As per Global Market Insights Inc. estimates, the global polyester fiber market size is anticipated to surpass $190 billion by 2026.
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The global polyester fiber market share is slated to proliferate at a commendable pace over 2019-2026, driven by the mounting usage of polyester fiber material in manufacturing home textiles & apparel, alongside rapid urbanization worldwide. Likewise, the burgeoning home decor and apparel industry, especially in developing countries, is a major factor bolstering the industry outlook.
The product has been gaining widespread adoption as an alternative to synthetic fibers among apparel companies and carpet makers due to its superior characteristics. Other polyester fiber advantages include its cost-effective nature as compared to nylon, polypropylene, and wool. It is also highly wrinkle and stain-resistant, produces aesthetic appeal and soft feel, and has extraordinary luster capabilities.
Following are 3 key trends outlining global polyester fiber market growth by 2026:
1. Rapid expansion of home decor & e-Commerce industry
The polyester fiber material can be seamlessly blended with other fibers to improve their strength and durability. These factors, alongside the thriving e-Commerce and home decor sectors, are adding significant impetus to the polyester fiber market expansion over the forecast spell.
Considering the grade, the PCDT grade segment is poised to depict a CAGR of over 9% through 2026, on account of its exceptional resilience and elasticity, making it a suitable material for manufacturing home textile & furnishings. The segmental growth can further be credited to the increased PCDT polyester fiber applications in high-end textiles such as furniture covers, drapes, curtains, and upholstery.
On the other hand, the PET segment accounted for a considerable share in 2018, which was attributable to its superior strength as compared to the CDT grade. It can also be blended with other fabrics to make the clothing highly resistant to wrinkle and stain. Despite the elasticity and resilience of PCDT grade, PET is considered to be stronger and used in a wider variety of applications, thereby surging the popularity of PET polyester fibers.
2. Robust demand for winterwear in cold regions across Europe & North America
In terms of segmentation by product, the global polyester fiber market from the solid segment registered remarkable revenue in 2018. This was the result of its cost-effectiveness, durability, softness, and tensile strength. Meanwhile, the hollow product segment is likely to record remuneration worth around $30 billion by 2026, owing to the escalating demand for coats, winterwear, and jackets in extremely cold regions in North America and Europe, as this product type is utilized in making protective clothing, quilts, and pillows.
With regards to the application spectrum, the apparels segment will gain momentum over the forthcoming years, due to the accelerating product demand in the fast-fashion and garment sector.
Besides, the home textiles segment held more than 15% of the polyester fiber market share in 2018, which can be credited to the rising adoption of home decor and furnishing products such as draperies, curtains, bedsheets, upholstery, pillow covers, quilts, and coverings. The need for superior strength and durability for these products is fulfilled by the use of polyester fiber, thus bolstering segmental growth in years to come.
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3. Rising initiatives taken by key manufacturers in the APAC region
On the regional front, the APAC polyester fiber market is expected to witness commendable growth over the foreseeable future, as a result of the increasing number of companies that are taking initiatives such as M&A to expand globally. For example, in January 2020, PT Asia Pacific Fibers Tbk announced the initiation of an acquisition of the polyester fiber maker, ADVANSA, by Sverige Netherlands B.V, an affiliate company of its majority shareholder, Damiano Investment B.V., with an objective to produce diversified product variations and meet the global demands.
Prominent polyester fiber industry players include Zhejiang Hengyi Petrochemical, GreenFiber International, William Barnet & Son, Far Eastern New Century Corp, Reliance Industries, Nan Ya Plastics Corp., Sinopec, Toray Industries, Indorama Ventures, and Mossi Ghisolfi, among others.
M&A, business expansions, and innovative product launches are among the strategies incorporated by these companies to sustain their position in the global market.
About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/polyester-fiber-market
Source: MarketersMedia
Release ID: 89039726
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