-Pacific
- Key Companies Profiled- Asahi Kasei Corp., BASF SE, DuPont de Nemours, Inc., Mitsubishi Chemical Corp., Toray Industries, Inc., China Petrochemical Corp. (Sinopec), Eastman Chemical Co., and others
Key Questions Addressed by the Report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and the coming years?
- Recovery Timeline
- Deviation from the pre-COVID-19 forecast.
- Most affected region/segment
- Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Asia-Pacific synthetic fibers Market – Segmentation
By Type
- Acrylics
- Polyolefin
- Polyester
- Nylon
- Others
By Application
- Automotive
- Clothing
- Home Furnishing
- Filtration
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
