According to the recent research report titled ‘Global Polyester Market (Value, Volume) a?? Analysis By Product Type (Solid Fiber, Hollow Fiber), Grade (PET, PCDT), Application, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global polyester market was valued at USD 109.75 billion in 2019 and is expected to record an appreciable growth rate over 2020-2025.
 

Ever-evolving fashion vertical, and rising adoption of the product in garments and apparels are primarily driving global polyester market growth. Moreover, varying fashion trends, shorter lead times, and digitalization of value chain are enhancing the overall market outlook.
 

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Speaking of recent developments, the outbreak of COVID-19 pandemic has majorly impacted the polyester industry, with top firms facing difficulties in operations. Due to a huge inventory burden, poor recovery of downstream operations, tight logistics, shortage of accessories, and dropping oil prices, major corporations are having difficulty restarting production.
 

Based on product type, global polyester market share from solid fiber segment is expected to grow substantially over 2020-2025, owing to benefits offered by polyester over cotton, and expanding textile sector. Rising popularity of sustainable man-made fibers, combined with decreased cotton use in the textile industry is also adding to the segmental expansion.
 

As per grade gamut, PET polyester segment is gaining popularity due to its versatile nature and its wide usage in the packaging sector. Besides, over half of synthetic fiber and bottles demand worldwide is met by PET (Polyethylene Terephthalate) plastic.
 

Coming to application spectrum, textile segment held major portion of worldwide polyester industry share in 2019 and is projected to expand further through 2025, attributable to growing usage of polyesters in the textile industry for making various textiles like curtains, dress materials, sarees, etc. This application sector has been consuming large amounts of polyesters in a chain of textile dyeing, weaving, and apparel making industries.
 

Regionally, Asia Pacific presently leads the industry forecast, creditable to growing use of carpets, textiles, and home furnishings & décor as well as industrial fabrics. Besides, expanding commercial and residential construction in the region is also adding to the regional market outlook. China significantly contributes to the industry remuneration owing to rising disposable income, large customer base, low cost of labor, and easily available raw material.
 

Major contenders operating in global polyester marketplace are Tongkun Group Co. Ltd., GreenFiber International S.A., Stein Fibers Ltd., William Barnet & Son LLC, Nan Ya Plastics Corporation, Mossi Ghisolfi Group, Sinopec (China Petroleum & Chemical Corporation), Toray Industries Inc., Indorama Ventures PCL, and Alpek S.A.B de C.V.