China Synthetic Fiber Market Trends
Key drivers of market growth include increased usage of synthetic fibers in the building & construction sector and a rise in the number of automotive players.
WILMINGTON, DELAWARE, UNITED STATES, February 9, 2024 /EINPresswire.com/ -- The China synthetic fiber market witnessed substantial growth in recent years, with a valuation of $17.0 billion in 2019, and is projected to reach $26.5 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027, according to a report by Allied Market Research. This report offers comprehensive insights into investment opportunities, winning strategies, market drivers, and changing trends.
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Key drivers of market growth include increased usage of synthetic fibers in the building & construction sector and a rise in the number of automotive players. However, environmental concerns regarding synthetic fibers pose a challenge to market expansion. Nonetheless, the burgeoning apparel sector is expected to present lucrative opportunities in the future.
The outbreak of COVID-19 significantly impacted the market, leading to supply chain disruptions and a decline in sales of passenger vehicles, consequently reducing demand for synthetic fibers used in various automotive applications. The production slowdown in the automotive sector further exacerbated the negative effects on the China synthetic fiber market.
The market is segmented by fiber type and application. Polymer non-woven fibers accounted for a significant share of the market in 2019 and are projected to maintain dominance through 2027. Mineral wool fibers are expected to witness the fastest growth, with a CAGR of 8.0% during the forecast period.
In terms of application, the building & construction segment contributed the highest revenue share in 2019 and is anticipated to continue its dominance, with the fastest CAGR of 7.2% during the forecast period.
Key players in the China synthetic fiber market include China Jushi Co. Ltd., Foshan Rayson Non-Woven Co. Ltd., Hebei Yuniu Fiberglass Manufacturing Co. Ltd., Owens Corning, Rockwool China, Shuhai Huali Advanced Material Co. Ltd., Jia He Taizhou Glass Fiber Co. Ltd., Changzhou Tianma Group Co. Ltd., Luyang Energy-Saving Materials Co., Ltd., and Toray Fibers (Nantong) Co. Ltd. These players have adopted various strategies such as partnerships, expansions, and collaborations to strengthen their market position.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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