Polyester Staple Fiber Market is Expected to Grow with a CAGR of 6.21% from 2022 to 2028
As stated in our extensive report, providing insights on Product Type, Origin, and Application; the Global Polyester Staple Fiber Market accounted for USD 27.39 Billion in 2021.
Polyester Staple Fiber (PSF) are fibers developed from recycled PET bottle flakes called Recycled PSF or from PTA and MEG or PET Chips called Virgin PSF. These fibers are mainly used in cushions & sofas and make polyester spun yarn. Polyester staple fiber is divided into hollow and solid polyester staple fiber. These fibers are used in the manufacturing of good quality as well as economical automotive textiles for airbags, trunk liners, glove boxes, carpet backing, safety belts, and sound insulation. Thus, it increases market demand.
Factors such as the rising automotive industry, growing construction activities across the globe, increasing demand for apparel, and rising government initiatives have augmented the growth of the Polyester Staple Fiber Market in upcoming years. In addition, increasing demand from the textile industry along with rising home furnishing demand propels the growth of Polyester Staple Fiber Market over the projected period. Furthermore, the development of bio-based polyester staple fibers gathers the attention of multiple consumers and further provides various growth opportunities for Polyester Staple Fiber Market in near future.
The outbreak of the Covid-19 pandemic has affected the functioning of various industries and also limits the functioning of the apparel & textile industry across the globe. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. This is affected the function of supply chains, logistic operations, and worker availability, which in turn, hinders the growth of the apparel and textile industry. As polyester staple fibers are largely dependent on the apparel and textile industry, the decreasing functioning of this end-use industry is directly impacting the polyester staple fiber market growth during the covid-19 outbreak.
In recent years, the real estate sector is growing at a pace, which increases the requirement for luxury furniture. This is a key parameter that fuels the growth of Polyester Staple Fiber Market in the years to come. The market is further supported by the construction industry wherein PSF is used in concrete for filling up the cracks and enhancing the overall quality of tanks, blocks, walls, tiles, & maintenance hole covers. In addition, increasing disposable incomes coupled with high demand for sustainable & fast fashion are supporting the utilization of PSF in the textile industry. However, complex production processes and fluctuating prices are major factors that impede the growth of Polyester Staple Fiber market during the forecast period. Whereas, rising adoption of polyester staple fibers for application in newer industrial verticals will create lucrative growth opportunities for Polyester Staple Fiber Market in the coming time periods.
Asia Pacific is expected to witness the largest Polyester Staple Fiber Market share during the forecast period. The presence of significant players in the region like Microsoft and Google is anticipated to fuel the market growth. In addition, incorporating various technological advancements in the product portfolio and increasing disbursements of enterprises in research & development are some of the other factors that influence the growth of Polyester Staple Fiber Market in this region.
Some of the prominent players operating in the Global Polyester Staple Fiber Market are Toray Chemical Korea, Inc., W. Barnet GmbH & Co. KG, Alpek, S.A.B. de C.V., Reliance Industries Limited, Diuou Fibre (M) Sdn Bhd., Huvis Corporation, Indorama Corporation, Xinda Corp., China National Petroleum Corporation, Bombay Dyeing, PetroVietnam Petrochemical, and Textile Fiber Joint Stock Company..
Browse the full Report - Polyester Staple Fiber Market by Product (Solid, Hollow), by Origin (Virgin, Recycled, Blended), by Application (Automotive, Home Furnishing, Apparel, Filtration), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)