The market for polyester fiber is anticipated to expand to USD 195 Billion by 2030 at a 7.7% CAGR over the forecast period. The polyester material is a man-made fiber composed of polymerized ethylene glycol and terephthalic acid. It is a versatile and frequently utilized substance that is majorly found in the textile, packaging, and construction sectors, among others. The growth is attributed to the increasing demand for polyester fiber in the apparel and home textiles industry, as well as in the construction and automotive sectors.
Growth Factors
A variety of perks accompany polyester fiber, such as cheap cost, high durability & adaptability, and recycling capabilities. These perks make it an appealing option in the textile business. Numerous factors have contributed to the global polyester fiber market's expansion. The demand for polyester fibers in a variety of textile applications is highly driven by the rise of textile manufacturing on a global scale, with large contributions from Asia-Pacific, particularly China, and India. Additionally, there is an increasing demand for sustainable polyester fibers such as recycled polyester and bio-based alternatives as a result of the increasing global emphasis on sustainability. Consumer awareness and manufacturers' aggressive attempts to offer environmentally friendly solutions are the trendsetters behind this movement. Because PET bottles and films, which are made of polyester, are widely used to package goods around the world, the packaging industry also contributes to the growth.
Polyester fibers are additionally employed in the automotive industry for interior elements, upholstery, and automotive textiles, which helps the market expand. The quality and performance of polyester fibers are improved by continual technological breakthroughs in fiber production techniques, which increases their demand. The expansion of the polyester fiber market on a global basis is fueled by a number of factors, including growing textile production, rising demand for sustainable fibers, expansion of the packaging sector, increased use in the automotive industry, and technical improvements.
Impact of COVID-19
The sudden emergence of the COVID-19 worldwide pandemic has caused a significant setback in the fiber and textiles sector's sustainability. There has been a lack of encouragement in the direction of sustainable textile manufacturing. After striking the highest level in eight years, India's manufacturing sector diminished as a result of the COVID-19 outbreak's impact on exports and supply chains. India's manufacturing PMI fell from 55.3 to 54.5. A value greater than 50 denotes expansion, whereas a figure less than 50 indicates contraction.
Segmentation
The polyester fiber market can be segmented based on source, form, polyester type, product type, distribution channel, and application. Different sources of polyester fiber are virgin, recycled, blended, and others. Based on product type, this market can be divided into Polyester Staple Fiber (PSF), and Polyester Filament Yarn (PFY). Similarly, they are classified on the basis of different polyester types which include PET Polyester, and PCDT Polyester. This market is segregated into solid and hollow in terms of their form. In terms of distribution channels, this sector is grouped into offline and online channels. By application, the polyester fiber can be segmented into apparel, home textiles, industrial textiles, non-woven fabrics, and others.
Regional Analysis
Asia-Pacific dominates the polyester fiber market due to the region's rapidly expanding textile sector, and rising disposable income. The presence of essential players such as China, Vietnam, and India is projected to drive regional growth. North America is predicted to expand over the forecast period of 2023-2030 due to rising consumer demand for organic fabric and cotton in the region's textile industry. The demand for polyester fiber is largely driven by the sizeable textile industry in the U.S., especially in the garment and home furnishings industries. Canada additionally serves as a player in the polyester fiber market, which helps to fuel the expansion of the sector in the region.
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Some of the largest companies in the Middle Eastern polyester fiber market are in Turkey and Iran. With significant heavyweights like Germany, Italy, and Turkey, Europe is another region that is both a big producer and consumer of polyester fibers globally. The UK also contributes to the European polyester fiber market through its textile manufacturing sector, although the impact of Brexit may have affected the industry to some extent.
Competitive Analysis
India is the largest polyester manufacturing country followed by China. China includes four prominent polyester corporations which include Hengli Group, Zhejiang Rongsheng Holding Group, Shenghong Holding Group, and Zhejiang Hengyi Group as Reliance Industries (RIL), is India's largest producer of polyester, with an annual capacity of 2 million tonnes. Other major key players in the polyester fiber market are, Sarla Performance Fibers Limited, Märkische Faser GmbH, Poly Fiber Industries, Toray Industries Inc., Nirmal Fibers (P) Ltd, Indorama Ventures Public Company Limited, Stein Fibers LTD., Green Group S.A., Kayavlon, Diyou Fiber (M) Sdn Bhd, Swicofil AG, Sinopec Yizheng Chemical Fiber Limited Liability Company Alpek S.A.B. de C.V and Zhejiang Hengyi Group Co. Ltd.
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The global polyester fiber market is segmented as follows:
By Source (Revenue: USD Billion, 2018 – 2030)
● Virgin
● Recycled
● Blended
● Others
By Form (Revenue: USD Billion, 2018 – 2030)
● Solid
● Hollow
By Product Type (Revenue: USD Billion, 2018 – 2030)
● Polyester Staple Fiber(PSF)
● Polyester Filament Yarn (PFY)
By Polyester Type (Revenue: USD Billion, 2018 – 2030)
● PET Polyester
● PCDT Polyester
By Application (Revenue: USD Billion, 2018 – 2030)
● Apparel
● Home Textiles
● Industrial Textiles
● Non-Woven Fabrics
● Others
By Distribution Channel (Revenue: USD Billion, 2018 – 2030)
● Online
● Offline
By Region (Revenue: USD Billion, 2018 – 2030)
● North America
o U.S.
o Canada
o Mexico
● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific
● Latin America
o Brazil
o Argentina
o Rest of Latin America
● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
Frequently Asked Questions (FAQs)
The global market for polyester fiber is expected to reach USD 195 Billion in 2030 growing at a CAGR of 7.7%.
The major players in the global polyester fiber market are Hengli Group, Zhejiang Rongsheng Holding Group, Shenghong Holding Group, and Zhejiang Hengyi Group as Reliance Industries (RIL), Sarla Performance Fibers Limited, Märkische Faser GmbH, Poly Fiber Industries, Toray Industries Inc., Nirmal Fibers (P) Ltd, Indorama Ventures Public Company Limited, Stein Fibers LTD., and Green Group S.A.
The global polyester fiber market is projected to grow at a CAGR of 7.7% between 2023 and 2030.
The increasing demand for polyester fiber in the apparel and home textiles industry, as well as in the construction and automotive sectors is driving the growth of the global polyester fiber industry, with COVID-19 influencing supply and demand dynamics.
Asia Pacific was the leading regional segment of the polyester fiber market in 2022.
