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Chemical Fibers Market, Size, Share, Opportunities and Forecast, 2020-2027


(EnergyIndustry.Net, June 25, 2020 ) Market Overview
• The Global Chemical Fibers Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
• Chemical fibers are the fibrous materials produced from organic and inorganic raw materials in a chemical process. The organic materials are natural or synthetic polymers, while the inorganic compounds are the glass, metal, basalt, quartz, and other composites.
• Chemical fibers are manufactured industrially in the form of monofilaments, staple fibers, and filament yarns.

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Market Dynamics
• The global chemical fiber market is driven by the rising demand and consumption of the chemical fibers in the various industries such as textile and apparel manufacturing industry. It has led to the development of novel products with the ability to overcome the limitation of the existing products. For instance, in June 2019, Teijin Group had developed a new cotton-like high-performance polyester material for athleisure fashion. This new material comprised the look and texture of cotton with superior properties useful for the moisture absorption, quick-drying and ultraviolet (UV) protection. Cotton-like features are achieved with polyester filament yarn, not a staple fiber. This product is prepared by using recycled raw materials that are eco-friendly. The company would be promoting this product as a key product for 2020 autumn/winter sport and outdoor collections and apparel markets including fashion and uniforms.
• Technological development and up-gradation of existing machinery to increase annual productivity and optimize processing operational flow shall fuel the market growth. Companies are focusing on the development of high-performance, high-functional fiber, and actively smart manufacturing for chemical fibers. For instance, The Lenzing Group had used blockchain technology for supporting its TENCEL branded fiber business, ensuring complete transparency and traceability for brands and consumers of its fibers in the finished garment. The company would be joining the platform of the Hong Kong-based technology company Textile Genesis to fulfill this ambition.
• However, the stringent environmental regulations, equipment depreciation, and overcapacity problems are hindering the market growth. For instance, European companies are facing overcapacity issues that have led to a decline in product prices and profit margins, an increase in environmental pressure, anti-dumping, countervailing measures.

Market Segmentation Analysis
• Global Chemical Fibers market is segmented based on type as recycled fibers and synthetic fibers. Recycled fibers segment is expected to have a positive market share due to increasing production of the recycled fibers by using the chemical and mechanical recycling processes. Chemical recycling involves the usage of a series of chemical processes to recycle a waste stream back into building block chemicals i.e. monomers. These monomers are used by several industries such as apparel and footwear for creating new materials. During this recycling process, the performance is not lost as the recycled product is the same as its virgin counterparts in terms of appearance and properties.
• Synthetic fibers account for the significant market share due to the increased demand for synthetic fibers in the aerospace and automobile industry as these fibers are made up of high-strength and stiffness materials. Availability of the raw materials such as metal, carbon, or glass compounds for developing the synthetic fibers is influencing the market growth. There is an increased usage of synthetic fibers to reinforce plastics to form composites. Synthetic fibers made up of carbon are widely used for producing high-end cars, biomedical devices, and sporting goods due to their properties such as lightweight and strong strength.
• Further, the market is also classified on the basis of application into clothing, home furnishing, automotive, filtration, and others. The clothing segment accounts for the significant market share due to the rising demand for chemical fibers because of its better durability and cheaper manufacturing. Acrylic fibers are used as artificial wool for sweaters.
• Various chemical fibers such as acrylic fibers and polyolefin fibers are widely used for home furnishing fabrics. Acrylic fibers have properties resemble those of wool and do not absorb water which makes it useful for being used for manufacturing home furnishing fabrics. Polyolefin fibers are strong, colorfast and resistant to staining, mildew and abrasion and do not absorb water. These fibers are used for home furnishing, indoor and outdoor carpeting, automotive fabrics, industrial fabrics and others.
• There is increased use of the chemical fibers as the depth filters for filtration which involves separating one material which is dispersed in other material using porous structure. Depth filters captured the particles through attachment to the fibers within the body of the filter medium. Polyolefin fibers are the most commonly used depth filters for filtration due to its properties such as stiff structure, inside core high melting point, stable porosity, and out cover is the lower melting point.

Market Geographical Analysis
• By region, the global Chemical Fibers market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, Asia Pacific dominates the market as China is the world’s largest producer of chemical fiber. China accounts for 67% of global chemical fiber production. According to the National Bureau of Statistics, the production of chemical fibers was about 50.11 million tons, in 2018. Among them, the polyester fiber production was about 40.14 million tons, the polyamide fiber production was about 3.3 million tons viscose staple production was about 3.77 million tons.
• Japan possesses the various competitive advantage to the chemical fiber industries such as high-functional fibers, environmental responsibility, and high-performance fiber shall have a positive impact on the market. Chemical fibers are widely used in textile, and industrial applications. Growing urbanization, rising disposable income, and growing purchasing power of the people are the factors increasing the demand for the Chemical Fibers in India and China. Stringent environmental regulations and challenges, the lack of Research & Development investment and core technology, equipment aging, the lack of development of cutting-edge technology infrastructure, labor costs, lack of professional and technical personnel in South Korea shall have a negative impact on the market.
• Europe accounts for significant market share as it is the world's second-largest chemical fiber producer. High-quality fiber technology with product standards and testing methods are used for chemical fiber production in Europe. There is an increased demand for green chemical fiber and textiles. It has resulted in the sustainable development of the economy. European authorities have raised the investment of more than 1 billion euros for enterprise innovation related to the chemical fiber including the high and new technology, special fiber applications, advanced textile and textile industry chain innovation. Asian companies present in Europe have increased their investment in the development of European chemical fiber business.

Market Competitive Analysis
• The global Chemical Fibers market is fragmented with the presence of several local and international players. The product diversification and opportunities for market growth through new product launches intensify the competition among companies. Companies are focusing on modern high-efficiency production, reducing the number of employees, lower management costs and more efficient, flexible management, the pursuit of optimal production of chemical fibers.
• The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for Chemical Fibers and their expansion across the globe. For instance, in October 2018, The Lenzing Group intends to acquire the remaining 30 percent of its Chinese subsidiary Lenzing (Nanjing) Fibers Co. Ltd. (LNF) from its state-owned joint venture partner NCFC. It would support Lenzing’s strategic growth as a producer of specialty fibers from renewable raw material wood in China and worldwide. It would also provide the way for setting up further production lines for specialty fibers. In May 2017, Guangdong Kaiping Chunhui Co Ltd had sold assets and liabilities of chemical fiber business.
• The companies are also investing to increase its production capabilities around the globe. For instance, in May 2018, The Lenzing Group had invested up to EUR 30 million for the construction of the new facility.

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