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Polyester Fiber Market Analysis

ID: MRFR//5826-HCR | 140 Pages | Author: Priya Nagrale| July 2024

The polyester fiber market is a dynamic sector characterized by various factors influencing its growth and trends. Market dynamics in this industry are driven by a combination of demand-supply dynamics, technological advancements, consumer preferences, and economic factors. One significant driver of market dynamics is the increasing demand for polyester fiber across various end-use industries such as textiles, automotive, packaging, and construction. This demand is fueled by the versatile nature of polyester fiber, its cost-effectiveness, and its superior properties such as strength, durability, and resistance to wrinkles and abrasion.

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.

Supply-side dynamics also play a crucial role in shaping the polyester fiber market. Factors such as raw material availability, production capacity, and manufacturing processes impact the overall supply chain. For instance, fluctuations in crude oil prices, which is a key raw material for polyester fiber production, can influence production costs and ultimately affect market dynamics. Additionally, technological advancements in polymer chemistry and manufacturing processes contribute to the evolution of the polyester fiber industry, enabling manufacturers to enhance product quality, reduce production costs, and meet changing consumer demands more efficiently.

Consumer preferences and market trends are another significant aspect of market dynamics in the polyester fiber industry. As consumers become more environmentally conscious, there is a growing demand for sustainable and eco-friendly alternatives to traditional polyester fiber. This has led to the development of recycled polyester fibers, also known as rPET, which are derived from post-consumer PET bottles and other recycled materials. The increasing adoption of sustainable practices and the rise of circular economy initiatives are driving the demand for recycled polyester fiber, thereby influencing market dynamics.

Moreover, macroeconomic factors such as GDP growth, disposable income levels, and demographic trends also impact the polyester fiber market dynamics. Economic growth in emerging markets, particularly in Asia-Pacific regions, has led to increased consumption of textiles and other polyester fiber-based products, driving market expansion. Additionally, changing demographic trends such as urbanization, rising population, and shifting consumer lifestyles influence demand patterns, thereby shaping market dynamics.

Competitive dynamics within the polyester fiber market are characterized by intense rivalry among key players striving to gain a competitive edge through product differentiation, innovation, and strategic alliances. Established players continually invest in research and development to introduce new product variants with enhanced performance attributes, catering to evolving consumer preferences and market trends. Furthermore, strategic collaborations, mergers, and acquisitions are common strategies adopted by companies to strengthen their market position, expand their geographical presence, and achieve economies of scale.

Government regulations and policies also play a significant role in shaping market dynamics within the polyester fiber industry. Regulatory measures related to environmental sustainability, product quality standards, and trade policies influence manufacturing practices, product innovation, and market competition. For instance, stringent environmental regulations aimed at reducing carbon emissions and promoting sustainable practices are driving the adoption of eco-friendly manufacturing processes and materials in the polyester fiber industry.

Covered Aspects:

Report Attribute/Metric Details

Global Polyester Fiber Market Overview


The polyester fiber market size was valued at USD 103.86 billion in 2023. The polyester fiber industry is projected to grow from USD 113.4 billion in 2024 to USD 210.16 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.01% during the forecast period (2024 - 2032). Rise in the technical innovations, increasing research and development facilities, and rise in the number of applications of hollow polyester fiber in medical applications are the key market drivers enhancing the market growth.Polyester Fiber MarketSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyester Fiber Market Trends




  • Increasing demand for recycled products is driving the market growth




The market CAGR for polyester fiber is being driven by the increased demand for recycled products. Consumers are increasingly aware of choosing sustainable textiles, often made from recycled materials. Rising awareness for environmental protection and a widening supply of sustainable clothing is expected to push the recycled polyester fiber market sales. Increasing demand for budget-friendly and sustainable fiber with high resilience and lightweight nature drives the demand for polyester fiber. Rising concern regarding the environmental effect of certain fibers is aiding the market's growth.


