China Synthetic Fiber Market Trends, Share, Revenue, Growth Drivers, Key Players, Challenges, Opportunities and Competitive Analysis Till 2033


China Synthetic Fiber Market Trends, Share, Revenue, Growth Drivers, Key Players, Challenges, Opportunities and Competitive Analysis Till 2033: SPER Market Research

 Category : Chemical & Materials

 Published: May-2023
 Author: SPER Analyst

China Synthetic Fiber Market is projected to be worth USD 39.8 billion by 2033 and is anticipated to surge at a CAGR of 6.27%.

Synthetic fibers are man-made fibers created by extruding fiber-forming ingredients through a process known as polymerization. Its qualities including as durability, flexibility, softness, and ease of dyeing make it popular in applications such as home décor, fashion, automobile, and building and construction. Furthermore, their high strength, resistance to wrinkling, and ability to dry faster make them a popular material for furniture upholstery. Mineral wool is an inorganic and non-metallic compound that is created by heating mixes of minerals such as stone or silica until they become molten. Fiberglass, often known as glass reinforced plastic or glass fiber reinforced, is a synthetic fiber that is lightweight, robust, and less brittle. Mineral wool and fiberglass are the most often used insulating materials in most applications, including building and construction, for wall, ceiling, roof, and floor insulation.

China Synthetic Fiber Market Driving Factors and Challenges
Over the last few decades, China's synthetic fiber industry has grown at a rapid pace. Several key factors have contributed to this growth, including strong domestic demand. China is the world's most populous country, and its fast-increasing middle class has been a key driver of demand for synthetic fibers. The rise of e-commerce platforms has also raised demand for synthetic fibers used in clothes and textiles. Additionally, the Chinese government has developed policies to promote the expansion of the synthetic fiber industry, including as tax breaks and research and development subsidies. China's low labor costs have made it a competitive manufacturer of synthetic fibers. This has enabled Chinese manufacturers to offer lower pricing than their competitors in other countries.

Overcapacity is one of numerous difficulties confronting the China Synthetic Fiber Market. Because of China's huge overcapacity in synthetic fiber production, producers face increasing competition, lower prices, and lower profitability. Raw material prices, such as oil and chemicals, can fluctuate dramatically, affecting the profitability of synthetic fiber makers. Manufacturers must keep up with the latest technological breakthroughs to remain competitive as technology evolves. Large-scale research and development expenditures may be required as a result. The current trade disputes between China and other nations may have an influence on the export market for synthetic fibers, affecting manufacturers' profitability. Overall, the China Synthetic Fiber Market is confronted with various problems that necessitate careful management and strategic planning in order to achieve long-term growth and profitability.

Impact of COVID-19 on China Synthetic Fiber Market
In a variety of ways, the COVID-19 epidemic has had a profound impact on the China Synthetic Fiber Market. Consumer tastes have shifted as a result of the epidemic, with many consumers preferring comfortable and breathable textiles such as cotton over synthetic fibers. This shift in inclination has impacted the demand for synthetic fibers even more. The cost of production grew dramatically as a result of the epidemic. This was mostly due to higher raw material, transportation, and labor costs. The epidemic disrupted the worldwide supply chain, reducing the availability of raw resources needed to manufacture synthetic fibers. Many factories were temporarily shut down, resulting in a scarcity of raw materials, which hampered the production of synthetic fibers.

China Synthetic Fiber Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Changzhou Tianma Group Co. Ltd., China Jushi Co. Ltd., Foshan Rayson Non-Woven Co. Ltd., Hebei Yuniu Fiberglass Manufacturing Co., Ltd., Jia He Taizhou Fiber Co. Ltd., Luyang Energy Saving Materials Co. Ltd., Owens Corning, Rockwool China, Shuhai Huali Advanced Material Co. Ltd., Toray Fibers Co. Ltd.

China Synthetic Fiber Market Segmentation:

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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