May 29, 2020
According to the report titled ‘Global Polyester Market (Value, Volume) – 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 LLC, global polyester market share was worth USD 109.75 billion in 2019 and is predicted to grow significantly over 2020-2025.
Flourishing fashion industry and surging apparel import across European nations is propelling the growth of polyester market. The product is being used extensively in production of garments and apparels. Emergence of e-commerce, changing fashion trends, and reduced lead time are further augmenting the market outlook.
However, COVID-19 pandemic has harshly hit the global polyester market. With many nations observing lockdown, several manufacturing facilities are shutdown. Oil prices as well as polyester cost are plummeting while inventories are mounting. Besides, constrained logistics, shortage of accessories, and slow recovery downstream sectors are acting as restraint for major companies to restart their plants, which is known to the growth of polyester market.
Speaking of the product terrain, solid fiber segment is reckoned to grow modestly over the forecast timeline, owing to expansion of textile manufacturing industry in emerging nations across the Asia Pacific. Widespread replacement of cotton with polyester, alongside inclination towards using man-made sustainable fibers is boosting the demand for solid polyester fibers.
With respect to grade, polyethylene terephthalate (PET) segment is gaining substantial traction from packaging as well as other industry vertical. Owing to its versatility, PET is the prevalent plastic choice for manufacturing bottles and packaging items across the globe.
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Elaborating on the application spectrum, textile segment led the global polyester market in 2019 and is poised to continue this stance over the forecast period. Polyester is widely used in weaving, dyeing, and apparel making in textile industry. It is blended with natural fibers like wool and cotton to produce an array of garments including curtains, dress materials, and sarees.
Considering the regional landscape, Asia Pacific polyester market is estimated to grow with a robust CAGR through 2025, on account of rising demand for industrial fabrics, home furnishing & décor, carpet, and textiles. Booming population and improving per capita income are fueling the growth of textile industry. Availability of raw materials and low cost labor across China will create lucrative growth prospects for polyester market players in the geography.
Established companies in global polyester market are Tongkun Group Co. Ltd., GreenFiber International SA, Stein Fibers Ltd., William Barnet & Son LLC, Nan Ya Plastics, Mossi Ghisolfi Group, Sinopec, Toray Industries Inc., Indorama Ventures PCL, and Alpek.