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Polyester Staple Fiber Market Forecast to Reach $24.5 Billion by 2026

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Polyester Staple Fiber Market Forecast to Reach $24.5 Billion by 2026

April 22
21:59 2021
Polyester Staple Fiber Market Forecast to Reach $24.5 Billion by 2026

Polyester Staple Fiber Market
Increasing Construction Activities in Various Regions are the Prime Growth Drivers of the Polyester Staple Fiber Market.

Polyester Staple Fiber Market is forecast to reach $24.5 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026. Polyester is a synthetic polymer produced from purified terephthalic acid (PTA) or its dimethyl ester terephthalate (DMT) and monoethylene glycol (MEG). Globally, rising demand for apparel, increasing automotive industry, increasing government initiative, and increasing construction activities in various regions, are the prime growth drivers of the global polyester staple fiber market. Furthermore, new opportunities will be created for the global polyester staple fiber market, owing to the increasing popularity of bio-based polyester staple fibers, and increasing adoption of polyester staple fibers for application in newer industrial verticals. However, for the global polyester staple fiber market, fluctuating prices and supply of crude oil and complex production processes are the key constraints.
The coronavirus (Covid-19) pandemic has limited the functioning of the apparel and textile industry in various regions, owing to the nationwide lockdown. As a result of the coronavirus outbreak, supply chains, logistic operations, and worker availability have suffered to a great extent due to which the functioning of the apparel and textile industry has been moderately hindered. And since polyester staple fibers are largely employed in the apparel and textile industry, the decreasing functioning of this end-use industry is directly limiting the polyester staple fiber market growth during the covid-19 outbreak.

Polyester Staple Fiber Market Segment Analysis – By End-Use Industry

The apparel industry held the largest share in the polyester staple fiber market in 2020 and is growing at a CAGR of 6.5%, owing to the growing demand for polyester staple fiber for the manufacturing of apparels because of its properties such as lightweight, good hygroscopicity, and softness. Hollow polyester staple fiber is widely used to make thin thermal underwear, warm winter casual wear, and sportswear with good warm-keeping, soft feeling, and soft luster. It is also used to make soft and thermal socks and gloves with wear resistance. It is also used to make light and soft tweeds. Polyester garments usually have brighter and more durable colors and prints. It is the most suitable alternative to cotton in comparison to other fibers as it is cheaper, thinner, and available in several designs & colors. For this reason, the offer of textiles for shirts, and dresses, is composed mostly of polyester. Owing to these extensive properties of polyester staple fiber the demand for polyester staple fiber is on an upsurge, which is anticipated to further drive the polyester staple fiber in the apparel industry during the forecast period.

Polyester Staple Fiber Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the polyester staple fiber market in 2020 up to 46.6%, owing to the flourishing apparel sector in the region. The government of India has launched the ‘Apparel Park for Exports’ scheme for imparting focused thrust for setting up of apparel manufacturing units of international standards at potential growth centers. According to Invest in India, India has become the second-largest manufacturer of PPE in the world. More than 600 companies in India are certified to produce PPEs today, whose global market worth is expected to be over $92.5 billion by 2025, up from $52.7 billion in 2019. FDI in the textiles and apparel industry in India has reached up to $3.4 billion during 2020. The rising per capita income of the individuals further led to the massive demand for apparel in the APAC region. Thus with the flourishing apparel industry, the demand for polyester staple fiber is also substantially increasing, which is anticipated to drive the polyester staple fiber market in APAC during the forecast period.

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Polyester Staple Fiber Market Drivers

Increasing Automotive Production

Textile materials such as polyester staple fiber are extensively used in automobiles in the production of automobile carpets, seating fabrics, side, roof, floor, and door panels, safety belts, tires, airbags, air filters, fuel filters, insulation materials, and more. China is the world’s largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of automobiles to reach 35 million by 2025. According to OICA, the production of passenger cars in Africa was 776,967 in 2018, which then increased to 787,287 in 2019, a total increase of 1.3%. According to OICA, the production of light commercial vehicles has increased from 1,348,932 in 2018 to 1,431,904 in 2019, an increase of 6.2% in Canada. Thus, increasing automation production will require more polyester staple fiber for manufacturing various automotive components, which will act as a driver for the polyester staple fiber market during the forecast period.

