Global Polyester Fiber Market Will Hit USD 115.0 Billion in 2020
Zion Research has published a new report titled “Polyester Fiber Market (Solid and Hollow) for Carpet & Rugs, Nonwoven Fabrics, Fiberfill and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.” According to the report, global demand for polyester fibers was valued at USD 73.5 billion in 2014 and is expected to cross USD 115.0 billion in 2020, growing at a CAGR of slightly over 5% between 2015 and 2020. In terms of volume, the global polyester fiber market stood at 42 million tons in 2014.
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Polyester fibers are polymers that are obtained from the polyethylene terephthalate (PET). It is an artificial and manmade fiber manufactured from nonwoven bonded materials. Polyester fibers are used in the production of artificial nonwoven bonded fabric. It strengthens the usability of the finished product. Polyester fiber was discovered in 1940 and commercial scale production started in 1947. Polyester fibers are mainly used for apparel and are used in trousers, skirts, dresses, suits, jackets, blouses and outdoor clothing. PTA and MEG are key raw materials in the manufacture of polyester. Polyester is further molded through the extrusion process to produce polyester fiber. Raw materials are heated to a spinning mass, which is then pressed through spinnerets.
Polyester fiber exhibit good chemical and physical properties such as the good elasticity, wear and tear property, low humidity absorption, creases free, quick drying, abrasion free, and water resistance and low humidity absorption capability. Polyester fibers are particularly resistant to light and weather and can withstand climatic effects. They can be used where lightness and fineness are primary requirements. Polyester fibers are very well suited to blends with natural fibers.
Polyester fiber is mainly driven strong demand from emerging economies. Increased construction of both residential and commercial spaces is expected to be a vital factor driving the demand for carpets and rugs. Emerging economies like China and India are projected to witness the highest growth in construction activities over the next few years due to rapid industrialization and infrastructure development. Rising disposable incomes coupled with changing lifestyles will likely to drive the home furnishings market. Carpets and rugs account for a notable share of the home furnishings market. This expected to fuel growth of polyester fiber market.
On the basis of product segmentation the polyester fibres are segmented into fiberfill, rugs, carpets, and nonwoven fabrics and others. Solid fiber is one of the largest product segment accounted for over 80% of shares of the market in 2014. Moreover, the hollow fibers are used as fillers in the fiberfill.
Carpets and rugs, non-woven fabrics, fiberfill and other (including apparels, industrial applications, and home textiles) are key application markets for polyester fiber. Fiberfill application segment dominated polyester fiber market with around 15% share of total volume consumption in 2014. However, carpets and rugs segment is expected to exhibit fastest growth rate during the forecast period.
Asia Pacific dominated the global polyester fiber market in terms of volume as well as revenue. It accounted for around 80% in total volume consumption and revenue generated in 2014. Strong demand for polyester fiber from emerging economies such as China, India, Thailand, Malaysia, Indonesia, etc. is expected to further trigger the growth of this industry in the region. North America, Latin America, Europe accounted for small share of the global polyester fiber market.
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Key manufactures operating in the global polyester fiber market include Alpek S.A.B de C.V, Indorama Ventures Public Company Ltd., Sinopec Yizheng Chemical Fibre Company Ltd., Far Eastern New Century Corporation, Jiangsu Sanfangxiang group, Reliance Industries limited, Mossi Ghisolfi group, Tongkun group, Nan Ya Plastics Corporation, Zhejiang Hengyi group Co. Ltd., and Zhejiang Hengsheng Chemical Fiber Co., Ltd.
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