CHICAGO, Oct. 20, 2023 /PRNewswire/ — The report “Polyester Fiber Market by Form (Solid and Hollow), Grade (PET Polyester Fiber and Pcdt Polyester Fiber), Product type (PFY and PSF), Application (Textile & Apparel, Home Furnishing, Automotive), and Region – Global Forecast to 2028″, is estimated at USD 102.2 billion in 2023 and is projected to reach USD 151.6 billion by 2028, at a CAGR of 8.2% from 2023 to 2028.
The expansion of this market can be ascribed to the rising demand stemming from various applications such as textile, automotive, home furnishing, industrial and others. Additionally, there is a growing appetite for polyester fiber in the construction sector, which is serving as a driving force for the global growth of polyester fiber.
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Solid polyester fiber is expected to account for the largest market share in forecasted period, in terms of both value and volume.
The solid polyester fiber form is expected to hold the largest share in the global polyester fiber market and also predicted to witness the highest CAGR during the forecasted period. Demand for environmentally friendly solid polyester fiber has increased significantly in the industry, especially for recycled materials. Solid polyester fiber continues to be a key component in many industries, which contributes to its remarkable CAGR. These industries range from the fashion business, where it excels in color retention and affordability, to the construction and industrial sectors, where durability is vital.
PET Polyester FIber is expected to witness the highest CAGR between 2023 to 2028
Due to its beneficial qualities, PET polyester fiber is expected to grow with the highest CAGR. PET (Polyethylene Terephthalate) polyester fiber demand has increased significantly, and its excellent Compound Annual Growth Rate (CAGR) attests to its ongoing appeal. This strong demand can be attributed to several important variables. PET polyester fiber is a favoured option for a wide range of applications, including textiles, clothing, home furnishings, and industrial purposes due to its cost-effectiveness and adaptability. Its exceptional resilience to environmental influences, strength, and durability have further cemented its place in a variety of industries. Global sustainability goals are well aligned with PET polyester fiber, which stands out for its recyclability as environmental responsibility becomes more and more important.
Polyester Filament Yarn to witness highest CAGR
Polyester filament yarn is expected to witness highest CAGR during the forecasted period. Although, polyester staple fiber is estimated to have the largest share in the market in 2022, in terms of value. Polyester staple fiber is in high demand, particularly in the textile and home furnishings industry. It is used in the production of clothing, beddings, curtains, and more due to its resistance to wrinkles, easy maintenance, and affordability. The CAGR for polyester staple fiber is relatively stable, driven by its prominence in the textile and home furnishings sectors. However, it may not grow as rapidly as polyester filament yarn due to its specific applications.
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Textile & Apparel segment to dominate the polyester fiber market
In the large and ever-changing polyester fiber market, the textile and garment industry remains the undisputed leader. Among many other applications, it leads due to its ongoing popularity. There are numerous explanations for this dominance. Polyester fiber is a great material for garments and textiles because of its special combination of properties, which include outstanding durability, wrinkle resistance, and color preservation. This adaptability is present in a wide array of items, ranging from daily wear to elite athletic apparel. The polyester fiber’s potential has been fully realized by the textile and garment industries, who are now able to create a wide range of styles to suit various consumer demands and fashion trends. The textile and apparel sector continues to be at the forefront of innovation as eco-friendly efforts gain traction and technology progresses. The industry’s sustained dominance in the polyester fiber market is ensured by the development of sustainable and recycled polyester fibers, which are in line with the increasing global focus on environmental responsibility. The textile and apparel business is the backbone of the polyester fiber industry, leading the way for other applications with its diverse appeal and enduring relevance.
Asia Pacific account for the largest market share and the highest CAGR in the global polyester fiber market
Asia Pacific region dominated the global polyester fiber market in 2022 by holding the largest market share. Furthermore, this region is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028. The Asia Pacific has emerged as a thriving and promising market for polyester fiber, driven by region’s substantial and rapidly expanding population. With approximately 60% of the world’s population residing in this region, the extensive utilization of polyester fiber across various applications is quite notable. In addition, the region’s impressive economic expansion has supported the growing demand for polyester fibers in a variety of industries, including automotive and construction, along with the development of industrial applications and infrastructure. Because of the region’s constantly changing consumer base and government backing for the textile sector, Asia-Pacific plays a significant role in meeting the world’s demand for polyester fiber.
Prominent companies in the polyester fiber market include Zhejiang Hengyi Group Co., Ltd. (China), Reliance Industries Ltd. (India), Indorama Venture Public Company Ltd. (Thailand), Toray Industries Ltd. (Japan), Sinopec Yizheng Chemical Fiber Limited Liablity Company (China), Alpek S.A.B DE C.V. (Mexico), Diyou Fiber (M) Sdn Bhd (Malaysia), Bombay Dyeing (India), and Green Group SA (Romania).
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