Increasing Building and Construction Activities

The use of polyester staple fibers with asphalt cement is known to improve aspects such as shear, tensile strength, and temperature stability of the resulting concrete. As builders focus more on making their buildings and constructions stronger to comply with the stringent regulations put in place by the number of countries, the demand for polyester staple fibers is gradually increasing in the construction industry. According to the US Census Bureau, total construction was at a seasonally adjusted annual rate of 1,366,697 in February 2020, which is 6.0 percent above the rate of 1,288,951 in February 2019. The Chinese construction industry is forecast to grow at an annual average of 5% in real terms between 2019 and 2023, according to the International Trade Administration (ITA). In addition, the European government has launched – “European Construction 2020 Action Plan”, to stimulate favourable investment conditions. The building and construction activities are also increasing owing to the various government initiatives such as Foreign Direct Investments (FDI), which acts as a driver for the polyester staple market during the forecast period.

Polyester Staple Fiber Market Challenges

Volatility in Crude Oil Prices

The raw materials often used for the production of polyester staple fiber are the downstream products of crude oil such as Purified Terephthalic Acid (PTA) and Monoethylene glycol (MEG). So, the price fluctuation of crude oils also hinders the price of polyester staple fiber raw materials. According to, BP Statistical Review of World Energy, in the recent year there is been a fluctuation in the price of crude oil, for instance, the crude oil price decreased from $98.95/bbl in 2014 to $52.39/bbl in 2015 and increased from $43.73/bbl in 2016 to $71.31/bbl in 2018 and then decreased to $64.21/bbl in 2019. And because of this uncertainty in crude oil prices, the price of polyester staple fiber also increases. Thus, the volatility in crude oil prices is expected to be a significant challenge for the polyester staple fiber market manufacturers, which will hinder the polyester staple fiber market growth during the forecast period.

Covid-19 Impact on the Polyester Staple Fiber Market

The pandemic outbreak of COVID-19 is having a huge impact on the automotive industry. Automotive production has been disruptively halted, contributing to major losses in the automotive industry as a whole. According to the European Association of Automobile Manufacturers, demand for new commercial vehicles across the EU remained low in June 2020 (-20.3%), although the rate of decline slowed compared to April and May. Double-digit percentage decreases were recorded last month by three of the four largest markets in the region: Germany (-30.5 percent), Spain (-24.2 percent), and Italy (-12.8 percent), while France recorded a modest increase (+2.2 percent). With the decrease in automotive production, the demand for polyester staple fiber has significantly fallen, which is having a major impact on the polyester staple fiber market.

Polyester Staple Fiber Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyester staple fiber market. In 2020, the market of polyester staple fiber has been consolidated by the top five players accounting for xx% of the share. Major players in the polyester staple fiber market are Toray Chemical Korea Inc., W. Barnet Gmbh & Co. KG, Alpek S.A.B. de C.V., Reliance Industries Limited, Diyou Fibre (M) Sdn Bhd., Huvis Corporation, Indorama Corporation, Xinda Corp., China National Petroleum Corporation, Bombay Dyeing, Petrovietnam Petrochemical, and Textile Fiber Joint Stock Company.

Key Takeaways

Asia-Pacific dominates the polyester staple fiber market, owing to the increasing demand for polyester staple fiber from the apparel industry in the region. The increasing per capita income and rapid urbanization is the key factor driving the apparel industry in the APAC region.

Rising polyester staple fiber demand from various end-use industries such as home furnishing, construction, geotextiles, and automotive, owing to its long-term effectiveness, high elastic resilience, tenacity, and eco-friendly nature is boosting the market growth during the forecast period.

Various polyester staple fibers, which are hi-tech in nature, are available with antimicrobial properties that offer advanced protection against bad odor and other infections. These sophisticated qualities are further contributing to the market growth.

Most countries have gone under lockdown due to the COVID-19 pandemic, due to which operations of various industries such as apparel have been negatively impacted, which is hampering the growth of the polyester staple fiber market.

Related Reports :

A. Europe Polyester Staple Fiber Market

https://www.industryarc.com/Report/19069/europe-polyester-staple-fiber-market

B. Staple Fibre Market

https://www.industryarc.com/Report/16264/staple-fibre-market.html

For more Chemicals and Materials related reports, please click here

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