Global Polyester Fiber Market - 2022-2029

Global Polyester Fiber Market - 2022-2029

Market Overview

The global polyester fiber market size was worth US$ XX million in 2021 and is estimated to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of XX% within the forecast period (2022-2029).

Polyester fiber is a synthetic material made of polyethylene glycol and terephthalic acid with good flexibility, wrinkle resistance and abrasion resistance. Polyester fibers are employed in industrial applications such as automobile tire reinforcing, safety and conveyor belts and garment and home furnishing materials. Furthermore, these materials can manufacture sportswear and high-quality clothing combined with natural fibers.

The polyester fibers are hydrophobic and dry quickly and they can also be used as insulation in the form of hollow fibers. The polyester fibers can withstand greater abuse than cotton and other textiles and it maintains their shape even in inclement conditions. These fibers can be colored by dope dyeing or pigmentation.

Polyester fibers are widely utilized in home furnishings and garments as woven or knitted materials. Polyester clothing is, in reality, highly prevalent and well-liked. Jackets, shirts, pants, blankets, bedsheets, cushioning and insulating material in pillows, upholstery padding, comforters and upholstered furniture are examples of polyester fabrics.

Market Dynamics

Rising demand for rugs and carpets has escalated the market share for polyester fibers across the globe. Increasing demand for polyester fibers from the textile industry has bolstered the demand for the product for the past decade.

Rising demand for rugs and carpets has escalated the market share for polyester fibers across the globe.

The demand for polyester fibers in the rugs and carpets market has improved the overall market scenario for the product. A polyester is a wonderful option for people seeking a low-cost rug. The material is less expensive than rugs made of nylon or natural fibers.

Furthermore, polyester fibers are stain-resistant and constructed of a soft material, so both pets and humans will like how it feels under their paws and feet. Because it doesn't absorb liquids well, spills and messes can be quickly wiped up; therefore, it is in high demand in the rugs and carpet industry.

Some PET rugs are labeled as being produced from recycled plastic bottles, preventing them from ending up in landfills, making it one of the environmental advantages of buying them, combined with the fact that they can be recycled into new carpets whenever the old ones wear out.

Polyester fiber growth in the rugs and carpet market is further expected to accelerate in the forecast period due to improving market share for the rugs and carpet industry globally. The global carpets and rugs industry has grown significantly in recent years and this expansion can be attributable to several causes. The global carpets and rugs market is projected to grow faster during the projected period due to increased consumer inclination for interior decorating and rising per capita disposable income.

The rise of the transportation and construction industries is one of the primary factors driving the global carpets and rugs industry. Consumers gravitate toward non-geometrical designer patterns and vibrant colors in carpets and rugs, which is expected to improve the global carpet and rug industry in the coming years. Thus, improving the rugs and carpet business is expected to market opportunities for polyester fibers in the forecast period.

Increasing demand for polyester fibers from the textile industry has boosted the demand for the product

The increased demand for sports apparel, quick-dry clothes and outdoor activity equipment such as tents, sleeping bags and waterproof liners, among other things, is propelling the global market for polyester fiber forward. Furthermore, polyester fiber is becoming more popular than cotton due to its abrasion resistance, strength, and anti-wrinkle features, which is expected to boost the market growth.

Furthermore, polyester fiber fabrics have great elasticity, wrinkle resistance, shape retention, wash-and-wear performance and durability, among other qualities and are widely used in all types of garment materials. On the other hand, polyester fiber is inefficient at absorbing moisture, making the wearer feel hot and sticky, producing static electricity readily, causing clothing to absorb dust and adhere to the body and providing poor comfort hampers the market growth.

In addition, polyester fibers can be used to make attractive gowns, but it is most known for its wrinkle resistance and ease of care. The material's durability makes it a popular choice for children's clothing. Polyester fibers are frequently combined with other fibers like cotton to provide the best of both worlds.

Polyester fibers are thermoplastic or heat-sensitive, making them popular for garments. Thus, polyester fabrics can have permanent pleats added to them and decorative designs and patterns laser-cut into them. They are also stain-resistant, making them ideal for cleaning. Polyester clothing has a slick, almost silky feel about it. In order to make the fabric, the fibers can be woven or knitted; however, knitting will give it more flexibility. It is a naturally brilliant fiber that may be easily changed for various applications.

For instance, in June 2020, Meridian Specialty Yarn Group (MSYG) now offers polyester yarns processed with CiCLO technology, allowing polyester fibers to degrade in landfills and the ocean at rates comparable to natural fibers such as wool. In Valdese, North Carolina, the yarn is being processed.

Frequent fluctuating raw material prices and stringent regulations on polyester fiber are hurdling the market's growth

Due to continual development and improvements, polyester fibers have become the go-to fabric for many high-performance applications in garments, general textiles and the carpet and rug sectors. In addition to being a very eco-friendly substrate, polyester fibers appear to be here to stay. However, the market has seen several challenges due to some of the prominent features offered by polyester fibers.

For instance, the fabric is prone to static buildup and holds odors more than natural fibers. The high odor holding capacity of the fabric is acting as a major challenge for the growth of the material in the garment industry.

Furthermore, the pile retention for carpet/rugs made up of polyester fibers is poor compared to Nylon. In addition, polyester fibers are less breathable than natural fibers such as cotton.

