The US synthetic fibers market is projected to grow at a CAGR of 6.3% during the forecast period (2020-2026). The rising demand for synthetic fibers in the automotive sector owing to the increasing adoption of the lightweight vehicle provides a significant opportunity to the market.
Lightweight composites are crucial to boost the fuel economy and maintain the set safety standards and performance of modern automobiles. To accelerate a lighter object, less energy is needed rather than acceleration of heavier one, therefore lightweight composite materials, such as synthetic fiber, deliver a significant potential to increase the efficiency of vehicles that further propels the demand in the automotive sector.
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The major advantages of synthetic fibers include high strength-to-weight ratio and stiffness and low density. As a result, Lamborghini, BMW, Mercedes-Benz, and other automakers have been focusing on the increasing use of carbon fiber in their vehicles for weight reduction.
New R&D initiatives are transforming the industry and creating significant opportunities for market players. The rising use of recycled synthetic fiber in the manufacturing of lightweight automotive parts is a key factor in creating the growth of the synthetic fiber industry. Owing to the stringent environmental concerns, the demand for carbon fiber in automotive applications is estimated to grow significantly, which in turn, will drive the growth of 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
- 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 dominates the market in the base year?
- Which segment 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 segment
- Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
US synthetic fibers Market – Segmentation
By Type
- Acrylics
- Polyolefin
- Polyester
- Nylon
- Other
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.)
