Global Polyester Fiber Market
As stated in our extensive report; the Global Polyester Fiber Market accounted for USD 90.6 Billion in 2022 and is forecast to reach USD 150.3 Billion by 2030 at a CAGR of 7.5%.
The demand for Polyester Fibers in the textile industry, demand for blend fibers owing to advantages such as less shrinkage, strength and tear or wrinkle resistant among end users in automotive, household and hospitality is fueling the Polyester Fiber market growth. Polyester fibre is a synthetic material that is often made from polyethylene glycol and terephthalic acid and has a high capacity for resistance to wrinkles and abrasion. Polyester Fibers are particularly employed in clothing and home décor products, upholstered furniture, and several industrial uses such conveyor belts, conveyor tire reinforcement, and safety. Moreover, these materials can be combined with natural fibers to create high-quality clothing and athletics.
Polyester Fiber recycling is another key area which is gaining traction among companies towards environmental concerns across the globe. This will further bolster Polyester Fiber market growth soon.
Residential and commercial sector is one of the major end use industries contributing to the demand for Polyester Fiber in carpets and rugs. Volatile raw material prices and regulations associated with textile industry are restricting Polyester Fiber market growth.
Factors Influencing Global Polyester Fiber Market Growth
The growth of the global Polyester Fiber market can be attributable to the following:
1.Rapidly changing fashion trends coupled with modern living standards will create opportunities for high end Polyester Fibers, which can exhibit high durability, quick drying and easy to wash abilities. Rising income levels and rapid urbanization have further propelled the fashion trends in various emerging economies.
- With easy access to the internet in many rural and semi-urban areas, the demand for the latest fashion products in the apparel section and home decoration segments is further expected to increase.
- The emergence of the e-commerce industry is likely to boost the Polyester Fiber market share over the assessment period. It enables a wide range of affordable products, fast delivery options, easy return policies, and material assurance, proliferating product demand across the globe. Moreover, factors including digitalization of production facilities, lowering lead times, and the growing textile industry in developing countries will collectively contribute to the market share.
Asia Pacific Region to Take Over the Market
The Asia Pacific region is expected to witness significant growth driven by the rising fashion industry in developing countries including China, India, Japan, and Malaysia. Increasing spending in home remodeling activities to gain an attractive appearance will create opportunities for home furnishing products. China has been registered as the fastest-growing market during the forecast timeframe due to its large production capacity. Growing infrastructural development in various Asia Pacific countries including India, China, Vietnam, and Malaysia along with demand for carpets and rugs in commercial and residential flooring is further driving the market in this region.
Moreover, the presence of various Polyester Fiber industry players in the region will further propel the market during the projected period. The U.S. and Europe are considered major importers of Polyester Fibers and will exhibit stable growth throughout the study period.
The overall Polyester Fabric market sales have been favorably impacted by rising fashion industry development and textile industry growth.
Some of the prominent players in the Global 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 and others