CAGR: 7.9%Current Market Size: USD 96.4 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global polyester fiber market is expected to grow from USD 96.4 billion in 2022 to USD 177.1 billion by 2030, at a CAGR of 7.9% during the Projection period 2023-2030. The growth of the polyester fiber market is mainly driven by the increase in demand.
Long-chain synthetic polymers called polyester are created when alcohol and acid combine chemically to generate the fibers. Terephthalic acid and polyethylene glycol (PET) make up the majority of polyester fibers. This form of polyester produces strong, elastic yarns and fabrics with good resistance to wrinkles and abrasion. Polyester fibers have a high breaking strength, are resistant to most chemicals, and are not susceptible to wrinkling, mildew, or shrinking. Polyester fibers dry quickly and have a hydrophobic character. As a result, they can be utilized to create hollow fiber insulation. Polyester fibers are preferred for making outdoor apparel because they can survive wear and tear longer than cotton and maintain their forms in extreme climatic situations. Home furniture and clothing frequently use woven or knitted materials derived from polyester fibers. In actuality, polyester clothing is widely used and favored. Jackets, shirts, pants, blankets, bed sheets, pillows, upholstery padding, comforters, and upholstered furniture are just a few examples of the many products made from polyester materials. Polyester is also utilized to manufacture ropes and yarns that are then used to make safety belts, conveyor belts, tapes, tire reinforcements, and plastic reinforcements. This is all because of its durability and great strength. Polyester fiber is used in both industrial and consumer textiles to create a variety of goods, including non-woven, fabrics for building roads, fish nets, seatbelts, laundry bags, and upholstery for vehicles.
Sample Request: - Global Polyester Fiber Market
Market Dynamics:
Drivers:
The polyester fiber industry has experienced rapid expansion over the Projection period as a result of exceptional physical product characteristics like elasticity, strength, durability, and high modulus. Additionally, easy access to raw resources and their low cost will promote market expansion in the years to come. In addition, innovations in polymerization systems and the adaptability of melt spinning techniques will lead to the tremendous expansion of the polyester fiber sector in the years to come. Additionally, the introduction of long-lasting textiles for apparel and home décor, as well as the enormous customer preference for easy-care clothing and accessories, will accelerate the expansion of the polyester fiber market over the next several years.
Restraints:
Manufacturers who operate in the worldwide polyester fiber market are subject to a number of local legal and political requirements. Over the Projection period, the regulations are expected to restrain the market growth. Anti-dumping taxes were levied by the Indonesian government in June 2016 on the import of polyester fiber from Taiwan, China, and India. Anti-dumping duties have been issued in the range of 5.82% and 16.67% in India, 28.47% in Taiwan, and between 13% and 16.10% in China. Polyester fiber imports from China were subject to significant price depressions as well as price suppressions in Indonesia. The increase in polyester fiber production capacity in China, Taiwan, and India is a sign that there is an excess in these nations.
Opportunities:
The market for polyester fibers is primarily driven by an increase in construction activities worldwide. Additionally, carpets and rugs are the most popular types of flooring in both homes and businesses around the world, which will support the rising demand for polyester fibers. The market will benefit from the booming demand for polyester fibers from sectors like industrial, hotel, automotive, electronics, and home. In addition, future expansion of the mattress business is anticipated to boost demand for polyester fibers.
Challenges:
On the other hand, the market expansion will be constrained by volatile raw material prices and strict regulations pertaining to quality standards. Additionally, health risks brought on by polyester fiber's toxicity would further hamper the market's expansion.
Segmentation Analysis:
The global polyester fiber market has been segmented based on grade, form, application and region.
By Grade
The grade segment is PCDT Polyester and Polyethylene Terephthalate (PET) Polyester. The Polyethylene Terephthalate (PET) Polyester segment led the largest share of the polyester fiber market with a market share of around 60% in 2022. The use of the material in the production of high-quality fabrics and its ease of blending with other materials to enhance their wrinkle-free and stain-resistant qualities are credited with the segment's rise. Additionally, PCDT polyester has exceptional resilience and flexibility, making it a great choice for the home design industry. It is also frequently used in applications for making curtains, drapes, furniture covers, and upholstery.
