According to a new research report by Global Market Insights Inc., the Polyester Fiber Market size is anticipated to exceed USD 160 billion by 2027 owing to the increasing spending to renovate interior residential spaces will cater to the need for home furnishing products. Furthermore, the growing trend of fashionable products and sustainable apparel will strengthen the product in the near future.
Home improvement activities are gaining significant popularity in recent years owing to their attractive appearance. Homeowners across the globe are significantly investing in home furnishing products, specifically in interior decoration. Exceptional properties of polyester fibers, such as lightweight, UV-resistant, and cost-effective, offer high-quality home furnishing products including curtains, doormats, pillows, carpets, rugs, bed covers, and comforters.
Polyester fibers also offer soft coverings, which can rejuvenate the appearance of the living room of the residential spaces. Rising disposable incomes coupled with changing lifestyles have created the demand for premium products, which is continuously boosting the apparel & technical textile industry growth across the globe.
Rapid urbanization and steady growth in the population are anticipated to drive the demand for the textile industry, which further contributes to the polyester fiber market, especially in Asia Pacific. Moreover, the rapid adoption of ready-made garments has already been witnessed in developing nations. The demand for polyester apparel is anticipated to grow in the coming years owing to the increasing purchasing ability of the millennials.
This generation is readily adopting exclusive and limited-edition items, which further boosts the fashion industry growth and eventually stimulates the polyester fiber market share. Additionally, the rising need for technical textile products in various applications including fitness, healthcare, and safety will cater to the overall polyester fiber market share.
The recent COVID-19 pandemic has adversely impacted the textile industry owing to financial crises, shrinkage of raw material supplies, and a lack of skilled workers across the globe. Country-wide lockdowns and social distancing norms coupled with frequent halts in production have further restricted revenue generation. The steady economic recovery and lifting of lockdowns are likely to offset these adverse impacts and broaden the market growth.
Browse key industry insights spread across 210 pages with 195 market data tables & 27 figures & charts from the report, “Polyester Fiber Market By Grade (PET, PCDT), By Product (Solid, Hollow), By Application (Carpets & Rugs, Non-Woven Fiber, Fiberfill, Apparel, Home Textile, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027” in detail along with the table of contents:
The PCDT segment will influence the overall market share by 2027
PCDT fibers will account for around 30% share in global polyester fiber market by 2027. A PCDT polyester has considerable elasticity and resilience, which makes it ideal for heavier applications compared to PET polyesters. PCDT fibers are majorly used to produce draperies, curtains, and furniture coverings.
Hollow fibers are gaining popularity over the forecast timeframe
Hollow fibers are anticipated to obtain considerable market share during the forecast period and will cross USD 27 billion by the end of 2027. Hollow polyester fibers are widely used in numerous applications to insulate and improve resilience in pillows, nonwovens, garments, quilts, and duvets. The excellent tensile strength of hollow polyester fibers has led to their wide applications in protective wear, such as coats & jackets for the winter season, specifically in the North America and European regions.
Carpets and rugs to drive the market share
The carpets and rugs segment is expected to register significant growth at a CAGR of 8% up to 2027 due to rising demand for fade & stain resistance products across the region. Carpets and rugs are considerably improving aesthetic appearance and functional properties by insulating & covering floors, edges, and surfaces. Rising consumer preferences toward polyester carpets and rugs over nylon and polypropylene due to its cost-effectiveness and east-to-clean properties will drive the overall polyester fiber market growth in the coming years.
North America to display sustainable growth over the forecast timeframe
North America polyester fiber market will surpass USD 9 billion by 2027 owing to the rising population in urban areas has significantly impacted the textile and home furnishing industries across the region. A steady economic growth coupled with an increasing number of high-income consumers, especially in the U.S. market, has increased the demand for sustainable clothing and home furnishing products with bright colors and attractive prints.
Economical products will gain competitive advantages
The polyester fiber market is highly fragmented and leading market players are adopting various business strategies including capacity expansion and new product development to attract consumers. For instance, in April 2021, Sinopec Yizheng Chemical decided to expand its polyester business by installing PET resin units, which will support its downstream market.
Key market players in the polyester fiber industry are Yizheng Chemical (Sinopec), Indorama Ventures Public Company Limited, Nan Ya Plastics Corporation, Swicofil AG, Mossi Ghisolfi Group, Reliance Industries Limited (RIL), William Barnet and Son, LLC, Stein Fibers Ltd., Far Eastern New Century Corporation, Toray Industries, Inc., Zhejiang Hengyi Petrochemical Group, Zhejiang Hengsheng Chemical Fiber Co., Ltd., Alpek S.A.B. de C.V., GreenFiber International S.A, and Jiangsu Sanfangxiang Group.