Polyester Staple Fiber Market: Growing Application in Textile and Automotive Industry to Augur Well | 2024

The global polyester staple fiber market features a high degree of fragmentation between suppliers and has a presence of a number of buyers seeking competent suppliers, finds Transparency Market Research (TMR). Some of the major companies operating in the market are Far Eastern New Century, Reliance Industries Limited, Sinopec Limited, Toray Industries, Inc., and Alpek. The market is also characterized by long gestation period and substantial capital investments required upfront in setting up manufacturing plants. As a result, the polyester staple fiber market features a moderate threat of entry by new players.

Several players are focusing on parameters such as the quality of finished products, aftersales support, and credit terms for buyers in order to gain a competitive edge over others. The degree of competition is anticipated to remain moderate throughout the forecast period (2016–2024), notes TMR.

The global polyester staple fiber market was valued at US$23,404.0 mn in 2015. Rising at a CAGR of 7.5% during 2016–2024, the market is estimated to reach US$42,415.1 mn by the end of the forecast period.

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Apparel Industry to Offer Lucrative Opportunities for Manufacturers of Polyester Stable Fibers

Geographically, the major regions for the growth of polyester staple fiber market are Europe, North America, Asia Pacific, the Middle East & Africa (MEA), and Latin America. Of these, presently, Asia Pacific is the leading regional market for polyester staple fibers and held a major share in 2015. The regional market is expected to maintain its lead throughout the forecast period and a large part of opportunities are witnessed in countries such as China and India, which are major producers.

On the basis of end use, the polyester staple fiber is segmented into automotive, apparel, home furnishing, construction, filtration, toys, wadding, and personal care and hygiene. Of these, the apparel industry held the major share of over 20% in 2015 and is emerging as the most promising application segment. The end-use application segment is expected to lead throughout the forecast period.

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Growing Prominence of Man-made Fibers to Bolster Uptake of Polyester Staple Fibers

The growing popularity of man-made fibers in the textile industry is a key factor propelling the demand for polyester staple fibers market. The declining consumption of cotton in the textile industry world over coupled with the growing prominence of polyester staple fibers in making fabrics is a seminal factor driving the market. In addition, the growing application of polyester staple fiber in areas such as automotive, apparel, and as fiber fillings in different types of furniture has boosted the market. The wide application of polyester staple fiber in making spun yarn in the garments and textile industry continue to catalyze the market growth. A burgeoning automobile industry and accelerated automobile sales have led to an extensive use of polyester staple fibers in cars, as they are cost-effective and have high durability.

Further, the growing use of recyclable polyester staple fibers as a blend in the wadding industry has boosted the market. In addition, the use of polyester staple fibers in making needle punched non-woven fabrics are expected to accentuate the market.

Imposition of Anti-Dumping Duty on Purified Terephthalic Acid Glaring Market Constraint

The strict imposition of anti-dumping duties on import of purified terephthalic acid (PTA) from major producing countries is likely to impede the market to an extent. PTA forms a key raw material in making polyester staple fibers and the definitive anti-dumping duty has negatively affected the price of PTA. Furthermore, wide regulations related to cotton prices in numerous developing countries have brought down the prices. This is expected to hamper the demand for polyester stable fibers, especially in countries increasingly reliant on agrarian economy. Be that as it may, the increasing use of polyester staple fibers as reinforcement materials in the construction industry to ensure a stable temperature and to improve the tensile strength of asphalt concrete is a key factor expected to create exciting opportunities for manufacturers in the coming years.

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