By Form
The form segment is solid and hollow. The solid segment led the largest share of the polyester fiber market with a market share of around 55% in 2022. This fiber has many great qualities, including high tensile strength, high durability, even easy weaving of the fibers, good finishing, and easy accessibility. It is used in nonwoven fabrics and products, clothing, home furnishings, and other items. Hollow fibers, on the other hand, are typically utilized as fillers and are also employed in pillows, quilts, and protective gear. Its good bulk, high resilience, and warm properties, which are the main reasons anticipated to fuel the segment's expansion in the market during the Projection period, are responsible for the segment's growth.
By Application
The application segment is carpets and rugs, home textiles, non-woven fabrics, apparel, and others. The apparel segment led the largest share of the polyester fiber market with a market share of around 56% in 2022. Consumers are increasingly choosing sustainable fashion, which is defined as clothing made from polyester fiber, as textile technology develops. Given that it is less expensive, thinner, and comes in a variety of patterns and colors than other fibers, it is the most ideal substitute for cotton. There are several high-tech kinds of polyester fibers that have antibacterial qualities that provide advanced defense against odor and other secondary illnesses. These superior characteristics are boosting the overall product demand.
Global Polyester Fiber Market - Sales Analysis.
The sale of the polyester fiber market expanded at a CAGR of 4% from 2016 to 2022.
Polyester fibre, which offers improved flexibility and abrasion resistance, is made from polyethylene glycol and terephthalic acid. In addition to being used in upholstered furniture, home furnishings, and clothing, these goods are also used in conveyors, safety belts, and tire reinforcing for automobiles. In addition, polyester fiber can be used to create premium fabrics and sportswear when combined with polyester fiber. Polyester fiber is also employed in the private care and hygiene, automotive, and construction industries. Polyester fibers reportedly have properties like chemical resistance, stretchability, reduced shrinkage, and wrinkle and mildew resistance. They instantly dry and are hydrophobic. Additionally, these items are resistant to abrasion, offer insulation in the form of hollow fibers, and maintain their shapes even in harsh weather.
The commercial and residential sectors' increasing need for rugs and carpets is the main factor driving the polyester fiber industry. The demand for nonwoven products and materials, as well as expanding urbanization and the home décor market, are also anticipated to fuel the polyester fiber industry's expansion. The expansion of the global fashion industry, rising product demand from various end-use industries, including household, automotive, healthcare, and electronics, and an increase in the number of hollow polyester fiber applications in the medical field are additional significant factors influencing the polyester fiber market's growth.
Thus, owing to the aforementioned factors, the global polyester fiber market is expected to grow at a CAGR of 7.9% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the polyester fiber market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the polyester fiber market and held a 39.1% share of the market revenue in 2022.
Global Polyester Fiber Market - Country Analysis:
Germany's polyester fiber market size was valued at USD 6.02 billion in 2022 and is expected to reach USD 11.14 billion by 2030, at a CAGR of 8% from 2023 to 2030.
Sales of polyester fibers in the region will increase since there is an increase in demand for products made with the material, such as consumer and industrial textiles, furniture, carpets, and rugs.
China’s polyester fiber market size was valued at USD 9.7 billion in 2022 and is expected to reach USD 18.35 billion by 2030, at a CAGR of 8.3% from 2023 to 2030.
During the Projection period, factors such as the considerable expansion of the home furnishings and flooring industries as a result of the rising number of homes and businesses being built in emerging nations like China are anticipated to drive up product demand in the local market.
India's polyester fiber market size was valued at USD 7.5 billion in 2022 and is expected to reach USD 14.08 billion by 2030, at a CAGR of 8.2% from 2023 to 2030. The key elements driving demand for polyester fibers in this region are rapid urbanization, industrialization, and rising consumer disposable income.
Key Industry Players Analysis:
To increase their market position in the global polyester fiber market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.9% |
Market Size |
96.4 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Grade, By Form, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Indorama Ventures Public Company Limited, Nan Ya Plastics Corporation, Mossi Ghisolfi Group, Sinopec Yizheng Chemical Fibre Limited Liability Company, Reliance Industries Limited, Swicofil AG, Stein Fibers Ltd., Zhejiang Hengsheng Chemical Fiber Co., Ltd., Toray Industries, Inc., and William Barnet and Son, LLC. |
By Grade |
|
By Form |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Polyester Fiber Market By Grade:
Global Polyester Fiber Market By Form:
Global Polyester Fiber Market By Application:
Global Polyester Fiber Market By Region:
Global polyester fiber market is expected to reach USD 177.1 billion by 2030.
