July 01, 2020
According to the research report titled ‘Global Polyester Market (Value, Volume) a?? Analysis By Product Type, Grade, 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 was worth USD 109.75 billion in 2019 and is anticipated to showcase substantial growth by the year 2025.
Rapid expansion of fashion industry and increasing utilization of polyester in garments and apparels are prime factors driving the market growth. Rising import of apparel in Europe is further aiding the market expansion. Growing inclination towards digitalization of value chain, evolving fashion trends and shorter lead times are also stimulating the polyester industry outlook.
However, the COVID-19 pandemic has had major implications on the polyester market. Growing inventory burden, decreasing oil prices and declining polyester cost have resulted in transactional inefficiency among leading players. Additionally, these companies are facing challenges while restarting the production processes owing to slow recovery of downstream plants, shortage of accessories and constrained logistics, which may negatively impact the polyester market in the subsequent years.
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As per type, solid fiber polyester market segment is predicted to expand substantially during the forecast period. Booming textile manufacturing industry, especially in developing regions of Asia-Pacific is fueling the demand for polyester solid fibers. Consumer preference towards sustainable man-made fibers along with increasing focus towards substituting cotton in textile industry are also contributing towards the growth of the segment.
In terms of grade type, PET segment is expected to register remunerative growth in the forthcoming years. Polyethylene terephthalate is a reliable, versatile and widely used plastic material. Around half of the world’s synthetic fiber and bottles are made using PET plastic. It is the preferred material in packaging sector.
Elaborating on the application spectrum, textile segment accounted for a considerable market share in 2019 and is reckoned to witness healthy growth in the subsequent years. Polyester is extensively used in textile industry for developing curtains, dress materials and sarees among others. Booming textile sector has impelled the demand for polyesters from textile dyeing, weaving, and apparel making industries, thereby favoring the market scenario.
Regionally, Asia-Pacific polyester market is estimated to generate lucrative revenues in the ensuing years, with China being the major contributor. Growing demand for industrial fabrics as well as textiles, carpets, home furnishings & décor is augmenting the regional market outlook. Easy availability of raw materials and cheap labor as well as rising per capita income are key factors swaying the business dynamics in APAC.
TongKun Group Co., Ltd., GreenFiber International SA, Stein Fibers, Ltd., William Barnet and Son, LLC, Nan Ya Plastics Corporation, Mossi Ghisolfi Group, Sinopec Corp., Toray Industries, Inc., Indorama Ventures PCL and Alpek S.A.B. de C.V. are the leading companies in global polyester market.