Global Polyester Fiber Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Grade (PET, PCDT), By Product (Filament, Staple, Others), By Form (Solid, Hollow), By Applications (Automotive, Home Furniture, Apparel, Others)), And By Geography - Forecasts From 2022 To 2027
- Published : May 2022
- Report Code : KSI061614169
- Pages : 130
The global polyester fiber market is projected to witness a compound annual growth rate of 7.60% to grow to US$123.757 billion by 2027, from US$74.092 billion in 2020. The polyester fiber is widely used in home furnishing, apparel, textile and automotive industries. With the growing construction sector, the number of buildings and houses have been increasing, leading to an increased demand for home furnishing. According to data from the World Bank, the construction industry grew from US$20.03 trillion in 2016 to US$22.04 trillion in 2020. This growing trend is expected to lead to increased revenues for the polyester fiber market. Furthermore, polyester fibers are commonly used in the textile and apparel industry and the growth in these industries is one of the prominent factors driving the demand for polyester fibers.
According to the World Bank data on textiles and clothing, the value added by the textile and clothing in the manufacturing sector of China has surged from US$320.044 billion in 2015 to US$381.994 billion in 2019, witnessing a growth of more than 19%. Furthermore, an increased demand from the automotive industry is also expected to drive the market growth. According to data from OICA, 80.146 million vehicles were produced in 2021 with an annual growth of 3%. Moreover, due to several advantages of polyester staple fiber, such as high strength and light weight, it is in high demand, which is expected to continue during the forecast period.
- growing textile and apparel industries
The global polyester fiber market is expected to surge in the coming years due to an increased demand for polyester fibers from the textile and apparel industries, as these industries have been growing at a steady pace. The increasing investments in the textile industry by governments of several countries has been a major factor for its boom. According to the National Council of Textile Organizations (NCTO), United States, the textile industry in the country has invested a total of US$19.9 billion for new plants and equipment from 2010 to 2019. Furthermore, the value of shipments of “man-made fiber, yarn, fabric, apparel, and sewn products” in the U.S. has surged from US$71.1 billion in 2016 to US$75.8 billion in 2019, as per data from NCTO. Moreover, the textile and apparel industry has been witnessing a boom in several developing countries including India, impacting the demand for polyester fiber positively. According to data from IBEF, the textile and apparel industry in India is projected to increase from US$150.0 billion in 2020 to US$220.0 billion in 2026, witnessing a growth of around 47%. This is expected to boost the market growth of polyester fibers during the forecast period.
By grade, the global polyester fiber market is divided into PET and PCDT.
PET-grade polyester fiber's high tensile strength, stiffness, and ductility, this material is commonly used in carpets, rugs, and home textile products. This segment will see considerable expansion owing to the growing furniture business, which is swiftly adjusting to market changes by manufacturing anti-static and anti-abrasive carpets, rugs, and other products. According to the United States Department of Commerce, sales of furniture and home furnishings climbed by 7.2 percent in January 2022. Pillows, sleeping bags, and cushion paddings can all be stuffed with PET-grade polyester fiberfill. These applications will contribute to the overall polyester fiber market share in the coming years by progressively increasing the demand for PET-grade materials. Over the forecast timeframe, the expansion of the e-commerce business is expected to raise the segment's market share. It provides a diverse choice of economical products, quick shipping options, simple return policies, and material guarantees, all of which help to drive global product demand. Furthermore, factors such as the digitalization of manufacturing facilities, shorter lead times, and the expanding textile industry in developing nations will further contribute to market share. As per Statistics Canada, eCommerce retail trade sales in Canada reached a new high of US$3.82 billion in December 2020, surpassing the previous high of US$3.82 billion in May 2020. Similarly, according to the US Department of Commerce, online garment sales in 2020 accounted for 46% of overall apparel sales in the US.
