Polyester Fiber Market size to exceed $190 bn by 2026
Published Date: December 10, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Polyester Fiber Market revenue is slated to surpass USD 190 billion by 2026; according to a new research report by Global Market Insights, Inc.
Expanding home décor industry will have a significant contribution
Polyester fiber exhibits superior strength and resistance to abrasion, wrinkle, and stain, and exhibits quick drying characteristics which make it an ideal material of choice in the home textile industry. Polyester fiber is widely used in the manufacturing of curtains, sheets, carpets, rugs, draperies, and wall coverings among others. Growing population, rising urbanization, and increasing construction activities in the developing countries are key factors driving the home décor industry.
Europe and North America are the prominent regions in the global carpet & rugs market owing to the extreme cold climatic conditions in these regions. The U.S. accounted the largest market share in the region, owing to the presence of more than 250 carpet and rug manufacturers in 2016. Construction industry has shown a steep rise in China, India, Brazil, Indonesia, etc which further fuels the product demand. However, fluctuating prices of raw materials can hamper the market growth.
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Browse key industry insights spread across 214 pages with 195 market data tables & 27 figures & charts from the report, “Polyester Fiber Market Size, By Grade (PET, PCDT), By Product (Solid, Hollow), By Application (Carpets & Rugs, Non-Woven Fabrics, Fiberfill, Apparels, Home Textiles, Others), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
The PET polyester fiber segment dominated and is projected to exceed USD 130 billion during the forecast timeline. PET is the most commonly used grade with a broad range of applications in carpet & rugs, curtains, apparels, and draperies. It exhibits higher strength than PCDT grade and offers high stain and wrinkle resistance and is mostly popular among the apparel manufacturers to form a various forms of clothing products such as terry-wool and terry-cotton.
Solid fiber accounted for the leading position with more than four-fifth of the share in polyester fiber market throughout the forecast timeframe due to its low cost, high softness, high tensile strength, and excellent durability. This fiber is used in home décor, apparels, and nonwoven fabrics applications. It is available in various shapes of hexagonal and cylindrical and exhibits high aesthetic appeal.
The apparel segment held the largest polyester fiber industry size throughout the forecast timeframe and is projected to register a robust CAGR over 9%. Polyester fiber is typically used in fast-fashion industry with short turnarounds and is a suitable material of choice owing to excellent resistance to fade, stain, and wrinkle. Growing popularity of the product in fashion and clothing sector due to its excellent surface retention and good elasticity is expected to fuel the product demand in following years.
Asia Pacific will drive the market growth in the coming years
Asia Pacific led the polyester fiber market share with the highest CAGR of almost 9% in the coming years. This is due to rapid urbanization, positive outlook of clothing and apparel sector, and substantial construction activities in India, Indonesia, and China. According to United States Fashion Industry Association, China is the the dominant supplier in all groups, supplying 41.5% of apparel, 21.4% of yarn, 38.5% of fabric, and 66.1% of made ups to the U.S.
Manufacturers are focusing on acquisitions to gain competitive edge
In March 2018, Zhejiang Hengyi acquired Petrobras two of its wholly owned subsidiaries acquired Jiaxing Yipeng Chemical Fiber Co. Ltd., Taicang Yifeng Chemical Fiber Co. Ltd., Shuangtu New Materials companies in order to increase the polyester fiber production capacity. Some product manufacturers in polyester fiber market share include Indorama Ventures, Zhejiang Hengsheng Chemical, Nan Ya Plastics Corp., Toray Industries, William Barnet & Son, Stein Fibers, Mossi Ghisolfi Group, Sinopec Yizheng Chemical Fibre, Alpek, Reliance Industries, Jiangsu Sanfangxiang, Swicofil AG, Far Eastern New Century, GreenFiber International, and Zhejiang Hengyi Petrochemical.