Income growth and fast urbanization have influenced the latest fashions in various advanced economic systems. With an internet connection in several rural and semi-urban regions, the requirement for new fashion products in the apparel and interior decoration sections is projected to increase the growth of polyester fiber during the forecast period. Polyester fiber are specifically used for sports and gym clothing due to their lightweight and moisture-wicking qualities, affecting overall growth. Strict government regulations to reduce emissions and fluctuating prices of raw materials may restrict industry growth during the forecast period. Bio-based polyesters can deal with the situation successfully and then have the capability to capture a substantial share of the market.


Moreover, the growth of the polyester fiber industry is majorly attributable to its wide applications such as automotive, home furnishing, textile, filtration, and construction. In automobiles, polyester fiber are utilized in various textile materials such as warp-knitted, circular-knitted, woven, and nonwoven structures. These fibers are extensively used due to their properties, such as high strength, resistance to temperature, chemical resistance, exceptional sliding properties, low absorption of humidity, electrical insulation properties, and high abrasion resistance.


Furthermore, it is an extensively used material for multiple home textile applications. Its properties, such as resistance to micro-organisms, soil release, moderate resistance to alkalis & acids, and superior drapability, make it suitable for pillow covers, bed sheets, and similar applications. Polyester fiber is utilized for making curtains due to high UV resistance and sound absorption properties. Waterproof polyester is utilized for tents, outdoor porch curtains, and tarps. Polyester can be employed in the production of furniture to provide durability and strength compared to conventional materials. It is lightweight and durable for upholstery fabrics, driving the polyester fiber market revenue.


Polyester Fiber Market Segment Insights


Polyester Fiber Form Insights


The polyester fiber market segmentation, based on the form, includes solid and hollow. The solid segment dominated the market, accounting for major market revenue over the forecast period. This is due to consumer preferences shifting toward highly durable, cost-effective, and weather-resistant materials. Rapidly growing demand for solid fibers due to their wide applications in home furnishing products, apparel, and high-end materials will drive the polyester fiber market.


Figure 1: Polyester Fiber Market, by Form, 2022 & 2032 (USD billion)Polyester Fiber Market, by Form, 2022 & 2032Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyester Fiber Product Insights


The polyester fiber market segmentation, based on product, includes polyester staple fiber (PSF) and polyester filament yarn (PFY). The polyester staple fiber (PSF) category generated the most income over the forecast period. This is due to the rising demand for sustainable textiles and growing application industries. Consumers are increasingly opting for sustainable textiles made from recycled materials.


Polyester Fiber Grade Insights


The polyester fiber market segmentation, based on grade, includes polyethylene terephthalate (PET) polyester, and poly-1, 4-cyclohexylene-dimethylene terephthalate (PCDT) Polyester. The polyethylene terephthalate (PET) polyester category generated the most income over the forecast period. This is majorly d due to its high strength, rigidity, and flexibility, this material is widely used in floor coverings, rugs, and residential textile products.


Polyester Fiber Application Insights


The polyester fiber market segmentation, based on application, includes carpets & rugs, apparel, industrial & consumer textiles, household & institutional textiles, non-woven fabrics, fiberfill, and others. The apparel category generated the most income over the forecast period due to its characteristics, such as high elasticity, excellent wrinkle resistance, and shape retention ability.


Polyester Fiber Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia Pacific polyester fiber market will dominate over the forecast period, owing to the rising fashion industry in developing countries, including China, India, Japan, and Malaysia. Increasing spending on home remodeling activities to gain an attractive appearance will create opportunities for home furnishing products. Moreover, China polyester fiber market held the largest market share, and the Indian polyester fiber market was the fastest-growing market in the Asia-Pacific region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: POLYESTER FIBER MARKET SHARE BY REGION 2022 (%) POLYESTER FIBER MARKET SHARE BY REGION 2022Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe polyester fiber market accounts for the second-largest market share due to a large population base and fast-developing economies, rapid urbanization, and increasing disposable income of people in the region. Further, the German polyester fiber market held the largest market share, and the UK polyester fiber market was the fastest-growing market in the European region.


The North America polyester fiber market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased adoption within textile and surgical applications. Moreover, the US polyester fiber market held the largest market share, and the Canada polyester fiber market was the fastest-growing market in the North America region.


