January 18, 2020
According to the research report titled ‘Polyester Fiber Market Size By Grade (PET, PCDT), By Product (Solid, Hollow), By Application (Carpets & Rugs, Non-Woven Fabrics, Fiberfill, Apparels, Home Textiles, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available at MarketStudyReport.com, the global polyester fiber market is expected to cross USD 190 billion by the year 2026.
Rapid urbanization coupled with increasing utilization of polyester fiber in apparels and home textile applications are major factors driving the polyester fiber market growth. Polyester is deemed to be an ideal substitute for synthetic fibers and is cost-effective as compared to nylon, polypropylene, and wool. Moreover, polyester fibers are resistant to stain and wrinkle as well as offer aesthetic appeal, soft feel, and high luster. Flourishing apparel and home décor industry in developing nations will aid the expansion of the market.
In terms of grade, the report cites that PET grade segment dominated the polyester fiber market in 2018, as these fibers offer better strength and high resistance to wrinkle and stain as compared to its counterparts.
On the other hand, PCDT grade polyester fiber market segment is expected to expand with a CAGR of 9% during 2019-2026. This product is widely used for producing furnishings and home textiles due to its excellent resilience and elasticity properties. It is also used for making high quality textiles including furniture covers, drapes, curtains, and upholstery.
As per the product type, the report states that solid fiber segment held the largest market share in 2018 due to its high tensile strength, durability, softness, and cost-effectiveness. However, hollow fiber segment is anticipated to be worth USD 30 billion by the year 2026. Due to their bulky nature and high resilience, hollow fibers are primarily used in making protective clothing, quilts, and pillows. Growing demand for coats, winterwear, and jackets in harsh winter conditions of North America and Europe is stimulating the industry outlook.
Based on the application spectrum, home textiles segment held over 15% share of polyester fiber market in 2018. Since polyester fibers have high durability and exceptional strength, they are used extensively in home décor and furnishing products.
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According to the report, apparel application segment is estimated to grow substantially in the forthcoming years, owing to increasing utilization of polyester fiber in garment and fast-fashion sector.
The prominent companies operating in the polyester fiber market are Jiangsu Sanfangxiang Group, Alpek S.A.B. de C.V, Zhejiang Hengyi Petrochemical Group, GreenFiber International S.A, Far Eastern New Century Corporation, Stein Fibers Ltd., Zhejiang Hengsheng Chemical Fiber Co., Ltd., Toray Industries, Inc., Swicofil AG, Nan Ya Plastics Corporation, Mossi Ghisolfi Group, Sinopec Yizheng Chemical Fibre LLC, William Barnet and Son, LLC, Indorama Ventures PLC, and Reliance Industries Ltd.
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