The global microfiber market is expected to grow at a CAGR of 3.5% from 2018 to 2023
The future of the microfiber market looks promising with opportunities for cleaning cloths in the household, commercial, industrial, automotive, etc and synthetic leather for shoes, furniture and automotive industries. . The major drivers for this market are increasing demand for reliable and eco-friendly materials for cleaning in household, hospitals, and other industries and growth in demand for eco-friendly synthetic leather.
Emerging trends, which have a direct impact on the dynamics of the microfiber industry, include development of microfiber for wet-laid process and introduction of PVA infused microfiber.
The report forecasts that polyester will remain the largest material during the forecast period due to its soft, durable, electrostatic, and filtering properties. Lucintel predicts that polyamide is expected to witness the highest growth over the forecast period supported by increasing demand for polyamide blend cleaning cloths as it provides better cleaning than polyester based cleaning cloths.
Within the microfiber market, household will remain the largest end use industry during the forecast period due to an increase in demand for reliable and eco-friendly cleaning cloths and increasing demand for synthetic leather in furniture and decoration.
Asia Pacific will remain the largest region and it is expected to witness the highest growth over the forecast period supported by increasing demand for microfibers in shoes, furniture, bags, cleaning cloths, automotive, and electronics industries in China, Japan, South Korea, and Taiwan.