The global polyester staple fiber market is expected to reach $39.3 billion by 2025, growing at a compound annual growth rate of 6.3%, according to a new report from Research and Markets.
The report, “Polyester Staple Fiber Market Analysis 2014 – 2025,” showed global demand for polyester staple fiber was 15,519.7 kilotons in 2016 and is estimated to increase at an annual rate of 4.7% from 2017 to 2025.
Asia Pacific dominated the global market in 2016, followed by Europe, while emerging economies such as China, India and Brazil are forecast to lead their respective regional markets over the forecast period, the report said.
In terms of product, solid polyester staple fiber emerged as the largest segment in 2016. Increasing popularity of sustainable man-made fibers coupled with reducing consumption of cotton in the textile industry is likely to drive the market over the forecast period, according to the report.
In terms of revenue, virgin polyester staple fiber was the largest origin market segment in 2016 and is estimated to generate a revenue of about $16.45 billion by 2025. Recycled polyester staple fiber is estimated to see promising market growth over the forecast period thanks to rising environmental consciousness across the globe.
The Asia Pacific polyester fiber market is projected to grow 6.7% by 2025. Key market players in the region include Toray Chemical Korea Inc., W. Barnet Gmbh & Co., Alpek S.A.B. de C.V., Reliance Industries Limited, Diyou Fibre, Huvis Corp., Indorama Corp., Xinda Corp., China National Petroleum Corp., Bombay Dyeing, Petrovietnam Petrochemical and Textile Fiber Joint Stock Co.
[Read more about recycled fibers: DNA Tagging Now Gives Cred to Recycled PET Fiber Firms]
The report said these companies are attempting to increase their market share and expand their global presence through strategic initiatives such as expansions, investments, acquisitions and new product developments.
A rise in the global consumption of sustainable textiles has been a major factor driving market growth, in the polyester sector.
The report noted that polyester staple fiber is lightweight, wrinkle-free, and resistant to light and weather. It also has an ability to withstand extreme climatic conditions and is used as a key element in various end-use sectors, including apparel, home furnishing, construction, and automotive, which is expected to drive market growth over the forecast period.
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