Polyester Fiber Market

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The global Polyester Fiber Market is valued at USD 90.6 Billion in 2022 and is projected to reach a value of USD 150.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.5% over the forecast period.

Polyester Fiber is a polymer category with the ester functional group in every repeat unit in their main chain. They are most commonly referred to as polyethylene terephthalate (PET). They include naturally occurring chemicals, such as within plants and insects, and synthetics, such as poly butyrate. The global Polyester Fiber market is expected to be driven primarily by driving factors such as heavy utilization of the apparel industry. Additionally, polyesters are used for manufacturing jackets, shirts, trousers, bedding, bedsheets, cushioning, and insulating fabric in pillowcases. Also, Polyester Fiber are hydrophobic, which enables them to dry faster after rinsing applications. They are less prone to flame and are highly flame-retardant. These factors are expected to increase the footprint of the global Polyester Fiber market during the forecast period.

Polyesters have a high demand owing to their desirable properties, including a higher degree of toughness and strength. They are often used for producing ropes and other synthetic fibres. Additionally, they can be used to manufacture seatbelts, conveyors, tapes, rear-wheel reinforcements, and additional plastic reinforcements. It can also be used for manufacturing nonwoven products, road construction fabrics, fishing nets, laundry bags, and road transport upholstery materials. Such diverse manufacturing capabilities give Polyester Fiber wider product adaptability, fuelling the growth of the global market during the forecast period.

Rising disposable income among the general population and the influence of western urbanization is leading to various advanced economic systems. Increasing internet connectivity from rural areas is prompting sales of apparel. This is bound to widen the footprint of the Polyester Fiber market during the forecast period. Increasing demand for interior decoration in urban areas will further boost sales. Polyester Fiber are specially used within sports and gym clothing due to their lightweight and moisture-wicking qualities. Easily washable properties combined with a quick drying property are expected to further increase the footprint of the global Polyester Fiber market during the forecast period.

Economic Insights

Even if there hasn't been a recession yet, many analysts predict one by 2023. The global labor market is becoming increasingly limited, despite the optimism many economies are displaying about stabilizing economies. However, the probability of a US recession within the US economy has increased from 50% in 2022 to more than 75% in 2023, thanks to the Federal Reserve and other central banks. Beginning in February 2022, Russia's neighbors implemented harsh economic sanctions as retaliation for its unlawful invasion of Ukraine. The European Union and the United States are developed countries that have imposed sanctions on Russia.

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1. Better Formulation Leading to Increased Product Usability: During the forecast period, various technological developments have led to the development of green technologies such as polyester recycling. Additionally, by targeting niche applications across a wide range of end-use applications, companies are focused on developing advanced polyester manufacturing technologies. An ongoing evolution in the formulations of Polyester Fiber is expected to witness a higher consumption as they achieve better results. They have a higher rigidness, flexibility, and an inexpensive cost, which will increase the footprint of the global Polyester Fiber market.

2. Growing Popularity Among the Textile Industry: The growing popularity of Polyester Fiber in the textile industry is a significant factor impacting the growth of the global market. An ongoing trend of shifting toward synthetic fibres among consumers and manufacturers. Synthetic fibres have better qualities than natural fibres. Additionally, they are also available at a comparatively lower cost. The higher strain of Polyester Fiber makes them incredibly valuable in manufacturing cushioning, paddings, and others.

3. Increasing Demand for Recycled Products: Increased demand for recycled products is among the primary growth factors for the global Polyester Fiber market. Consumers are increasingly aware of choosing sustainable textiles, often made from recycled materials. Rising awareness for environmental protection and a widening supply of sustainable clothing is expected to push the recycle Polyester Fiber market sales.

Market Segmentation

The global Polyester Fiber market can be categorized on the following: Type, Source, Grade, Form, Application, and Regions. Based on type, the market can be categorized into polyester staple fibre (PSF) and polyester filament yarn (PFY). By source, the market can be segmented across virgin, recycled and blended. By grade, the market can be differentiated between polyethylene terephthalate (PET) polyester and PCDT polyester. By form, the market can be split between solid and hollow. By application, the market can be fragmented across carpets and rugs, non-woven fabrics, fibrefil, apparel, home textiles, and others. By Likewise, based on region, the, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Source

Virgin Source to Dominate Market Sales While Recycled to Grow with the Fastest Growing CAGR

Virgin sources for manufacturing the Polyester Fiber market include petroleum, while oil-based polyesters include plastic, crops, or waste. This segment is expected to account for the largest market share during the forecast period owing to abundant raw material availability combined with easy processing. Manufacturers have pivoted their manufacturing processes and supply chains on these raw materials. These factors will add to the segmental value of the market. Recycled materials are expected to grow with the fastest growing CAGR during the forecast period owing to manufacturers inclining towards procuring raw materials for manufacturing Polyester Fiber due to advanced manufacturing technologies.

