Polyester Staple Fiber Market to Reach Valuation of USD 43.35 Billion by 2028

In terms of revenue, the Global Polyester Staple Fiber Market is expected to reach USD 43.35 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.91% from 2022 to 2028. The growth in the Polyester Staple Fiber Market is due to rising demand from the textile industry for making apparel coupled with increasing demand in the home furnishing segment.

Key Findings:

• Solid sub-segment in product type segment held the largest share in 2021. The growth in the textile manufacturing industry, especially in the emerging economies is a major factor expected to drive market growth.
• The furnishing industry in the application segment is holding a dominant position in Polyester Staple Fiber. It has its usage in several home furnishing applications like bed sheets, pillows, carpets, sofas, and rugs. The applications in furnishing have risen significantly in the past few years driven by its affordability than other fibers.

Some of key players in Polyester Staple Fiber Market include - Toray Chemical Korea, Inc., W. Barnet GmbH & Co. KG, Alpek, S.A.B. de C.V., Reliance Industries Limited, Diuou Fibre (M) Sdn Bhd., Huvis Corporation, Indorama Corporation, Xinda Corp., China National Petroleum Corporation, Bombay Dyeing, PetroVietnam Petrochemical, and Textile Fiber Joint Stock Company..

Considerable growth in the real estate sector is producing high requirements of luxury furniture which is a primary factor propelling the market growth. The market is further supported by the construction industry wherein PSF is used in concrete for filling up the cracks & enhancing the overall quality of tanks, blocks, walls, tiles, and maintenance hole covers. Additionally, increasing disposable incomes coupled with high demand for sustainable & fast fashion are supporting the utilization of PSF in the textile industry. It is employed in the manufacturing of good quality as well as economical automotive textiles for airbags, trunk liners, glove boxes, carpet backing, safety belts, and sound insulation.

Asia Pacific held the largest market share in 2021. The presence of significant players in the region like Microsoft and Google are anticipated to fuel the market growth by incorporating various technological advancements in the product portfolio. In addition, increasing disbursements of enterprises in Research & Development (R&D) is having high potential for market growth across the region.

Recent Developments:

December 2021: In collaboration with the leading Chinese viscose filament yarn producer Yibin Heist Fiber Limited Corporation, Renewcell has successfully used 100 percent Circulose dissolving pulp in industrial-scale viscose filament yarn production. This new commercial partnership with Yibin has been facilitated by Renewcell’s exclusive trading partner Ekman Group. While viscose staple fibers made with Circulose have been commercially available since 2019, the filament development opens up additional product segments for 100 percent Circulose fibers in activewear, as a substitute for polyester filament, and in luxury as a substitute for silk.