Polyester Staple Fiber Market
Polyester Staple Fiber Market - Global Industry Assessment & Forecast
- By Product Solid, Hollow
- By Origin Virgin, Recycled, Blended
- By Application Automotive, Home Furnishing, Apparel, Filtration, Others
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 28.60 Billion|
|Revenue 2030:||USD 45.29 Billion|
|Revenue CAGR (2023 - 2030):||5.91%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Global Polyester Staple Fiber market is valued at USD 28.60 Billion in 2022 and is estimated to reach a value of USD 45.29 Billion by 2030 at a CAGR of 5.91% during the forecast period.
Over the projected period, the market is expected to be driven by increased demand for sustainable textiles and developing application industries in Asia Pacific. Polyester Staple Fiber is an important component of the global textile industry's growth. It's a versatile man-made fibre with unique qualities that help it meet demand in a variety of industries, including fibre filling, automotive, textiles, filtration, and home furnishings. Because of its advantages, product demand is likely to rise in the near future, propelling industry growth. Growing environmental awareness and the lower cost of PSF compared to cotton have increased PSF's use in the global market.
The coronavirus pandemic has limited the functioning of the apparel and textile industry in various regions, owing to the nationwide lockdown. Supply chains, logistic operations, and workforce availability have all suffered as a result of the coronavirus pandemic, causing the garment and textile industry's operations to be moderately hampered. And, because Polyester Staple Fiber are mostly used in the garment and textile industries, the decline of this end-use industry is directly constraining the growth of the polyester staple fibre market during the COVID-19 epidemic.
Polyester Staple Fiber Market Size, 2022 To 2030 (USD Billion)
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The global Polyester Staple Fiber market is segmented on the basis of Product(Solid,Hollow),Origin(Virgin,Recycled,Blended),Application(Automotive, Home Furnishing,Apparel,Filtration,Others),Region(North America,Europe,Asia Pacific,Latin America,Middle East & Africa). Based on product, the market is segmented as Solid and Hollow. By origin, market is segmented as Virgin, Recycled, and Blended. By application, the market is segmented as Automotive, Home Furnishing, Apparel, Filtration, and Others.
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In 2020, the most popular product in the segment was solid polyester staple fibre. Over the next eight years, the market is likely to be driven by the rising textile manufacturing industry, notably in Asia Pacific's emerging economies. One of the main causes fuelling, PSF demand is its superior qualities over cotton, its alternative. In 2016, hollow polyester fibre was the second-largest product segment, and it is predicted to increase rapidly throughout the projection period. In the construction business, it has a wide range of applications.
The whole polyester staple fibre market is dominated by virgin fibre. It is more expensive and sanitary than other forms of PSF generated from diverse sources because it is made up of PTA and MEG or PET chips. Because of its superior quality, it has a wide range of applications in the garment and home furnishings industries.
Over the projected period, recycled polyester staple fibre is expected to expand at the fastest rate. It's frequently used as a fibre filler in goods like toys and pillows. Producers like Eco Intelligent Polyester are constantly recycling old polyester clothes and plastic bottles in order to manufacture new polyester.
Increasing Automotive Production Are Expected To Drive Growth Of The Market
Automobile carpets, seating textiles, side, roof, floor, and door panels, safety belts, tires, airbags, air filters, fuel filters, insulation materials, and more are all made from textile materials such as polyester staple fibre. According to the International Trade Administration (ITA), China is the world's largest automotive market, with the Chinese government expecting 35 million automobiles to be produced by 2025. According to OICA, Africa produced 776,967 passenger cars in 2018, which grew to 787,287 in 2019, representing a 1.3 percent raise. According to OICA, the number of light commercial vehicles produced in Canada climbed by 6.2 percent from 1,348,932 in 2018 to 1,431,904 in 2019. As a result, growing automation production will necessitate additional resources.
Increasing Building and Construction Spending To Drive Growth Of The Polyester Staple Fiber Market
The use of with asphalt cement is known to increase elements of the resulting concrete such as shear, tensile strength, and temperature stability. The demand for in the construction industry is gradually increasing as builders focus more on making their structures and constructions stronger to meet the severe rules imposed by a number of countries. Total construction was at a seasonally adjusted annual rate of 1,366,697 in February 2020, according to the US Census Bureau, which is 6.0 percent higher than the pace of 1,288,951 in February 2019. According to the International Trade Administration, the Chinese construction industry is expected to increase at a rate of 5% per year in real terms between 2019 and 2023. (ITA). The building and construction spending is also growing owing to the various government initiatives such as FDIs will act as a driver for the market during the forecast period.
Asia Pacific Polyester Staple Fiber Market to Grow at the Fastest CAGR
In 2016, Asia Pacific was the most important regional market, accounting for 60% of total sales. India, China, South Korea, and Taiwan are among the region's emerging economies, with high economic growth. Product demand has risen in the region as the population has grown and living conditions have increased. PSF demand in Europe is being boosted by increased exports from Asian countries and expanding product demand in application sectors. Over the projected period, abundant availability of raw materials, such as PET bottle flakes, is also predicted to drive product demand.
Volatility in Crude Oil Prices
The downstream products of crude oil, such as Purified Terephthalic Acid (PTA) and Monoethylene Glycol, are frequently employed as raw materials in the manufacturing of polyester staple fibre (MEG). As a result, the price of polyester staple fibre raw materials is affected by crude oil price fluctuations. The price of crude oil has fluctuated in recent years, according to the BP Statistical Review of World Energy. For example, the price of crude oil decreased from $98.95/bbl in 2014 to $52.39/bbl in 2015, increased from $43.73/bbl in 2016 to $71.31/bbl in 2018, and then decreased to $64.21/bbl in 2019. The price of polyester staple fibre also rises as a result of the uncertainty in crude oil prices. As a result, crude oil prices are volatile.
COVID-19 Impact on the Polyester Staple Fiber market:
The COVID-19 epidemic is having a major influence on the automotive sector. Automotive production has been disrupted, resulting in significant losses for the sector as a whole. Demand for new commercial cars in the EU remained low in June 2020 (-20.3 percent), according to the European Association of Automobile Manufacturers, however the rate of fall reduced compared to April and May. Three of the region's four largest markets saw double-digit percentage declines last month: Germany (-30.5 percent), Spain (-24.2 percent), and Italy (-12.8 percent), while France saw a tiny uptick (+2.2 percent). The demand for Polyester Staple Fiber has decreased dramatically as a result of the drop in car production, which is having a significant influence on the polyester staple fibre market.
Some of the major vendors in the Polyester Staple Fiber market is 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.
The Polyester Staple Fiber is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Polyester Staple Fiber in terms of revenue?
The global Polyester Staple Fiber valued at USD 28.60 Billion in 2022 and is expected to reach USD 45.29 Billion in 2030 growing at a CAGR of 5.91%.
Which are the prominent players in the market?
The prominent players in the 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..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.91% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Polyester Staple Fiber include
- Increasing Automotive Production
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Polyester Staple Fiber in 2022.