Leading market players active in the global polyester fiber market are Toray Chemical Korea, Inc., Alpek, S.A.B. de C.V., W. Barnet GmbH & Co. KG, Diuou Fibre (M) Sdn Bhd., Reliance Industries Limited, Indorama Corporation, Huvis Corporation, Bombay Dyeing, Xinda Corp., PetroVietnam Petrochemical, China National Petroleum Corporation, and Textile Fiber Joint Stock Company. among other
The polyester fiber industry has experienced rapid expansion over the Projection period as a result of exceptional physical product characteristics like elasticity, strength, durability, and high modulus. Additionally, easy access to raw resources and their low cost will promote market expansion in the years to come. In addition, innovations in polymerization systems and the adaptability of melt spinning techniques will lead to the tremendous expansion of the polyester fiber sector in the years to come.
Based on the application, the global polyester fiber market has been segmented into carpets and rugs, home textiles, non-woven fabrics, apparel, and others.
Global polyester fiber market is expected to reach USD 177.1 billion by 2030.
Political Factors- Both bureaucracy and corruption have a negative impact on the business environment. Operating in countries with high levels of corruption and lax law enforcement makes the business environment extremely risky for the polyester fibre market due to the compromised public faith in commercial organisations and the entire political and economic system. Several corporate procedures, including contracting, fraud agreements, licencing, and numerous lawsuits, can be affected by corruption. If the polyester fibre market decides to enter markets with a corrupt economic and political system, it would jeopardise the organization's ability to develop sustainably since it will weaken the rule of law, cause social unrest, and compromise the judicial system.
Economic Factors- The supply and demand of labour have an impact on wages and the accessibility of skilled workers. The polyester fibre market must study and anticipate the labour market conditions in order to comprehend how it can draw in exceptional people and use their abilities to boost business performance. Increased labour productivity in markets with flexible labour can be advantageous for the polyester fibre industry. However, operating in constrained labour markets may result in pay challenges as well as other issues raised by tenacious labour unions. The availability of qualified human capital should also be carefully considered by the polyester fibre market, as a shortage of such personnel can affect business productivity and make it more challenging to recruit and retain talent.
Social Factors- Managers of international marketing consider culture to be a crucial factor. Every culture has its own norms and values, which play a key role in dictating how individuals behave as consumers. In order to develop marketing strategies that are suited to the local environment, the polyester fibre market should form partnerships and teams in the area to better understand local attitudes and societal norms. The market for polyester fibre places a high value on the study of social class stratification. To offer luxury items at premium prices to a market where the high-end consumer is relatively small, the polyester fibre market will need to employ niche marketing strategies. Market segmentation based on social class may also be unsuccessful in places with little social class stratification.
Technological Factors- The polyester fibre market must carefully examine recent technological advancements if it is to remain competitive. It's important to keep an eye on the 5G's potential to boost productivity by enhancing user experience, speed, and access. These technical developments have the potential to radically change an industry and rewrite the rules for market actors' success. The technology's level of development and maturity in the pertinent industry must also be taken into account. The polyester fibre market can increase its market share by focusing on recent technological advancements and by foraying into fields where technology is still in its infancy.
Environmental Factors- Due to escalating environmental deterioration and technological advancement, businesses are now required to employ cutting-edge recycling and waste management techniques. In many countries, recycling has almost become a corporate standard. The polyester fibre industry must also implement efficient waste management practices in organisational divisions located in or close to urban areas. Many countries have put in place strict regulations to protect their urban areas by managing their garbage effectively. To promote the use of renewable energy sources, some countries offer financial assistance. The polyester fibre market can benefit from it and make investments in renewable technologies to ensure long-term sustainability. This investment will also lead to greater stakeholder satisfaction and a larger customer base because of improved brand perception.
Legal Factors- The polyester fibre market is required to follow the rules controlling employee/labor health and safety since some countries have strict regulations to ensure worker safety. Giving employees a secure workplace is both ethically and morally required of the polyester fibre business. Similar to the above, when developing human resource practises, anti-discrimination laws (such as equal employment opportunity laws) must also be carefully taken into account because discriminatory lawsuits against employers harm an organization's reputation and impair its ability to recruit and retain talent. Data protection has become a critical problem due to consumer worries about their privacy and security. The polyester fibre market must investigate data protection legislation in order to protect customer data.
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