Based on Grade

Polyethylene Terephthalate to Occupy Largest Market Share Owing to Utilization for Manufacturing High-Quality Fabrics

PET fibre is expected to witness the largest market share during the forecast period in terms of growth and revenue. Factors such as increased utilization of polyethylene terephthalate for high-quality manufacturing fabrics combined with the ability to blend effortlessly with other materials are expected to increase the footprint of the segmental value. Additionally, PET fibre has excellent additional properties, as it is wrinkle-free and stain-resistant. These factors add value to the polyethylene terephthalate segment, fuelling sales. The PCDT polyester will grow with the fastest-growing CAGR during the forecast period owing to excellent resilience and elasticity.

Based on Form

Solid Fibre to Account for Largest Market Share Owing to Higher Tensile Strength

The global Polyester Fiber is expected to dominate the solid fibre segment during the forecast period. Factors such as higher tensile strength, durability, and accessible even weaving properties are expected to contribute to the segmental value. Additionally, products made from solid fibre have a higher grade of finish and are readily available among the general population. They are heavily utilized in apparel, home furnishing, and nonwoven products. These factors contribute to the solid fibre market value. Hollow fibres will grow with the fastest growing CAGR during the forecast period owing to high resilience and warm features.

Based on Application

Apparel to Fuel Largest Market Share Owing to Quick Drying and High Wrinkle Properties

Apparel will accumulate the largest market share during the forecast period owing to its inclusion of exceptional features such as quick drying, higher wrinkle resistance, and excellent elasticity. Additionally, they are lightweight and have a tall shape retention ability. These features make them highly desirable in the fashion industry and its various applications. Further, fade-resistant adds to the apparel's segmental value, fuelling the global Polyester Fiber market growth. Carpets and rugs will account for the fastest growing CAGR during the forecast period owing to rising disposable income among consumers and increased spending on home décor.

Based on Region

Asia Pacific to Dominate Global Sales Owing to an Expanding Apparel Industry

The global Polyester Fiber market is expected to be dominated by the Asia Pacific market in terms of revenue and sales. Factors such as an expanding market of home furnishing and flooring activities in the region give rise to incremental sales. Additionally, during the forecast period, booming construction and commercial buildings within developing economies such as India and China will add to the Asia Pacific Polyester Fiber market. China will significantly contribute to the expanding market owing to its higher-quality production facilities. It will play a dominant role in the consumer and producer aisle. A growing apparel industry within the region will also play a pivotal role in shaping the market's growth trajectory.

North America will grow with the fastest growing CAGR during the forecast period owing to increased adoption within the textile and surgical applications. Polyester Fiber is utilized within the medical industry due to its biodegradability and flexibility. Additionally, its good mechanical and chemical properties will further integrate Polyester Fiber as a cotton substitute in the healthcare uniform industry.

Competitive Landscape

The global Polyester Fiber market is full of dominant players focused on upgrading their manufacturing capabilities to match the current demand. Additionally, players concentrate on utilizing recycled products as raw sources to reduce wastage. Prominent players are also focused on merging with local and regional players to accommodate their manufacturing and distributing requirements.

The key players in the global Polyester Fiber market include - Reliance Industries Limited, Barnet, Sarla Performance Fibers Limited, Märkische Faser GmbH, PolyFiber Industries, TORAY INDUSTRIES, INC., Nirmal Fibers (P) Ltd, Indorama Ventures Public Company Limited, NAN YA PLASTICS CORPORATION, Stein Fibers, LTD., Green Group S.A., Shree Renga Polymers, kayavlon, Diyou Fibre (M) Sdn Bhd, Swicofil AG, SILON, SINOPEC YIZHENG CHEMICAL FIBRE LIMITED LIABILITY COMPANY, Alpek S.A.B. de C.V., Tongkun Group Zhejiang Hengsheng Chemical Fiber Co., Ltd., and Zhejiang Hengyi Group Co., Ltd., among others. among others.

Recent Market Developments:

· October 2021: Teijin Group announced that Teijin Polyester Ltd., their core base for Polyester Fiber production plant, is set to introduce a facility that will transform domestically used plastic bottles into recycled polyester chips for the manufacturing of superior quality polyester filament. The plant is set to begin production in January 2022 and will likely generate more than 7,000 tons of recycled polyester annually till 2025.

· October 2021: Applied DNA Sciences Inc., a significant player in nucleic acid-based technologies and Polymerase Chain Reaction (PCR)-based DNA manufacturing technologies, announced signing a collaborative agreement with the biggest recycled polyester (rPET) fibre producer in India, Ganesha Ecosphere Ltd. Following the collaboration, Ganesha is set to install Applied DNA's traceability system at Ganesha's facilities.

Segmentation of the Global Polyester Fiber Market