Polyester Staple Fiber Market - Emerging Trends and Advancements By 2024 | Research

Based on origin, the polyester staple fiber market has been divided into virgin polyester staple fiber, recycled polyester staple fiber, and blend of virgin and recycled polyester staple fiber. Of these, the segment of recycled polyester staple fiber is gaining momentum in several countries across the globe, primarily due to its high sustainability and low manufacturing cost. These fibers are manufactured by the recycling of polyethylene terephthalate (PET) bottles. Volatility in prices of crude oil has significantly impacted the global prices of virgin polyester staple fiber. This, in turn, has also boosted the demand for recycled polyester staple fibers in several applications.

The global focus on recycled polyester staple fiber is also gaining strength owing to their environment-friendly nature. Research has demonstrated that one pound of polyester staple fiber is generated by recycling 10 PET bottles. When one million plastic bottles are recycled, nearly 250 barrels of oil are saved and an estimated 180 metric tons of potential CO2 emissions being released into the atmosphere are eliminated. Owing to these factors, several countries are encouraging the use of such fibers by exempting them from excise duty and other taxes.

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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.

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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.

North America and Europe are also key markets for polyester staple fiber. However, demand for polyester staple fiber remained sluggish in these regions in 2015. Over the period between 2016 and 2024, the revenue of the North America and Europe markets is anticipated to exhibit 7.2% and 6.8% CAGR, respectively. Sustainable rise in demand will also be seen in developing countries of Middle East and Africa (MEA) and Latin America.

Some of the key vendors operating in the global polyester staple fiber market are Tongkun Group Zhejiang Hengsheng Chemical Fiber Co., Ltd., Indorama Ventures Public Company Limited, Alpek S.A.B. de C.V., Toray Industries, Inc., China Petroleum & Chemical Corporation, Reliance Industries Limited, W. Barnet Gm.

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