The Polyester fiber market is expected to grow at a compound annual growth rate of 7.60% to reach a market size worth US$123.757 billion by 2027. This market was valued at US$74.092 billion in 2020. Polyester fiber is a synthetic material made up of polyethylene glycol & terephthalic acid that has good flexibility, wrinkle resistance, and abrasion resistance. Polyester fibers are employed in various industrial applications such as automobile tire reinforcing, safety, and conveyor belts, as well as garment and home furnishing materials. Furthermore, these materials can be used to manufacture sporty and high-quality clothing when combined with natural fibers.
Analysts anticipate that the market will amplify due to the growing demand for polyester fiber in the textile and apparel industries during the forecast period.
The worldwide polyester fiber market is likely to rise in the future years as the need for polyester fibers increases in the textile and clothing industries, which have been steadily growing. Increased government initiatives in the textile sector have been a crucial role in the industry's growth. Between 2010 and 2019, the textile sector in the United States invested a total of US$19.9 billion in new plants and equipment, as per the National Council of Textile Organizations. Furthermore, according to NCTO data, the value of shipments of man-made fiber, yarn, fabric, apparel, and sewn products in the United States has increased from US$71.1 billion in 2016 to US$75.8 billion in 2019. Furthermore, the textile and clothing industries have been booming in various emerging nations, particularly India, which has boosted the demand for polyester fiber. India's textile and garment sector is predicted to grow by 47 percent from US$150.0 billion in 2020 to reach US$220.0 billion in 2026, as per IBEF forecasts. During the projected period, this is expected to propel the growth of polyester fibers.
The volatility in crude oil prices can act as a stumbling block to market growth at a global level
The downstream products of crude oil, like purified terephthalic acid (PTA) and monoethylene glycol (MEG), are frequently utilized as raw materials in the manufacturing of polyester fabric. As a result, the price of polyester raw materials is affected by crude oil price fluctuations. As per the BP Statistical Review of World Energy, the price of crude oil has changed in recent years. For example, the price of crude oil reduced from US$98.95/bbl in 2014 to US$52.39/bbl in 2015, continued to increase from US$43.73/bbl in 2016 to US$71.31/bbl in 2018 and then decreased to US$64.21/bbl in 2019. As a result of the ambiguity in crude oil prices, the price of polyester fiber also rises. Hence, the volatility in crude oil prices is projected to be a key issue for polyester fiber market producers, hampering industry expansion over the projection period.
The PET segment is anticipated to witness a tremendous market share considering the grade
PET-grade polyester fiber is extensively used in carpets, rugs, and household textile products due to its superior tensile strength, stiffness, and ductility. Because of the rising furniture industry, which is quickly adapting to market changes by making anti-static & anti-abrasive carpets, rugs, as well as other products, this category will see significant growth. Furniture and home furnishings sales increased by 7.2 percent in January 2022, according to the US Department of Commerce. PET-grade polyester fiberfill can be used to stuff cushions, sleeping bags, and pillow paddings. By gradually rising demand for PET-grade materials, these applications will add to the overall polyester fiber market share in the future years. The rise of the e-commerce business is likely to boost the segment's market share over the projection period. It offers a wide range of affordable products, as well as speedy delivery alternatives, straightforward return procedures, and material warranties, all of which contribute to increased global product demand.
Over the projection period, the staple category is expected to gain a momentous market share
Spinning & nonwoven weaving typically use polyester staple fiber. PSF is mostly used in the stuffing of cushions and couches. It's also used in the manufacture of Polyester Spun Yarn, which is then knitted or woven into textiles. The primary factors driving the market include rising demand for garments from the textile industry and the increasing demand from the home furnishings segment. Growing awareness of recycled polyester staple fiber as a result of rising environmental concerns is likely to open up a slew of attractive potential for industry expansion.
The apparel segment is expected to account for a massive share of the total market
Due to shifting customer preferences, the global apparel market has undergone a fundamental shift. Apparel was the largest application segment, accounting for a significant portion of the total. Activewear, sportswear, & intimate wear are all part of the apparel category. Clients are gradually opting for eco-fashion, which refers to garments made from polyester fiber, as textile technology advances. In comparison to other fibers, it is the most ideal replacement for cotton because it is cheaper, thinner, and comes in a variety of designs and colors. Antimicrobial characteristics are present in several forms of polyester fibers, which are hi-tech in nature and offer superior protection against unpleasant odor as well as other secondary infections. The entire product demand is being boosted by these improved features.
A large portion of the market share is expected to go to the solid segment, by form over the forecast period
Because of shifting consumer preferences for extremely durable, cost-effective, & weather-resistant materials, solid fibers are expected to dominate the sector and will experience significant expansion. Polyester fiber market share will be driven by rapidly expanding demand for solid fibers due to its diverse uses in home furnishing products, garments, 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.
According to regional analysis, the polyester fiber market in the Asia Pacific is expected to hold a significant share during the projected period
Asia-Pacific is anticipated to grow its presence in the polyester fiber market due to the region's fast-growing textile sector, rising disposable income, and increased commercial and residential buildings, Furthermore, the market is being driven by the growing fashion sector in developing nations such as China, India, and Japan. The Indian government has created the Apparel Park for Exports initiative to give a boost to the establishment of international-standard apparel manufacturing facilities in promising growth areas. According to Invest in India, India has surpassed China as the world's second-largest maker of personal protective equipment. More than 600 firms in India are approved to manufacture personal protective equipment (PPE), with a global market worth of more than US$92.5 billion by 2025, rising from US$52.7 billion in 2019. In the textiles and clothing business in India, FDI is expected to reach US$3.4 billion by 2020. Individuals' increased per capita incomes fueled a surge in garment demand in the Asia-Pacific area. As a result of the thriving garment industry, demand for polyester fiber is also on the rise, which is expected to boost the polyester fiber market in APAC throughout the forecast period.
The COVID-19 epidemic had a significant influence on the polyester fiber market. The COVID-19 virus's widespread outbreak and exponential spread led to a significant drop in end-user industries, particularly the textile industry, which reduced market demand and hence negatively impacted the market. The virus had a significant impact on China, a key source of polyester fiber, causing significant market disruption.