China Synthetic Fiber Market Expected to Reach $26.5 Billion by 2027

According to a new report published by Allied Market Research, titled, China Synthetic Fiber Market by Fiber Type and Application: Opportunity Analysis and Industry Forecast, 2020-2027," the China synthetic fiber market size was valued at $17.0 billion in 2019, and is projected to reach $26.5 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.

Synthetic fibers are manufactured by extruding fiber-forming materials through process known as polymerization. These fibers are durable and can be dyed easily, making them suitable for home décor applications in China. In addition, high strength, resistance to wrinkling, and ability to dry faster makes them widely adopted material in furniture upholstery application. Fiberglass, polymer non-woven, including spunbond, and spunlace are different types of synthetic fiber that are widely adopted in the market. Mineral wool and fiberglass are the major insulating materials used in most of the applications, including building and construction for the insulation of wall, ceiling, roof, and floor. They are used in automotive, wherein they act as an effective barrier to vibration, noise, and heat.

Nonwoven fibers are used for range of applications from disposable to durable products, for instance, it is used to make products such as wipes, which can be perished instantly after use. Furthermore, it can be used for the manufacturing of geotextiles, a product with a lifespan of decades. In addition, it is widely used in manufacturing of cushions, pillows, comforters, and upholstery padding. The apparel sector is one of the major consumers of nonwoven fiber, where it can be used to manufacture shirts, jackets, pants, and hats. Moreover, industrial applications that need to be operated under controlled cold conditions and generation of low temperature is cost-related mechanism as compared to producing heat boosts the growth of the synthetic fiber market in China.

However, properties of natural fibers such as low cost, high performance, abrasive nature, low specific weight, and bio-degradability are predicted to restrain the growth of the China synthetic fiber market.The China automotive industry is the largest among other major automotive manufacturers such as Europe and the U.S. For instance, according to the China Association of Automobile Manufacturers, more than 27 million vehicles were sold in 2018 and it is predicted to reach 35 million by 2025.This factor is anticipated to offer new opportunity in the China synthetic fiber market.

The China synthetic fiber market is segmented on the basis of fiber type and application. Depending on fiber type, the market is categorized into fiberglass, mineral wool, polymer non-woven, and other. On the basis of application, the China synthetic fiber market is classified into apparel, home décor, building & construction, automotive, appliances, and others. The appliance application is further sub-segmented into water heater, large cooking appliances, dishwashers, dryers, and others.

Depending on fiber type, the China synthetic fiber market is divided into fiberglass, mineral wool, polymer non-woven, and others. The polymer non-woven segment was the largest contributor to the market, garnering more than three-seventh of the China synthetic fiber market share in 2019.

By application, the market is fragmented intoapparel, home décor, building & construction, automotive, appliances, and others. the building & construction application dominated the China synthetic fiber market with over four-ninth of the total share in 2019.

The China synthetic fiber market profiles the leading players that include Changzhou Tianma Group Co. Ltd., China Jushi Co. Ltd., Foshan Rayson Non-Woven Co. Ltd., Hebei Yuniu Fiberglass Manufacturing Co. Ltd., Jia He Taizhou Glass Fiber Co. Ltd., Luyang Energy-Saving Materials Co, Ltd., Owens Corning, Rockwool China, Toray Fibers (Nantong) Co. Ltd., and Shuhai Huali Advanced Material Co. Ltd.

Key Findings Of The Study

• The polymer non-woven segment dominated the China synthetic fiber market with around 42.7% of the market share in terms of revenue. 
• The building & construction is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.2% from 2020 to 2027

Impact Of Covid-19 On The China Synthetic Fibermarket

• The COVID-19 pandemic has negatively affected the global economy and is subsequently shrinking the GDP in global economies; thereby, changing consumer spending patterns globally.
• The China synthetic fiber market has witnessed a negative effect due to COVID-19 pandemic. The automotive sector in China is negatively impacted due to the COVID-19 outbreak. However, according to researchers including S&P Global Ratings, this sector is predicted to gain its growth by end of 2022.
• Synthetic fibers are used in the automotive sector in various applications such as production of automobile carpets, seating fabrics, safety belts, and airbags. Downfall in production of passenger cars and other vehicles in China has negatively impacted the demand of China synthetic fiber market.
• The automotive sector in China is grappling with the immediate impacts of COVID-19.This is attributed to supply & demand gap, decrease in sales of passenger vehicles, and disruption in consumption pattern. According to a report by China Automotive Committee, there was 80% decrease in the production of passenger vehicles in February 2020. Other major consumer of synthetic fiber is the textile sector and this sector is also affected due to the coronavirus outbreak. These factors have negatively affected the growth of the China synthetic fiber market.