Market Size of Recycled Synthetic Fiber Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Recycled Synthetic Fiber Market Analysis
The recycled synthetic fiber market is expected to register a CAGR of 4% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. During the pandemic scenario, textile and automotive manufacturing activities were temporarily halted during the lockdown to curb the spread of new COVID-19 cases, thereby decreasing the consumption of synthetic fibers in these end-user industries. However, the condition recovered in 2021, which is expected to benefit the market during the forecast period.
- Over the short term, increasing awareness of sustainable materials is expected to drive the market's growth.
- On the flip side, the non-biodegradability of synthetic fibers tends to act as a restraint on the growth of the market.
- Rising urbanization and increasing customer interest in home furnishings act as opportunities for the growth of the market in the near future.
- Asia Pacific dominated the market globally, with the largest consumption from construction activities in countries such as India, China, and others.
Recycled Synthetic Fiber Industry Segmentation
Synthetic fibers are made from the polymers that are found in natural gas and the by-products of petroleum. Pre- or post-consumer synthetic fiber waste is used for the manufacturing of recycled synthetic fibers. Polyester and nylon polyamide are the two most common types of recycled synthetics. The recycled synthetic fiber market is segmented by type, application, and geography. By type, the market is segmented into nylon, polyester, polyolefins, acrylics, and other synthetic fibers. By application, the market is segmented into automotive, clothing, medical, aerospace, home furnishing, filtration, and others. The report also covers the market size and forecasts for the recycled synthetic fiber market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Type | |
| Nylon | |
| Polyester | |
| Polyolefins | |
| Acrylics | |
| Other Synthetic Fibers |
| Application | |
| Automotive | |
| Clothing | |
| Medical | |
| Aerospace | |
| Home Furnishing | |
| Filtration | |
| Other Applications |
| Geography | |||||||
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Recycled Synthetic Fiber Market Size Summary
The recycled synthetic fiber market is poised for growth, driven by increasing awareness of sustainable materials and the rising demand for eco-friendly alternatives in various industries. The market experienced a setback during the COVID-19 pandemic due to halted manufacturing activities, but it has since rebounded. The non-biodegradability of synthetic fibers presents a challenge, yet opportunities arise from urbanization and growing consumer interest in home furnishings. Asia Pacific leads the market, with significant consumption in construction and a burgeoning apparel sector. Recycled polyester and nylon polyamide are the most common forms of recycled synthetics, with polyester dominating the global fiber market due to its energy-saving production process.
The demand for recycled synthetic fibers is bolstered by their widespread use in the textile and apparel industries, particularly in sports and outdoor wear. Major brands are committing to increasing the use of recycled polyester in their products, aligning with sustainability goals. The Asia-Pacific region is expected to continue its dominance, supported by the robust growth of the clothing and automotive sectors. The region's apparel market is substantial, with significant production and export activities in countries like China and India. The market is partially consolidated, with key players like Indorama Ventures, TORAY INDUSTRIES, and Reliance Industries leading the charge in sustainable fiber production and innovation.
Recycled Synthetic Fiber Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Awareness for Sustainable Materials
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 The Non-Biodegradability of Synthetic Fiber
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Type
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2.1.1 Nylon
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2.1.2 Polyester
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2.1.3 Polyolefins
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2.1.4 Acrylics
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2.1.5 Other Synthetic Fibers
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2.2 Application
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2.2.1 Automotive
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2.2.2 Clothing
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2.2.3 Medical
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2.2.4 Aerospace
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2.2.5 Home Furnishing
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2.2.6 Filtration
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2.2.7 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 France
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2.3.3.3 United Kingdom
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2.3.3.4 Italy
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2.3.3.5 Rest of the Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Recycled Synthetic Fiber Market Size FAQs
What is the current Recycled Synthetic Fiber Market size?
The Recycled Synthetic Fiber Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Recycled Synthetic Fiber Market?
Indorama Ventures Public Company Limited, TORAY INDUSTRIES, INC., LENZING AG, Reliance Industries Limited and Alpek S.A.B. de C.V. are the major companies operating in the Recycled Synthetic Fiber Market.
