The North American synthetic fibers market is projected to grow at a CAGR of 6.2% during the forecast period (2020-2026). The market is driven by the rising application of synthetic fibers in the various sectors such as automotive, home furnishing, and textiles. Along with that, the presence of an advanced synthetic fiber industry and high demand for synthetic fibers in the automotive application in the US is expected to give a boost to the regional growth of the market.
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The US is a major contributor in the North American synthetic fibers market as the manufacturers are investing heavily in R&D activities to produce eco-friendly fibers with low styrene compounds. For instance, In November 2018, DuPont declared that it is investing over $80 million to establish a new production facility in Zhangjiagang, Jiangsu Province in East China. This new facility manufactures compounded high-end engineering plastics and adhesives to provide service to the customers in industrial, transportation, consumer, and electronics products markets. Therefore, these expansions by the market players further provide significant opportunity opportunities to the market.
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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- US and Canada
- 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?
North American 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.)
