Textile Fibers Market Show Exponential Growth by 2024
The global textile fibers market is expected to witness a steady growth, primarily due to the ever-increasing demand for apparels as a basic necessity worldwide. Textile fabrics are used in a number of end-user industries including apparel, automotive, medicine, event management, pharmaceutical, and consumer goods and appliances. They are primarily of two types – natural and synthetic. Natural fibers are derived from animals, plants, and other geological sources. They are typically biodegradable and recyclable. Their demand is likely to remain high in apparel, home textile, and other industries throughout the forecast period.
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This research report meticulously studies the current and historic data to estimate the future trends of the global textile fibers market. It performs segmentation analysis on the basis of various criteria including geography and raw materials. Each segment is methodically examined in terms of revenue and volume. The report provides insights into several critical aspects of the market such as its dynamics, ongoing key trends, and competitive landscape. It profiles the key players operating in the global textile fibers market along with their business strategies, latest developments, market shares, and revenue structures. For collating this study, a number of press releases, presentations, paid databases, journals, and white papers were referred.
Global Textile Fibers Market: Drivers and Restraints
Globalization plays a vital role in the growth of the global textile fibers market. The growing global trade volumes are creating increasing need for textile fibers. The rapid growth of the fashion and other end-user industries worldwide is providing a fillip to the market. Moreover, the rising world population is working in favor of the growth of the market. To benefit from the immense potential of the market, various companies are investing in Asia Pacific to explore the untapped region. However, the fluctuating prices of raw materials have a cascading effect on the cost of textile fibers, which in turn is adversely affecting the growth of the market. Furthermore, stringent environmental regulations associated with the production of synthetic fibers is hampering the growth of the overall market.
Global Textile Fibers Market: Geographical Segmentation
The report closely analyzes the key regional markets, which are North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is anticipated to hold a prominent position in the global textile fibers market during the forecast period. The sweeping shift of production activities from developed countries to developing countries with cheap labor is contributing to the growth of the region. Moreover, the increasing foreign direct investments and rapidly growing population are propelling the market in the region. China will be a major contributor to the growth of the Asia Pacific region. Both the production and domestic demand for textile fibers is very strong in the country. India and Japan will also supplement the growth of the region owing to the robust growth of various end-user industries. Europe and North America will collectively account for a large share in the market. The recovery of these regions from the economic slowdown is augmenting the overall market.
Companies Mentioned in the Report:
The global textile fibers market is a highly fragmented and competitive arena. The expansion of production capacities of local players is estimated to intensify the competition in the market. Several players are focusing on the development of high quality and advanced fibers in order to consolidate their position in the market. Some of the key players in the global textile fibers market are Asahi Kasei Fibers Corporation, Honeywell Spectra (Honeywell International Inc), INVISTA, Rhodia Polyamide, and Sinopec Yizheng Chemical Fiber Co. Ltd.
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