Synthetic fibers are man-made fibers produced by extruding fiber-forming ingredients during a polymerization process. Because of its durability, elasticity, softness, and ease of dyeing, it is frequently used in applications such as home décor, fashion, automobile, and building and construction. Furthermore, their high strength, wrinkling resistance, and ability to dry quickly make them a popular material for furniture upholstery.
According to SPER Market Research, ‘China Synthetic Fiber Market Size- By Fiber Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the China Synthetic Fiber Market is predicted to reach USD 39.8 billion by 2033 with a CAGR of 6.27%.
Over the last few decades, China’s synthetic fiber industry has expanded at a rapid pace. Several key factors, including strong domestic demand, have contributed to this growth. China has the most people on the planet, and its fast-increasing middle class has been a significant driver of demand for synthetic fibers. The growth of e-commerce platforms has boosted demand for synthetic fibers used in clothes and textiles. The Chinese government has put in place regulations to encourage the expansion of the synthetic fiber industry, including as tax breaks and research and development subsidies. Because of its low labor costs, China has emerged as a competitive producer of synthetic fibers. This has enabled Chinese manufacturers to offer lower prices than their international counterparts.
The China Synthetic Fiber Market confronts various issues, including overcapacity. China has significant overcapacity in synthetic fiber production, resulting in increased competition, lower pricing, and decreased profitability for firms. The pricing of raw resources such as oil and chemicals can fluctuate dramatically, affecting the profitability of synthetic fiber makers. To remain competitive, producers must keep up with the latest technological breakthroughs. This may necessitate considerable investments in research and development. The current trade disputes between China and other nations may have an influence on the export market for synthetic fibers, reducing manufacturing profitability.
Impact of COVID-19 on China Synthetic Fiber Market
The COVID-19 pandemic has significantly affected the China synthetic fibre market in a few ways. The COVID-19 epidemic has had a severe impact on the global economy and is decreasing GDP in global economies, affecting consumer spending patterns globally. The COVID-19 epidemic has had a severe impact on the Chinese synthetic fibre market. The COVID-19 epidemic has had a significant influence on China’s automotive industry. As a result of the epidemic, consumer preferences have changed, with many people now favouring soft, breathable textiles like cotton over synthetic fibres. This shift in inclination has impacted the demand for synthetic fibres even more.
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China Synthetic Fiber Market Key Players:
Furthermore, the Eastern area, which includes the provinces of Jiangsu, Zhejiang, and Shandong, dominated the China Synthetic Fiber Market. Many of China’s major synthetic fibre producers and textile manufacturing centres are in these provinces, which have a well-established supply chain and infrastructure to support the industry. However, it is important to note that market dynamics can shift over time, and regional dominance in the China Synthetic Fiber Market may shift due to a variety of factors such as changes. In addition, some of the market key players are Changzhou Tianma Group Co. Ltd., China Jushi Co. Ltd., Foshan Rayson Non-Woven Co. Ltd., Hebei Yuniu Fiberglass Manufacturing Co., Ltd., Others.
China Synthetic Fiber Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Fiber Type: Based on the Fiber Type, China Synthetic Fiber Market is segmented as; Fiberglass, Mineral Wool, Polymer non-woven, Others.
By Application: Based on the Application, China Synthetic Fiber Market is segmented as; Apparel, Appliances (Dishwashers, Dryers, Large Cooking Appliances, Water Heater, Others), Automotive, Building & Construction, Home Decor, Others.
By Region: This report also provides the data for key regional segments of Central China, East China, North China, Northeast China, Northwest China, Southwest China.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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