Additionally, polyester (PET) is the most frequently used fabric in the textile industry, accounting for about half of all fibers manufactured worldwide. Moreover, the market for this category will be propelled by the development and evolution of sustainable technology and initiatives. For instance, the 2025 Recycled Polyester Challenge is a collaboration between Textile Exchange and the Fashion Industry Charter for Climate Action of the United Nations Framework Convention on Climate Change. It boosts the apparel industry to commit itself to enhance recycled polyester use by 14 percent to 45 percent, or 17.1 million metric tonnes, by 2025. In addition, in October 2021, The Hygiene Fibers Group debuted CiCLO, a textile technology that allows polyester and other synthetic materials to biodegrade like natural materials in wastewater treatment, lowering synthetic microfiber pollution and limiting plastic accumulation in landfills caused by abandoned textiles. IVL is committed to the implementation of a circular economy as a world leader in PET recycling and acknowledges that alternative sustainable solutions, such as CiCLO textile innovation, provide useful alternatives when recycling is not possible.
COVID-19 Impact Polyester Fiber Market
The outbreak of the COVID-19 virus negatively impacted the polyester fiber market. The robust outbreak of the COVID-19 virus and its exponential spread resulted in a major fall in the end-user industries, especially the textile industry, which contracted the market demand, hence negatively impacting the market. China, a major source of polyester fiber, was severely impacted by the virus, which resulted in a major hindrance to the market.
Global Polyester Fibre Market Scope:
|Market size value in 2020||US$74.092 billion|
|Market size value in 2027||US$123.757 billion|
|Growth Rate||CAGR of 7.60% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Grade, Product, Form, Applications, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Reliance Industries Ltd., Alpek S. A. B., Bombay Dyeing, China Petroleum Corporation, Far Eastern New Century Corporation, Huvis Corporation, Indorama Corporation, Shubhalakshmi Polyester Ltd.|
|Customization scope||Free report customization with purchase|
- BY GRADE
- BY PRODUCT
- BY FORM
- BY APPLICATIONS
- Home Furniture
- BY GEOGRAPHY
- North America
- South America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the polyester fiber market size by 2027?
A1. The global polyester fiber market is estimated to reach a market size of US$123.757 billion by 2027.
Q2. What is the size of the global polyester fiber market?
A2. Polyester Fiber Market was valued at US$74.092 billion in 2020.
Q3. What are the growth prospects for the polyester fiber market?
A3. The polyester fiber market is estimated to grow at a CAGR of 7.60% during the forecast period.
Q4. What factors are anticipated to drive the polyester fiber market growth?
A4. The global polyester fiber market is expected to grow due to an increased demand for polyester fibres from the textile and apparel industries, as these industries have been growing at a steady pace.
Q5. Which region holds the largest market share in the polyester fiber market?
A5. Asia-Pacific holds a significant share in the global polyester fiber market owing to the rising demand for several applications in automotive, apparel, and home furnishing with an increasing population in the region.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL POLYESTER FIBER MARKET BY GRADE
6. GLOBAL POLYESTER FIBER MARKET BY PRODUCT
7. GLOBAL POLYESTER FIBER MARKET BY FORM
8. GLOBAL POLYESTER FIBER MARKET BY APPLICATIONS
8.3. Home Furniture
9. GLOBAL POLYESTER FIBER MARKET BY GEOGRAPHY
9.2. North America
9.3. South America
9.5. Middle East and Africa
9.5.1. South Africa
9.5.2. Saudi Arabia
9.6. Asia Pacific
9.6.3. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Reliance Industries Ltd.
11.2. Alpek S. A. B.
11.3. Bombay Dyeing
11.4. China Petroleum Corporation
11.5. Far Eastern New Century Corporation
11.6. Huvis Corporation
11.7. Indorama Corporation
11.8. Shubhalakshmi Polyester Ltd.
Reliance Industries Ltd.
Alpek S. A. B.
China Petroleum Corporation
Far Eastern New Century Corporation
Shubhalakshmi Polyester Ltd.
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