Polyester Fiber Market

Polyester Fiber Market Trends and Size-(2023-2028):

Polyester Fiber Market was valued at $ 88.29 billion in 2022 and is predicted to grow at a strong CAGR of 9.21% towards raising the market value in 2028.

Polyester fibers are long-chain synthetic polymers formed by chemical reactions between an alcohol and an acid. They are mainly made up of ethylene glycol (PET) and terephthalic acid. Polyester fibers are made from recycled or virgin polyethylene terephthalate (PET). It can withstand wear and tear longer than cotton and other fabrics and easily retains its shape in extreme weather conditions. These fibers can be dyed or pigmented. Polyester threads and fabrics are very elastic, and strong, and have high resistance to wrinkling and abrasion.

Polyester fibers are extremely strong, resistant to most chemicals, and resistant to shrinkage, stretching, abrasion, wrinkles, and mildew. The growing call for recycled polyester staple fibers is one of the main expansion drivers in the worldwide market. Consumers are opting more for sustainable textiles, made from recycled materials. The growing awareness of environmental protection is a major factor driving the call for sustainable textiles. The availability of sustainable clothing in a wide range of stylish designs, vibrant colors, and attractive prints further complements the call for products. Woven or knitted fabrics made from polyester fibers are widely employed in home furnishings and clothing. In fact, polyester clothing is very common and popular.

Drivers in the Polyester Fiber Market:

Escalating construction activity around the world is predicted to drive worldwide market expansion. Also, the growing call for carpets and rugs; and mattresses in residential and commercial flooring solutions drive worldwide market expansion. Additionally, escalating call for the product from various end applications such as home, hospital, automotive, electronics, and construction is likely to drive market expansion. The escalating application of hollow polyester fibers in medical applications offers many opportunities for market players. The increase in construction activity around the world is an important determining factor for the global polyester fibers market. Additionally, carpets and rugs dominate residential and commercial flooring solutions across the world, which will also help increase the call for polyester fibers.

The surge in demand from industries such as hospitality, automotive, electronics, home, and manufacturing will also positively affect the market. Besides, further expansion in the mattress market is predicted to strengthen the call for polyester fibers in the coming years. Polyester fibers are sometimes spun from natural fibers to achieve certain blending properties. For example, polyester-cotton blends are strong, resistant to wrinkles or tears, and resistless shrinkage. Synthetic polyester fibers offer high resistance to water, the environment, and tear compared to vegetable fibers. Furthermore, polyester-cotton blends are less breathable than cotton and retain a lot of moisture while adhering to the skin. In addition, they are less resistant to flames. As polyester can be retained and molded into any shape, certain insulating properties can be incorporated into polyester fibers.

Restraints in the Polyester Fiber Market:

However, fluctuating commodity prices are predicted to hamper the market for years to come. Additionally, health risks due to polyester fiber toxicity are predicted to slow market expansion during the outlook period.

Opportunities in the Polyester Fiber Market:

On top of this, technological advancements and the expansion of R&D facilities provide lucrative opportunities for market players. The growing residential and commercial construction market, emerging Asia-Pacific markets, growing call for nonwovens and materials, and growing call for geotextiles are predicted to be some of the key drivers of polyester fiber call. Also, the worldwide market for protective clothing is predicted to drive the call for polyester fibers in the near future. In addition, the rising need for hollow fibers in mattresses and subsequent expansion in the mattress market is predicted to drive the global polyester fibers business during the envisioned period.

Challenges in the Polyester Fiber Market:

Other fabrics such as cotton and wool are relatively cheaper than polyester fibers, which represents a great challenge for manufacturers. Polyester fiber is derived from crude oil refining. Crude oil prices fluctuate widely, which is predicted to negatively affect its production, hampering market calls for polyester fiber within the predicted time frame.

POLYESTER FIBER MARKET REPORT COVERAGE:

Polyester Fiber Market Segmentation as per the latest survey forecast to 2028.

Polyester Fiber Market - By Product:

• Polyester Staple Fiber (PSF)

• Polyester Filament Yarn (PFY)

Polyester Fiber Market - By Grade:

• Polyethylene Terephthalate (PET) Polyester

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

PET grade was valued at around $ 70 billion USD in 2020 and is generally employed in the manufacture of high-quality fabrics and can be easily mixed with other materials to improve stain resistance and wrinkle-free characteristics. The PCDT fiber gains a comparatively smaller market share because it lacks the strength of PET grade.

Polyester Fiber Market - By Application:

• Carpets and Rugs

• Apparel

• Industrial and Consumer Textiles

• Household and Institutional Textiles

• Non-Woven Fabrics

• Fiberfill

The apparel category obtained the largest market share during the period considered. This is mainly attributed to the outstanding characteristics of the fiber, including fast drying, high durability, excellent elasticity, high wrinkle resistance, lightweight, and high shape retention. These characteristics find application in the fashion industry, where garments require anti-wrinkle and fade-resistant properties.

Polyester Fiber Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia-Pacific region accounted for the largest market share in 2020 and is predicted to record the highest CAGR during the foreseen period. This is attributed to the fastest-growing textile industry and the expansion of residential and commercial construction in the area. China is the leading country in the region due to its large consumer base, increased disposable income, low labor costs, and easy access to raw materials. The North American market had the second largest market share in 2020 and is predicted to grow at a moderate CAGR in subsequent years due to consumer preference for organic fabrics and cotton in textile applications. The United States is the main contributor to the region due to the growing call for the product in industrial fabrics and nonwovens.

The European market had a moderate market share and is foreseen to grow at a constant CAGR in the coming years due to strict government regulations for the consumption of polyester fibers in mattresses and home textiles. The Latin American market represented a considerable market share in 2020 and is likely to grow at a significant CAGR in the coming years due to the expansion of industrial and construction activities. The Middle East and Africa market is also supposed to grow at a healthy CAGR over the conjecture period because of the rising call for the product in nonwoven carpet and upholstery applications.

Key Players:

The key players involved in the global Polyester Fiber market are 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).