Selbyville, Delaware, Sept. 22, 2021 (GLOBE NEWSWIRE) -- As per the latest report published by Global Market Insights Inc., the Polyester Fiber Market was estimated at $91.7 billion in 2020 and is slated to exceed US$160 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. The research report provides a detailed assessment of market size & estimations, competitive scenario, top winning strategies, wavering market trends, drivers & opportunities, and major investment pockets.
Polyester fibers provide superior characteristics at an affordable cost over their substitutes like cotton, wool, nylon, and polypropylene and is set to dominate the global fiber sector. Notably, the mounting need for quality rugs and carpets for thermal insulation and aesthetic appearance is set to bolster market growth through the forecast period. Shifting consumer preferences supported by modern lifestyles are also likely to drive the adoption of fashionable products.
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PET finds wider usage compared to PCDT owing to its superior properties. In certain applications, PET-grade fibers, when spun together with natural fibers, can be used extensively in soft covering, clothing, and textiles. Driven by its versatility, the polyester fiber market from the PET grade segment is projected to expand at a CAGR of around 7.7% over the analysis period.
Key reasons for polyester fiber market growth:
- Soaring uptake of face masks across the globe.
- Rising demand for high-strength materials for floor coverings and furnishings.
- Increased textiles and home furnishing products adoption, mainly in BRIC countries.
- The prominent trend of attractive apparel and advanced textile technologies.
- The growing number of fashion houses across developed regions.
2027 forecasts show the ‘home textile’ segment retaining its dominance:
In terms of application, the home textile segment is estimated to be valued at more than USD 26 billion by the end of 2027. Polyester fibers possess high tenacity, which make them suitable for wide-ranging applications, including indoor and outdoor home textile materials. This is slated to bolster the growth of the polyester fiber market segment considerably through the study timeframe.
Europe to maintain top status in terms of revenue:
The Europe polyester fiber held a significant market share in 2020 and is speculated to progress at a robust CAGR of about 6.6% through the forecast timeline. Leading countries, including Italy, Germany, and France, are serving as the center of the fashion industry in Europe. This is calculated to propel regional market expansion over the following years.
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Impact of COVID-19 pandemic on polyester fiber market:
To prevent coronavirus transmission, government and health agencies worldwide mandated the use of face masks. To that effect, the World Health Organization (WHO) recommended the use of medical masks by healthcare and frontline workers and fabric masks by the general public. In a study about the composition of fabric masks, the health agency found that the mask should comprise an outer layer of non-absorbent material like polyester to provide optimum protection to wearers. As a result, the high significance of polyester fibers in curbing the spread of COVID-19 has been favorable for the market landscape during the pandemic.
Leading market players:
Key companies operating in the polyester fiber industry include Alpek S.A.B. de C.V., Nan Ya Plastics Corporation, Yizheng Chemical (Sinopec), Swicofil AG, Reliance Industries Limited (RIL), Indorama Ventures Public Company Limited, Mossi Ghisolfi Group, Zhejiang Hengsheng Chemical Fiber Co., Ltd., Toray Industries, Inc., William Barnet and Son, LLC, Stein Fibers Ltd., Far Eastern New Century Corporation, GreenFiber International S.A, Zhejiang Hengyi Petrochemical Group, and Jiangsu Sanfangxiang Group.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
