Polyester Fiber Market Estimated to Reach $151.6 billion by 2028 Globally, at a CAGR of 8.2%, says MarketsandMarkets™
Chicago, Nov. 06, 2023 (GLOBE NEWSWIRE) — The Global Polyester Fiber Market is expected to be USD 102.2 billion in 2023 and is projected to reach USD 151.6 billion by 2028, at a CAGR of 8.2% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Demand for polyester fiber is rising across a range of applications, including automotive, textile and home furnishing, among others. Additionally, the recyclability of polyester fiber has increased demand for polyester fiber in recent years.
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150- Market Data Tables
List of Key Players in Polyester Fiber Market:
- Zhejiang Hengyi Group Co., Ltd. (China)
- Reliance Industries Ltd. (India)
- Indorama Venture Public Company Ltd. (Thailand)
- Toray Industries Ltd. (Japan)
- Sinopec Yizheng Chemical Fiber Limited Liability Company (China)
- Alpek S.A.B DE C.V. (Mexico)
- Diyou Fiber (M) Sdn Bhd (Malaysia)
- Bombay Dyeing (India)
- Green Group SA (Romania)
Drivers, Restraints, Opportunities and Challenges in Polyester Fiber Market:
- Drivers: Polyester fiber’s adaptability to various applications
- Restraints: Polyester’s limited breathability
- Opportunities: Various customization needs
- Challenge: Microplastic pollution due to excessive use
Key Findings of the Study:
- Solid polyester fiber is expected to account for the largest market share in the forecasted period, in terms of both value and volume.
- PET Polyester Fiber is expected to witness the highest CAGR between 2023 to 2028
- Polyester Filament Yarn to witness highest CAGR.
- Textile & Apparel segment to dominate the polyester fiber market.
- Asia Pacific account for the largest market share and the highest CAGR in the global polyester fiber market
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Based on the application, the market has been divided into several applications, such as textile & apparel, home furnishing, automotive & transportation, and others. Polyester fiber’s versatility and range of properties make it suitable for a broad spectrum of applications, from fashion and home textiles to industrial and technical uses. Its resistance to moisture, durability, and ease of maintenance makes it a reliable choice in various industries. The textile & apparel is predicted to dominate these applications in the global polyester fiber market. This dominance of polyester fiber in textile industry is due to its wrinkle resistance, color retention, and quick-drying properties.
Based on the form, the polyester fiber market is segmented into two categories based on form which are solid and hollow. The solid polyester fiber is expected to lead the market and is expected to witness a surge in demand, accompanied by an impressive Compound Annual Growth Rate (CAGR), owing to its exceptional versatility and remarkable properties. Its ease of maintenance and cleaning makes it a preferred choice for home furnishings, carpets, and upholstery. Solid polyester fiber is a popular choice because of its durability and resilience, withstanding the test of time and wear, a feature highly prized in products that require longevity and strength.
Based on the grade, there are two grades of polyester fiber considered in the report namely PET polyester fiber and PCDT polyester fiber. PET polyester fiber segment lead the global polyester fiber market and also expected to witness a high CAGR compared to PCDT polyester fiber. PET polyester fiber’s affordability, robustness, and adaptability are the reasons behind its broad appeal. It is extensively utilized in a variety of industrial applications, clothing, and textiles. PET polyester is a popular option for many applications because it combines strength, resistance to deterioration, and resilience to environmental elements. Additionally, PET polyester fiber is highly recyclable and suitable for use in sustainable and eco-friendly applications, which is in line with the increasing emphasis on environmental conservation around the world. In contrast, the broader market growth of PCDT polyester fiber is impeded by its more restricted range of applications, despite its possession of certain desired qualities.
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Based on product type, there are two types of polyester fibers names polyester filament yarn and polyester staple fiber. Because of its adaptability and use in a variety of applications, such as textiles, clothing, home furnishings, industrial purposes, and technical applications, polyester fiber yarn is highly sought after. Its strength, resilience to many weather conditions, and durability make it extremely valuable due to this reason polyester filament yarn is expected to witness the higher CAGR.
Based on region, from 2023 to 2028, the polyester fiber market is projected to grow with the highest compound annual growth rate (CAGR) in the Asia Pacific region. China accounted for the largest market share of the Asia Pacific polyester fiber market in 2022. Due to the considerable and fast-growing population in the region, there is a greater need for apparel, textiles, and home furnishings, many of which are made of polyester fiber and consumer spending has surged as a result. This demand is largely driven by the textile and garment industry in the Asia-Pacific region, which is well known for its manufacturing prowess. Furthermore, the growth of the middle class in nations like China and India has increased disposable money, which has led to a spike in the market for goods made of polyester fibers. In addition, the region’s impressive economic expansion has supported the growing demand for polyester fibers in a variety of industries, including automotive and construction, along with the development of industrial applications and infrastructure.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]
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