Polyester Fiber Market worth $151.6 billion by 2028 | Key players Reliance Industries Ltd. (India), Indorama Venture Public Company Ltd. (Thailand), Toray Industries Ltd. (Japan), Bombay Dyeing (India).

According to recent market research the "Polyester Fiber Market by Form (Solid and Hollow), Grade (PET Polyester Fiber and Pcdt Polyester Fiber), Product type (PFY and PSF), Application (Textile & Apparel, Home Furnishing, Automotive), and Region - Global Forecast to 2028", is estimated at USD 102.2 billion in 2023 and is projected to reach USD 151.6 billion by 2028, at a CAGR of 8.2% from 2023 to 2028. The expansion of this market can be ascribed to the rising demand stemming from various applications such as textile, automotive, home furnishing, industrial and others. Additionally, there is a growing appetite for polyester fiber in the construction sector, which is serving as a driving force for the global growth of polyester fiber.

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The solid polyester fiber form is expected to hold the largest share in the global polyester fiber market and predicted to witness the highest CAGR during the forecasted period. Demand for environmentally friendly solid polyester fiber has increased significantly in the industry, especially for recycled materials. Solid polyester fiber continues to be a key component in many industries, which contributes to its remarkable CAGR. These industries range from the fashion business, where it excels in color retention and affordability, to the construction and industrial sectors, where durability is vital.

Due to its beneficial qualities, PET polyester fiber is expected to grow with the highest CAGR. PET (Polyethylene Terephthalate) polyester fiber demand has increased significantly, and its excellent Compound Annual Growth Rate (CAGR) attests to its ongoing appeal. This strong demand can be attributed to several important variables. PET polyester fiber is a favoured option for a wide range of applications, including textiles, clothing, home furnishings, and industrial purposes due to its cost-effectiveness and adaptability. Its exceptional resilience to environmental influences, strength, and durability have further cemented its place in a variety of industries. Global sustainability goals are well aligned with PET polyester fiber, which stands out for its recyclability as environmental responsibility becomes more and more important.

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Asia Pacific region dominated the global polyester fiber market in 2022 by holding the largest market share. Furthermore, this region is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028. The Asia Pacific has emerged as a thriving and promising market for polyester fiber, driven by region's substantial and rapidly expanding population. With approximately 60% of the world's population residing in this region, the extensive utilization of polyester fiber across various applications is quite notable. In addition, the region's impressive economic expansion has supported the growing demand for polyester fibers in a variety of industries, including automotive and construction, along with the development of industrial applications and infrastructure. Because of the region's constantly changing consumer base and government backing for the textile sector, Asia-Pacific plays a significant role in meeting the world's demand for polyester fiber.

Prominent companies in the polyester fiber market include Zhejiang Hengyi Group Co., Ltd. (China), Reliance Industries Ltd. (India), Indorama Venture Public Company Ltd. (Thailand), Toray Industries Ltd. (Japan), Sinopec Yizheng Chemical Fiber Limited Liablity Company (China), Alpek S.A.B DE C.V. (Mexico), Diyou Fiber (M) Sdn Bhd (Malaysia), Bombay Dyeing (India), and Green Group SA (Romania).

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Reliance industries hold a prominent position as a 2nd top polyester fiber supplier within various applications, including textile & apparel, home furnishing, automotive and others. With operations in significant nations like India, China, and the US in the polyester fiber market, the company continues to have a global footprint. The company's operations encompass the entire polyester value chain, including the production of raw materials like purified terephthalic acid (PTA) and monoethylene glycol (MEG), as well as the manufacturing of polyester filament yarn (PFY), polyester staple fiber (PSF), and various other polyester products. The company lays a great emphasis on carrying out acquisitions as a key part of its strategic growth plan, which helps it gain a competitive edge in the polyester fiber industry. For instance, in September 2022 company acquired shubhalaxmi polyester ltd. in USD 193.3 million. The company acquired subhlaxmi's both manufacturing facilities situiated in Dahej and Silvassa.

Indorama venture holds a prominent position among the key players in the polyester fiber market. The company was established in 1994 and since then the company operates a vertically integrated polyester business, which means it is involved in the entire polyester value chain. The company produces key raw materials like purified terephthalic acid (PTA) and monoethylene glycol (MEG) and uses these to manufacture various polyester products. The company has made large expenditures in recycling technology and procedures to create polyester products that are sustainable. The business encourages the use of recycled PET (rPET) and works to reduce plastic waste as part of the circular economy. Through acquisitions and expansion initiatives, Indorama Ventures has increased its market share in the polyester fiber industry. For instance, December 2019 the company acquired Green Fiber International Inc. (GFI), a recycling company in Fontana, California, USA. The facility produces Recycled Polyethylene Terephthalate (rPET) Flakes.

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