Polyester Fiber Market Overview:
Polyester fibers are sourced from recycled or new polyethylene terephthalate (PET) and are low cost, recyclable, versatile, and highly stretchable. That is why they are gaining substantial traction from the textile industry. The global polyester fibers market is expecting a hike by 9.21% CAGR during the forecast period of 2021 to 2030. Market Research Future (MRFR) in their recent report revealed that the market would surpass the expected market valuation by the end of 2023.
Several factors can impact the global polyester fibers market in the coming years. Industries like the healthcare, automotive, electronics, and construction to mention a few are expected to take the global market ahead. As materials for carpets and rugs, the product is gaining substantial market coverage. High investment for the research and development sector is also expected to influence the global market in the coming years.
According to MRFR analysis, the polyester fiber market was valued at USD 88.72 billion in 2017 and is projected to grow at a robust CAGR of 9.21% during the forecast 2021-2030.
Segmentation:
MRFR, in their global polyester fiber market report, segmented it to get a closer look of various market factors. This segmentation is on the basis of form, product, grade, and application. Such an analysis is getting powered by value-wise and volume-wise data received from various adept data analysts.
Based on the form, the global polyester fiber market can be segmented into solid and hollow.
Based on the product, the global polyester fiber market includes polyester staple fiber (PSF) and polyester filament yarn (PFY).
Based on the grade, the global polyester fiber market comprises polyethylene terephthalate (PET) polyester and Poly-1, 4-cyclohexylene-dimethylene terephthalate (PCDT) polyester. The polyethylene terephthalate (PET) segment is gaining strong mileage due to its widespread application in the food & beverage industry.
Based on the application, the global polyester fiber market consists of carpets & rugs, non-woven fabrics, household & institutional textiles, apparel, industrial & consumer textiles, and fiberfill. The carpets & rugs segment is gaining substantial traction from the market.
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Regional Analysis:
Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA) are regions that have been included in a geographic study of the global polyester fiber market. Such an analysis has its focus fixed on growth pockets that can be of substantial use for future strategic moves.
The Asia-Pacific had the largest market share in 2017 and has the potential to grow with the highest CAGR during the forecast period. This has its roots in the fastest-growing textile industry and booming residential and commercial construction. China’s market is expected to be the largest one and is deemed to contribute the most in the coming years. The market is also gaining much from features like large consumer base, hike in per capita income, cost-affordable labor, and easy access to raw materials.
North America was the second largest market in the year 2017 and is expected to grow with a moderate CAGR in the coming years. The region is benefiting much from the contribution made by the US that is enjoying a surge in the demand for industrial fabrics and nonwoven fabrics application.
The European market is moderate in size and steady in its growth that the region can enjoy in the coming years. Stringent government regulations regarding the consumption of polyester fibers to manufacture mattresses and household textiles can take the regional market ahead. Both the Latin American and the MEA market have substantial potential to contribute to the market growth in the coming years.
Competitive Landscape:
Several companies invest substantially in the polyester fiber market to maximize their profits. They are Reliance Industries Limited (India), Tongkun Group Co., Ltd. (China), Shenghong Corp (Singapore), Zhejiang Hengyi Group Co., Ltd (China), Indorama Ventures Public Company Limited (Thailand), Xin Feng Ming Group (China), GreenFiber International S.A. (Romania), William Barnet and Son, LLC (US), Polyfibre Industries (India), Märkische Faser GmbH (Germany), Sarla Performance Fibers Limited (India), and TORAY INDUSTRIES, INC. (Japan).
In August 2019, IIT-Delhi’s startup named Sanfe launched a new sanitary pad that can be reused. The product has polyester fibers as one of its major components.
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