Polyester Fiber Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the polyester fiber market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the polyester fiber industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the polyester fiber industry to benefit clients and increase the market sector. Major players in the polyester fiber market, including Reliance Industries Limited, Barnet, Sarla Performance Fibers Limited, Märkische Faser GmbH, and others, are attempting to increase market demand by investing in research and development operations.


Reliance Industries Ltd is a diversified firm interested in energy, petrochemicals, entertainment, textiles, retail, materials, and telecommunication sectors. The firm carries out the exploration, development, and manufacture of oil and gas, refining crude oil, marketing petroleum products, and production of petrochemicals. Its refined products such as propylene, gasoline, naphtha, alkylate, sulfur, kerosene, and petroleum coke. The firm commercializes petrochemical products, such as aromatics, elastomers, and polyester fiber. It works with a range of retail stores comprising food and grocery specialty, footwear, hypermarkets, and other specialty stores. It also delivers telecommunication, security, broadband internet, and other digital services. In August 2021, Reliance Industries Limited (RIL) will open a new recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh, India, that will double its capacity for recycled PET. This manufacturing facility will increase the company’s capacity for post-consumer PET bottles by up to 5 billion.


Teijin Limited offers solutions in environmental value, safety, security & disaster mitigation, and demographic change & increased health consciousness. The Company's main fields of operation are high-performance fibers, such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fiber, products converting, and IT. In October 2021, Teijin Group announced that Teijin Polyester Ltd., their core base for the Polyester Fiber production plant, is set to introduce a facility that will transform domestically used plastic bottles into recycled polyester chips for the manufacturing of superior quality polyester filament. The plant is set to begin production in January 2022 and will likely generate more than 7,000 tons of recycled polyester fiber annually till 2025.


Key Companies in the Polyester Fiber market include




  • Reliance Industries Limited




  • Barnet




  • Sarla Performance Fibers Limited




  • Märkische Faser GmbH




  • PolyFiber Industries




  • TORAY INDUSTRIES, INC.




  • Nirmal Fibers (P) Ltd




  • Indorama Ventures Public Company Limited




  • NAN YA PLASTICS CORPORATION




  • Stein Fibers, LTD.




  • Green Group S.A.




  • Shree Renga Polymers




  • Kayavlon




  • Diyou Fibre (M) Sdn Bhd




  • Swicofil AG




Polyester Fiber Industry Developments


October 2021: Applied DNA Sciences Inc., a significant player in nucleic acid-based technologies and Polymerase Chain Reaction (PCR)-based DNA manufacturing technologies, announced signing a collaborative agreement with the biggest recycled polyester (rPET) fiber producer in India, Ganesha Ecosphere Ltd. Following the collaboration, Ganesha is set to install Applied DNA's traceability system at Ganesha's facilities.

April 2024: there was a growing trend towards sustainable polyester fibers. Brands and consumers alike expressed a growing interest in eco-friendly alternatives. Manufacturers responded by announcing increased production capacities for recycled polyester and exploring bio-based options. This shift reflected a growing awareness of the environmental impact of the textile industry and a desire for more sustainable practices throughout the polyester fiber production chain.


Polyester Fiber Market Segmentation


Polyester Fiber Form Outlook

  • Solid

  • Hollow


Polyester Fiber Product Outlook

  • Polyester Staple Fiber (PSF)

  • Polyester Filament Yarn (PFY)


Polyester Fiber Grade Outlook

  • Polyethylene Terephthalate (PET) Polyester

  • Poly-1, 4-Cyclohexylene-Dimethylene Terephthalate (PCDT) Polyester


Polyester Fiber Application Outlook


  • Carpets & Rugs




  • Apparel




  • Industrial & Consumer Textiles




  • Household & Institutional Textiles




  • Non-Woven Fabrics




  • Fiberfill




  • Others




Polyester Fiber Manufacturing Process Outlook




  • Virgin




  • Recycled




Polyester Fiber Denier Outlook




  • Fine




  • Medium




  • Coarse




Polyester Fiber Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




 

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