Polyester Fiber Market to Garner $160.1 Billion by 2032 driven by rising demand for polyester fiber from textile and home furnishing industries

Allied Market Research published a report, titled, "Polyester Fiber Market By Form (Solid, Hollow), By Grade (Polyethylene Terephthalate (PET) Polyester, PCDT Polyester), By Product Type (Polyester Filament Yarn (PFY), Polyester Staple Fiber (PSF)), By Application (Automotive, Home Furnishing, Textile, Filtration, Construction, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global polyester fiber market generated $81.1 billion in 2022, and is anticipated to generate $160.1 billion by 2032, witnessing a CAGR of 7.1% from 2023 to 2032.

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The global polyester fiber market is driven by the rising demand for polyester fiber from textile and home furnishing industries coupled with rapid development of the automotive industry. However, as the raw materials used to produce polyester fibers are derived from crude oil, the fluctuating price of crude oil is hindering the growth of the global polyester fiber market. Nevertheless, the rise in demand for recyclable polyester fiber is expected to offer lucrative opportunities for market growth in the coming years.

Covid-19 Scenario

The COVID-19 pandemic had a positive impact on the growth of the global polyester fiber market. This was attributed to the fact that various types of face masks are made utilizing numerous materials such as polyester, polyacrylonitrile, polyurethane, polypropylene, polycarbonate, polystyrene, and polyethylene.
During the COVID-19 pandemic, various Personal protective equipment (PPEs) were produced of polyester and polyester blends. According to the National Library of Medicine, based on the distinct features of polyester types, as well as their specific medical applications, about 25-50% polyesters are used in the medical industry, while an increase of nearly 20% has been achieved since the pandemic started. The remaining percentage is offered by different types of natural or synthetic polymers, i.e., 25% polyolefins in personal protection equipment (PPE).
Consequently, the increase in demand for polyester fiber in the manufacturing of face masks and PPEs to combat COVID-19 and other viral infections bolstered the market growth.

Based on form, the solid segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global polyester fiber market revenue, and is projected to maintain its lead position during the forecast period. The same segment is projected to grow at a CAGR of 7.2% from 2023 to 2032. Solid polyester fiber is gaining popularity in swimwear, sports gear, and fashion apparel owing to its exceptional stain-resistant and wrinkle-resistant properties. In addition, it is highly resistant to general wear and tear and durable unlike numerous other natural fibers. Moreover, it is moisture-resistant, which makes it ideal for repelling rain and other forms of precipitation, and hence, is commonly used in outdoor clothing and outdoor apparel. Furthermore, presently, recycled solid polyester fiber is gaining high traction in the market as it is environmentally friendly. Hence, it is one of the major products used for filling materials in sofas, pillows, and toys. The fiber offers more firmness and provides superior resilience for pillows, cushions, and sofas.

Based on grade, the polyethylene terephthalate (PET) polyester segment accounted for the largest share in 2022, contributing to more than four-fifths of the global polyester fiber market revenue, and is projected to maintain its lead position during the forecast period. The same segment is projected to grow at a CAGR of 7.2% from 2023 to 2032. Rise in demand for PET in fabrication of packaging materials for food products, including fruit and beverages containers, which acts as a key driving factor of the segment. In addition, multiple benefits associated with PET such as high strength, stiffness, ductility, and hardness make it applicable in a wide range of industries, which, in turn, drives the market growth.

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Based on product type, the Polyester Filament Yarn (PFY) segment held the highest market share in 2022, accounting for more than two-thirds of the global polyester fiber market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to grow at a CAGR of 7.2% from 2023 to 2032. PFY is utilized in knitting & weaving to produce polyester fabrics such as consumer fabrics and home furnishings, including curtains, bedspreads, bed sheets, and draperies. PFY is a highly demanded yarn in the global market produced from polyethylene terephthalate polyester. These yarns are widely employed in modern fiber manufacturing industries. Moreover, high tenacity PFY is used for producing light fabrics such as voile and organdie; regular tenacity PFY is used to produce lingerie; and low tenacity PFY is employed to make shirts & blouses.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than four-fifths of the global polyester fiber market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 7.2% from 2023 to 2032. The apparel industry in Asia-Pacific is experiencing notable growth due to exponential surge in population, rapid urbanization, and rise in disposable income. Thus, polyester fiber is widely used in the production of t-shirts, dresses, and sportswear. Furthermore, home textiles such as curtains, bed sheets, and upholstery use polyester fiber due to its durability, wrinkle resistance, and low cost, which fuels its demand across the region, thereby strengthening the growth of the market.

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Leading Market Players: -

TORAY INDUSTRIES, INC.
BARNET
STEIN FIBERS, LTD.
MARKISCHE FASER GMBH
SARLA PERFORMANCE FIBERS LIMITED
NAN YA PLASTICS CORPORATION
RELIANCE INDUSTRIES LIMITED
INDORAMA VENTURES PUBLIC COMPANY LIMITED
POLYFIBRE INDUSTRIES
NIRMAL FIBRES (P) LTD

The report provides a detailed analysis of these key players in the global polyester fiber market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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