Global Polyester Staple Fiber Market Analysis, Growth, Trends and Forecast - 2024
Some of the market’s key vendors are Alpek S.A.B. de C.V., Toray Industries, Inc., China Petroleum & Chemical Corporation, Reliance Industries Limited, and Far Eastern New Century Corporation.
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Apparel Industry to Emerge as Most Promising End-use Segment
Transparency Market Research states that the global polyester staple fiber market will exhibit a healthy 7.5% CAGR over the period between 2016 and 2024. Rising at this pace, the market, which valued at US$23,404.0 mn in 2015, is projected to reach US$42,415.1 mn by 2024.
In terms of applications, the apparel industry dominated the market, holding an over 20% share in market revenues in 2015. The segment is also expected to maintain its lead throughout the forecast period. Asia Pacific is presently the dominant market for polyester staple fiber and is expected to retain its lead position in the global market for polyester staple fiber by 2024 as well. The region accounted for 41% share in terms of revenue in 2015. China was the dominant producer of polyester fiber in 2015, followed by India.
Rising Usage of Manmade Fibers in Cotton-dominated Textile Industry Key to Market Growth
In the past few years, the higher strength and flexibility in design and application, in addition to the significant reduction in cost of end-product, allowed by manmade fibers have significantly increased their share across many conventional applications where once cotton and other natural fibers dominated. In 2015, the overall consumption of manmade fiber in the textile industry stood at nearly 65%. Of the variety of manmade fibers available in the market at present, polyester staple fiber has emerged as the most promising segment and has found applications across most promising industries such as textile, automotive, furniture, and apparel.
Rise in demand for manmade fiber and increase in automobile sales are the major factors driving the polyester staple fiber market in several regions. Polyester staple fiber is also expected to see increased demand on a global front owing to its extensive use in the construction industry to provide temperature stability and improve tensile and shear properties of asphalt concrete. Growth in construction activities, primarily in developing nations, is likely to boost the demand for polyester staple fibers during the forecast period
Anti-dumping Duties on Purified Terephthalic Acid (PTA) to Hamper Market Growth
Over the past few years, many countries across the globe have imposed anti-dumping duties on
purified terephthalic acid (PTA). Imposition of such rules has subsequently resulted in the increased prices of PTA, which in turn is expected to have a negative impact on the prices of polyester staple fiber in these countries.
In addition to this factor, the government-regulated prices of cotton across many developing countries, making cotton a cheaper alternative to polyester staple fiber, could also have a negative impact on the overall development of the polyester staple fiber market in the near future. The impact of regulated cotton prices will be most prominently seen across developing agrarian economies.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Polyester Staple Fiber Market (by Origin: Virgin Polyester Staple Fiber, Recycled Polyester Staple Fiber, Blend of Virgin and Recycled Polyester Staple Fiber; by End User: Apparel, Automotive, Home Furnishing, Filtration, Construction, Personal Care & Hygiene and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the global polyester staple fiber market is segmented as follows:
Polyester Staple Fiber Market: By Type
Polyester Staple Fiber Market: By Origin
Virgin Polyester Staple Fiber
Recycled Polyester Staple Fiber
Blend of Virgin and Recycled Polyester Staple Fiber
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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