COVID-19 Impact Analysis

Due to a low worker force, industrial facility closures, and global supply chain disruptions, the recent COVID-19 pandemic has negatively influenced market size. Polyester fiber is a synthetic material made from crude oil refining. Crude oil output was destroyed due to the pandemic, which negatively impacted the worldwide polyester fiber industry.

Furthermore, due to increased demand for UV-protected and antibacterial clothes worldwide, the situation has been rapidly improving since the last quarter of 2020. The global pandemic produced a significant drop in demand for automobiles worldwide. As a result, demand for polyester fibers used in vehicle interiors has declined significantly in the automobile sector.

In addition, the global economic slump has resulted in a large drop in demand for polyester fibers in the textile industry, which is a major end-user leading to an impact on the market for polyester fibers.

During the pandemic, however, polyester-based items in the healthcare industry, such as protective covers and gloves, grew dramatically, resulting in significant growth in the demand for polyester fibers in this industry.

Segment Analysis

The global polyester fiber market can be segmented on grade, origin, product, application and region.

Solid polyester fibers grow globally due to their cost-effectiveness, high durability and weather-resistant properties.

The global polyester fiber market is segmented products into solid and hollow. Out of the mentioned 2 types of products, solid fibers dominate the market due to shifting consumer preferences for highly durable, cost-effective and weather-resistant materials and are expected to increase at a large rate up to 2028.

Polyester fiber market share will be driven by rapidly expanding demand for solid fibers due to its diverse uses in home furnishing products, clothes and high-end materials over the projected period. Solid fibers also have strong tensile strength, are readily available, have even fiber weaving and are well-finished.

Furthermore, over the forecast period, the segment’s market is expected to be driven by the rising popularity of sustainable man-made fibers combined with a decrease in cotton use in the textile industry.

Geographical Analysis

Asia-Pacific has shown unprecedented market growth in the polyester fiber market due to the rising urbanization and industrialization of developing countries such as China and India

Over the projection period, Asia-Pacific is expected to be the major shareholder in the global polyester fiber industry. The regional market is being driven by the rising urbanization and industrialization of developing countries like India and China.

Furthermore, rising disposable income in the region has inflated demand for greater living standards, which has aided the market. The presence of major players in China, Vietnam and India is projected to drive regional development. Factors such as the abundance of raw resources and the expanding demand for textiles, carpets, home furnishing and décor goods in the region are propelling the industry even further.

In addition, polyester fiber sales in the region will be boosted by rising demand for polyester fiber products, such as industrial and consumer textiles, home furnishings, non-woven fabrics, apparel, carpets and rugs, etc.

However, polyester fiber sales in North America and Western Europe would expand steadily during the predicted period.

Competitive Landscape

The polyester fiber market is highly competitive with local and global companies. Some prime companies contributing to the market's growth are Indorama Ventures Public Company Limited, NAN YA PLASTICS CORPORATION, Reliance Industries Limited, Barnet, Sarla Performance Fibers Limited, Märkische Faser GmbH, PolyFiber Industries, TORAY INDUSTRIES, INC., Nirmal Fibers (P) Ltd, Stein Fibers, LTD., Green Group S.A., Shree Renga Polymers, kayavlon, Diyou Fibre (M) Sdn Bhd, Swicofil AG, SILON and others.

The major companies adopt several growth strategies such as acquisitions, product launches and collaborations, contributing to the global polyester fiber market's growth.

For instance, on May 31, 2021, ECS revealed brand new products and smart city solutions at COMPUTEX Virtual 2021. ECS Smart

Indorama Ventures Public Company Limited

Overview: The company is a producer in the intermediate petrochemicals industry, the world's growing producer of PET resins and a manufacturer of wool yarns established by Aloke Lohia in Bangkok in 1994.

In just under 15 years, Indorama Holdings has grown to become Thailand's first worsted wool yarn maker, a PET manufacturer and the country's growing polyester fiber producer.

The corporation also shifted its focus from local to worldwide operations, acquiring businesses in U.S. and Europe to become a global PET manufacturer and a significant participant in the PTA industry.

The company’s presence is in 33 countries with 124 manufacturing facilities and nearly 24,000 employees globally. The company holds various subsidiaries such as Indorama Petrochem Limited, Indorama Venture Packaging, Indorama Polyester Industries PCL and Others.

Product Portfolio:

Fiber: The company offers different types of fibers and polyester fibers. The company’s fibers portfolio consists of polyester fibers and yarns, bicomponent fibers, polyolefin fibers and automotive textiles, consisting of nylon 6.6, composite fibers, rayon and aramid. These products are grouped into five categories: Apparel, Home, Hygiene and Medical, Automotive and industrial/ technical.

Key Development

For instance, on November 02, 2018, Indorama Ventures announced to expand its presence in Brazil with entry into the fibers market, filling an important Gap in IVL's global fiber footprint.

Why Purchase the Report?

Visualize the global polyester fiber market segmentation by grade, origin, product, application and region, highlighting key commercial assets and players.

Identify commercial opportunities in the global polyester fiber market by analyzing trends and co-development deals.

Excel data sheet with thousands of global polyester fiber market-level 4/5 segmentation points.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global polyester fiber market report would provide approximately 69 market data tables, 62 figures and 201 pages.

Target Audience 2022

Service Providers/ Buyers

Textile Companies

Automotive Companies

Research Laboratory

Manufacturers

Logistics companies

Distributors