#polyesterstaplefibermarket

The Market Report Covers Global Polyester Staple Fiber (PSF) Manufacturers and is segmented by product type (solid and hollow), origin (virgin, blended, and recycled), application (textile, home furnishing, automotive, filtration, construction, and other applications), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

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 Report Coverage

The report: “Polyester Staple Fiber Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the polyester staple fiber industry.

By Origin: Virgin Polyester Staple Fiber, Recycled Polyester Staple Fiber, Blend of Virgin and Recycled Polyester Staple Fiber, and Others

By Denier: 0.6-7 D and 7.1-15 D

By End-Use Industry: Apparel (Casual, Sports, Industrial, and Others), Automotive (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others), Home Furnishing (Sofa, Chairs, Pillows, and Others), Filtration, Building & Construction (Residential, Commercial, Industrial, and Others), Personal Care & Hygiene, Electrical & Electronics (Computer, Recording Tapes, and Others), and OthersBy Geography: North America, South America, Europe, Asia Pacific, and RoW

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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.

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.

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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.

Polyester Staple Fiber Market Drivers

Increasing Automotive ProductionTextile 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.  

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 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 PricesThe 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 MarketThe 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.

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The global polyester staple fiber market currently houses vendors that compete amidst themselves without the entry of any external players. The main parameters along which the market players compete include price, credit terms, and product quality. The market players are making prolific efforts to ensure that their position in the market takes greater leaps. Customer loyalty and a substantial consumer base are important standpoints for the market players. In order to retain both of these perks, the players are introducing novel strategies such as technical support post sales. In the coming years, the entry of new players is expected to be barred by the need for high capital and prolonged gestation periods. The market players are projected to keep engaging in core research and development to devise novel products and services. The ability to persuade the customers and keep them glued to the company would play a pivotal role in deciding the success of companies. The key market players include Toray Industries Inc., Indorama Ventures Public Company Limited, China Petroleum & Chemical Corporation, W. Barnet GmbH & Co. KG, Reliance Industries Limited, and Alpek S.A.B. de C.V.

A report by Transparency Market Research (TMR) foretells the growth trajectory of the market over the period from 2017 to 2025. The market is expected to grow at a steady CAGR of 4.1% over the forecast period. The value of the market stood at US$23.167 bn in 2016 and is likely to elevate to a figure of US$34.546 bn by the end of 2025. On the basis of end-user, apparels are anticipated to dominate the market, continuing their streak of supremacy from 2016. Based on geography, the prominence of the Indian and Chinese region is expected to place the market in Asia Pacific at the top of the table. The plush levels of industrialization and a growth in spending capacity are amongst other factors that escalate market growth in the region.

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Growing Constructions Worldwide Increment Demand

Man-made fiber has attracted a significant demand within the market due to their usage across several sectors. Apparels are the primary industry wherein fibers are indispensable, and hence, the growth of the apparels industry also commands the growth of the market. The manufacturing of furnishing items such as sofas, pillows, and toys requires the use of polyester staple fibers, thus, playing an important role in driving demand. In recent times the demand for personal care products has seen an unprecedented upsurge. Furthermore, the proclivity of the masses towards hygiene has also been a defining factor for the market. As the aforementioned industries grow, the market for polyester staple fiber is projected to rise to new levels. Constructions have been an inherent part of human settlements, and have evolved over time. In the contemporary scenario, the entire constructions industry deploys these fibers for a variety of uses. Owing to this factor the market is expected to gain momentum in the coming years.

Constructions Industry Propels Market Growth in Asia Pacific

Asia Pacific has seen rapid advancements in technology and constructions so much so that the region is now eyed by major market players. The construction activities that have offset in the region have taken the entire world by storm, thus, offering commendable growth opportunities for several industries. All of these factors are projected to play a central role in accentuating the market in Asia Pacific. Latin America is also poised to exhibit a positive growth rate over the forecast period. North America and Europe are projected to register a steady growth rate.

The review is based on TMR’s report titled, “Polyester Staple Fiber Market (Type - Solid (Semi-dull Optical White, Bright Optical White, Black Dope Dyed, Colored Dope White, Others Semi-dull, and Others Bright) and Hollow; Origin - Virgin, Recycled, and Blend of Virgin and Recycled; End User - Apparel, Automotive, Home Furnishing, Filtration, Construction, and Personal Care and Hygiene) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”

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