Polyester Fiber Market Research Report – Forecast till 2030

Polyester Fiber Market Research Report: by Form (Solid, Hollow), Product (Polyester Staple Fiber (PSF), Polyester Filament Yarn (PFY)), Grade (Polyethylene Terephthalate (PET) Polyester), Application (Carpets and Rugs), Region - Forecast to 2030

ID: MRFR/CnM/5826-HCR | November 2022 | Region: Global | 140 Pages         

Polyester Fiber Market

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

By Form Solid Hollow
By Product Polyester Staple Fiber(PSF)
By Grade Polyethylene Terephthalate (PET) Polyester
By Application Carpets Rugs

Key Players

  • Shenghong Corp (Singapore)
  • GreenFiber International S.A. (Romania)
  • William Barnet and Son
  • LLC (US)
  • Xin Feng Ming Group (China)
  • Indorama Ventures Public Company Limited (Thailand)

Drivers

  • Rapidly changing fashion trends coupled with modern living standards will create opportunities for high-end polyester fibers.
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Polyester Fiber Market Overview


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.


COVID 19 Analysis


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.


Competitive Landscape


The market is witnessing the emergence of the competition owing to the performance of the following market players:



  • Shenghong Corp (Singapore)

  • GreenFiber International S.A. (Romania)

  • William Barnet and Son, LLC (US)

  • Xin Feng Ming Group (China)

  • Indorama Ventures Public Company Limited (Thailand)


Global Polyester Fiber Market Share, by Application, 2017 (%)


Polyester Fiber Market


Source: MRFR analysis


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • The polystyrene fiber market report expects to study and draw a market examination towards the rising components that will help in expanding the interest for the market in the worldwide market premises. The market report likewise examines the ascent of conceivable market difficulties that the market may generally face on the way of its development.

  • The report expects to concentrate on available norms that are important to comprehend the premise of the worldwide market segments followed by the capability of these segments in gathering the rising requirements of the interest groups that are spread in different areas across the globe during the ongoing forecast period of 2021-2028.

  • The worldwide market report has been intended to comprehend the market designs that are winning in the provincial and global market that will bring about the mushrooming rivalry and lead to the predominance of the organizations and locales in the worldwide market situation. The report likewise expects to comprehend the target groups that will be keen on available market developments and help in extending the worthwhile chances for global growth before the finish of the period in 2028.


Segment Overview


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.


Regional Analysis


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.


Recent Development



  • October 2021 - The Teijin Group’s fibers and products converting company, Teijin Frontier Co. Ltd., announced that Teijin Polyester (Thailand) Ltd. (TPL), its core base for polyester fiber production, is set to introduce a facility to transform used domestically produced plastic bottles into recycled polyester chips for the manufacturing of superior quality polyester filament. The plant will begin functioning in January 2022 and will likely generate 7,000 tons of recycled polyester chips per year by fiscal 2025. The Teijin Frontier will deploy the latest repelletizing machine and cleaning equipment to remove unknown substances from the recycled PET bottles before their molding.

  • October 2021- a major player in nucleic acid-based technologies and Polymerase Chain Reaction (PCR)-based DNA manufacturing technologies, Applied DNA Sciences, Inc., announced signing a collaboration agreement with the biggest recycled polyester (rPET) fiber producer in India, Ganesha Ecosphere Ltd, with approximately 300-plus customers, 500-plus product variants, and 250-plus suppliers. Following the agreement terms, Ganesha will install the Applied DNA’s traceability system, CertainT® platform, to tag a primary pilot manufacturing of recycled polyester (rPET) at Ganesha’s facilities in India and carry out assenting samples testing at Applied DNA’s laboratories in the U.S. and India.


Intended Audience



  • Traders, retailers, manufacturers, and distributors of polyester fiber

  • Polyester fiber dealers and manufacturers

  • Potential investors and buyers of the polyester fiber

  • Manufacturing, production, and processing industries

  • Raw material and resource suppliers

  • Nationalized and research-based laboratories

  • Government bodies and public sector


Report Overview


The polyester fiber market report conducts in-depth market analysis and search and helps in predicting the growth statistics for the market during the ongoing forecast period that will be ending in 2028. The global market report discusses the factors that will lead to growth and the ones that might restrain the market from growing. The market report discusses the emergence of competition in both the regional and international market premises.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   9.21% 2030
  Base Year   2021
  Forecast Period   2021-2030
  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

  • Owing to the rising demand for polyester fibers in the textile industry.
  • Rapid growth of the fashion industry in developed countries coupled with shifting consumer preferences for polyester blended fibers.
  •   Key Market Drivers   Rapidly changing fashion trends coupled with modern living standards will create opportunities for high-end polyester fibers.


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    Frequently Asked Questions (FAQ) :

    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.