In a world that prefers synthetic rather than natural materials due to lower pricing and easy availability in just about anything in daily living, man-made fibres are doing well in the textile industry. Market analysts say the global synthetic fibre market was valued at $62.65 billion in 2021 and is expected to reach $89.09 billion by 2029, registering a CAGR of 4.50 per cent during the forecast period of 2022-2029.
Synthetic fibres are secured from polymers and are also called man-made fibres. They usually exhibit essential features such as strength, elasticity, lightweight, washability, softness, and cost efficiency and specific features such as wrinkle resistance, and crease recovery and are moisture resilient. The synthetic fibre market is segmented based on type and application and polyester is the most popular in making garments as it is durable and stretchable.
Polyester the most popular man-made fibre
The Global Synthetic Fibers Market research report by Pune-based Data Bridge Market Research has pointed out synthetic fibres are being utilized in weaving fabrics, narrow fabrics and felt, and finishing and fabricating fabric products which are used in manufacturing home furnishings products and apparel.
Polyester is the most popular as it has durability and versatility. Analysts felt the increase in disposable income that has helped the garment industry to thrive, particularly in the growth-centric nations is one of the major factors driving growth of synthetic fibre market. The increase in social media usage across all age groups and rural and urban areas as well as the growing acceptance of e-commerce, influencers, and the social media business has accelerated the market growth.
Along with this is increased use of textile fabric in several processes, such as knitting, crocheting and weaving among others to manufacture a versatile range of finished and semi-finished goods in segments like bedding, clothing, apparel, medical, and other accessories are all helping this expansion. Global consumption of polyester filament and staple fibre has been rising as compared to the use of pure cotton in the apparel industry mainly due to the price and durability factors.
The sales of home furnishings is set to increase even more from 2022 to 2029 with many more branded and unbranded players and retail stores entering this segment and expanding the market. Switching to man-made fibre will help apparel manufacturers get higher prices.
Bangladesh switches to more synthetic fibre export
As per studies synthetic fibre makes up 78 per cent of the world's clothing and the remaining 22% is made of cotton fibre. With Bangladesh being the hub of apparel exporters, switching to man-made fibre will help Bangladesh apparel manufacturers get higher prices.
André Wissenberg, VP of Germany-based Oerlikon Textile GmbH said at a recent seminar in Dhaka, “Bangladesh has the potential to switch to the production of synthetic fibre-based textiles and apparel to realise greater per unit values in the world market. Buyers are choosing man-made fabrics as substitutes for cotton fibre for sustainability and environmental issues. Bangladesh is the world's second-largest exporter of textile goods while Germany is the second-largest importer of products from Bangladesh. Germany and Bangladesh are therefore in close bilateral dialogue.”
Currently, Asia-Pacific countries dominate the synthetic fibre market because of the large number of manufacturers in the region. With China’s and Korea’s stakes down in the current global situation, it is time India took advantage of this opportunity to maximise domestic consumption and export figures.