Polyester fibers are manufactured from recycled or virgin polyethylene terephthalate (PET). It has become the most preferable fiber within the textile industry owing to its low cost, recyclability, versatility, elasticity, high strength, easily stretchable, and highly resistant to wrinkle, abrasion, and fungus. These fibers are hydrophobic in nature and dry instantly; and can provide insulation in the form of hollow fibers. It can withstand wear and tear longer than cotton and other fabrics and easily retains their shapes in extreme climatic conditions. These fibers can be colored by dope dying or pigmentation.
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.
Rising constructional activity across the globe is expected to drive the market growth. Moreover, growing demand for carpets and rugs; and mattresses in residential and commercial flooring solutions favors the global market growth. Additionally, surging demand for the product from various end-use application such as household, hospitals, automotive, electronics, and construction is likely to drive the market growth. Increasing application of hollow polyester fibers in medical application provides ample opportunities to the market players. In addition to this, technological advancements and growing R&D facilities further provides lucrative opportunities to the market players. Other fabrics such as cotton and wool are relatively cheaper than polyester fibers which poses a major challenge to the manufacturers.
The rising advancement in the global fashion industry and the growing trends regarding the constructional activity across the world is combining the efforts with rapid urbanization and the home decor industry which is providing great opportunities to the market. There is a surging demand for the product from various end-use applications namely hospitals, households, automotive, and electronics along with superior properties of polyester fibers.
The appearance of the worldwide Pandemic of COVID-19 altogether affects the improvement of the structure business that is working in the worldwide market premises particularly for the ongoing forecast period of 2021-2028, following the pandemic. The halting or dialing back building programs, confining moves, halting creation, and work deficiencies to check the flare-up of COVID-19 are known to have significantly added to an ensuing and extensive decrease in the advancement of the development business for a huge scope. This is probably going to banish the global growth of the polyester fiber market from extending the utilization of market resources in developing applications on a worldwide scale. The absence of talented work, market assets, and unrefined substances will affect the capacity of the creation and assembling units to keep a steady stockpile of eventual outcomes to fulfill the market need, particularly during the ongoing forecast period.
The rising speculations and the communitarian endeavors of the legislatures and market players are giving the polystyrene market openings for development in the period. The worldwide market is additionally preparing for development in the worldwide districts attributable to the mind-blowing utilization of the market offices and dispatching new item administrations, portfolios, and items in the global market during the forecast period that will be ending in 2030.
The market is witnessing the emergence of the competition owing to the performance of the following market players:
Global Polyester Fiber Market Share, by Application, 2017 (%)
Source: MRFR analysis
The polyester fiber market trends are witnessing the growing demand for carpets and rugs, amongst other market products like mattresses in both the residential and commercial flooring solutions that are predicted to favor the global market growth of the market during the forecast period that will be ending in 2028. Additionally, the market has witnessed that there is a surging demand for the market products from various end-use applications such as household, hospitals, automotive, along with others like electronics, and construction that is likely to drive the market growth during the ongoing forecast period.
The market is witnessing major volatility in the raw material prices to conduct the market production and the stringent regulations regarding the importance to meet the quality standards are acting as major limitations towards the global growth of the polyester fiber market size in the ongoing forecast period that will be ending in 2030. There is a huge rise in the health hazards owing to the toxicity of polyester fiber that might also impact the market from growing as per the predictions during the ongoing forecast period of 2021-2030.
There is an increasing application of hollow polyester fibers in medical applications that provides ample opportunities to the market players. Also, the rising degree of technological advancements and the growing research and development facilities further provides lucrative opportunities to the global market players during the forecast period that will be ending in 2028. Also, the market trends are witnessing the rise in demand by other market fabrics such as cotton and wool. These are understood to be relatively cheaper than polyester fibers which pose a major challenge to the manufacturers especially during the forecast period of 2021-2028. Further, the rising degree of demand for nonwoven materials and products is being coupled with the growing demand for mattresses of hollow polyester fiber.
The polyester fiber market size is on the way of global expansion in the forecast period that will be ending in 2028 owing to the performance of the following market segments:
Based on form, the polyester fiber market has been bifurcated into solid and hollow.
By the market product
The polyester fiber market has been classified based on the market products and includes polyester staple fiber (PSF) and polyester filament yarn (PFY).
Based on the market grade
The polyester fiber market has been segmented into polyethylene terephthalate (PET) polyester and others like Poly-1, 4-cyclohexylene-dimethylene terephthalate (PCDT) polyester.
Based on the market application
The polyester fiber market has been segmented into market applications like carpets and rugs, apparel, industrial and consumer textiles, household and institutional textiles, non-woven fabrics, and fiberfill.
The Asian Pacific region was accounted for the largest market share during the historic forecast period that ended in 2019. The market is expected to register the highest CAGR during the ongoing forecast period ending in 2028. This is attributed to the excellent growth of the textile industry followed by the growing residential and commercial construction in the region. China, as a part of the APAC region, is the leading country in the region owing to the expansion of the consumer base, growing disposable income of target customers, low labor cost, and easy availability of resources and raw materials.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Basis of form, product, grade, application, and region.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Tongkun Group Co., Ltd. (China), Reliance Industries Limited (India), Zhejiang Hengyi Group Co., Ltd (China), Shenghong Corp (Singapore), Xin Feng Ming Group (China), Indorama Ventures Public Company Limited (Thailand), William Barnet and Son, LLC (US), GreenFiber International S.A. (Romania), Sarla Performance Fibers Limited (India), Märkische Faser GmbH (Germany), Polyfibre Industries (India), and TORAY INDUSTRIES, INC. (Japan).|
|Key Market Opportunities||
|Key Market Drivers||Rapidly changing fashion trends coupled with modern living standards will create opportunities for high-end polyester fibers.|
The valuation of the global polyester fiber market had reached USD 88.72 BN in 2017, which is projected to appreciate further at 9.21% CAGR during the forecast period (2021-2030).
Polyester fibers are made of recycled or virgin PET materials and are exclusively used in the making of carpets & rugs.
The apparel segment dominates the global polyester fiber market.
Asia Pacific holds the largest share in the global polyester fiber market, followed by North America and Europe, respectively.
Reliance Industries Limited (India), Tangka Group Co., Ltd. (China), Zhejiang Hengyi Group Co., Ltd (China), Xin Feng Ming Group (China), Shenghong Corp (Singapore), Indorama Ventures Public Company Limited (Thailand), GreenFiber International S.A. (Romania), William Barnet and Son, LLC (US), Sarla Performance Fibers Limited (India), Polyfibre Industries (India), Märkische Faser GmbH (Germany), and Toray Industries, Inc. (Japan), are some of the major players operating in the polyester fiber market.