The global polyester market exhibited significant strength in 2021 and is projected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. These fibers are produced from either recycled or virgin Polyethylene terephthalate (PET) and have emerged as the predominant choice in the textile industry due to their cost-effectiveness, flexibility, high tensile strength, durability, recyclability, elasticity, excellent resistance to abrasion, wrinkles, and fungus. These hydrophobic fibers dry quickly and can be used for insulation in the form of porous fibers. They outperform cotton and other fabrics in terms of durability, retaining their shape even in adverse weather conditions. Dyeing or pigmentation can be used to color these fibers.
The growth of this fiber industry is primarily driven by the increasing consumption of rugs and carpets in both commercial and household sectors. Additionally, the growing demand for synthetic materials and products, coupled with urbanization and the home decor sector's expansion, is expected to boost the global market's revenue. Other key factors contributing to revenue growth include advancements in the global fashion industry, rising demand across various end-use sectors such as households, automobiles, healthcare facilities, and electronics, as well as an increased utilization of hollow polyester fibers in medical applications. These fibers are occasionally blended with natural fibers to create fabrics with mixed characteristics. Cotton-polyester blends, for example, are known for their strength, resistance to wrinkles and tears, and minimal shrinkage. Synthetic fibers offer superior resistance to water, wind, and environmental factors compared to plant-derived fibers but have lower fire resistance and may melt when exposed to flames.
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Major Drivers of Revenue Growth in the Global Polyester Market:
- Evolving fashion trends and improving living standards present opportunities for high-end polyester fibers with strong, easy-to-clean properties.
- Economic growth and increased urbanization in developing countries are driving fashion trends, with online access in rural and semi-urban areas further increasing demand for clothing and home decor products.
- The expansion of e-commerce is expected to boost the industry share by offering a wide range of affordable products, quick delivery options, easy returns, and quality guarantees.
- Digitization of manufacturing facilities, reduced lead times, and the growth of the textile sector in emerging countries are contributing to market revenue growth.
Factors Limiting Revenue Growth in the Global Polyester Market:
- Fluctuating raw material prices, especially those derived from crude oil, may pose a challenge to the polyester fiber industry.
- Various regulations and bans on polyester use, like the one imposed by the Maharashtra government in India, can disrupt PET manufacturing and lead to a shortage, causing polyester prices to rise.
- The COVID-19 pandemic's global lockdown disrupted supply chains, transportation, and workforce availability, negatively affecting the polyester fiber industry.
Opportunities for Players in the Global Polyester Market:
- Polyester is used in the manufacturing of ropes, yarns, seatbelts, industrial machinery, tapes, tire reinforcements, and plastic reinforcements due to its durability and strength.
- Synthetic fibers find applications in consumer and industrial textiles for a wide range of products, including non-woven fabrics, road construction materials, fish nets, buckles, laundry bags, and vehicle upholstery.
- High-end synthetic fibers have diverse applications across various industries, creating growth opportunities during the forecast period.
Key Insights by Market Segments:
- Polyester Market by Type:
- PET-grade segment accounted for the largest revenue share in 2021, driven by its use in mats, carpets, household textiles, and other applications.
- Growing demand for non-abrasive furnishings and the furniture industry is expected to fuel PET-grade polyester market growth.
- Leading Application Segment:
- The apparel market is poised for rapid growth, driven by the textile industry's extensive use of synthetic fibers due to their elasticity, wrinkle resistance, and shape retention properties.
- Regional Overview:
- Asia Pacific is expected to be the major player, with the highest revenue CAGR, driven by urbanization, industrialization, and rising disposable income in countries like India and China.
- The presence of significant players in Asia Pacific, such as China, Vietnam, and India, will further contribute to revenue growth in the region.
- Global Polyester Market Players:
- Key companies in the market include Shenghong Corp, GreenFiber International S.A., William Barnet and Son LLC, Xin Feng Ming Group, Indorama Ventures Public Company Limited, Toray Industries, Reliance Industries Limited, Alpek S.A.B., Barnet GmbH Co. KG, and Bombay Dyeing.
- These companies have implemented strategies such as investments in expansion, acquisitions, and product improvements to enhance their market position.
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