Polyester Staple Fibre (PSF) has emerged as the fastest-growing fibre amongst all types of manufactured fibres. Polyesters are made by polymerisation of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG). The global PSF market is expected to reach $39.3 billion by 2025, growing at a compound annual growth rate of 6.3%, according to a new report from Research and Markets.
The report, “Polyester Staple Fiber Market Analysis 2014 – 2025,” provides qualitative and quantitative analysis for the period of 2015 to 2023. The report predicts the global unsaturated polyester resins (UPR) market to grow with a CAGR of 4.7% over the period of 2017-2023. The study covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2015 to 2023.
According to the report, Asia Pacific dominated the global market in 2016, followed by Europe, while emerging economies such as China, India and Brazil are forecast to lead their respective regional markets over the forecast period, the report said.
In terms of product, solid PSF emerged as the largest segment in 2016. Increasing popularity of sustainable man-made fibers coupled with reducing consumption of cotton in the textile industry is likely to drive the market over the forecast period, the report said.
In terms of revenue, virgin polyester staple fiber was the largest origin market segment in 2016 and is estimated to generate a revenue of about $16.45 billion by 2025. Recycle PSF is estimated to see promising market growth over the forecast period thanks to rising environmental consciousness across the globe.
The report said, Asia Pacific polyester fiber market is projected to grow 6.7% by 2025. Key market players in the region include Toray Chemical Korea Inc., W. Barnet Gmbh & Co., Alpek S.A.B. de C.V., Reliance Industries Limited, Diyou Fibre, Huvis Corp., Indorama Corp., Xinda Corp., China National Petroleum Corp., Bombay Dyeing, Petrovietnam Petrochemical and Textile Fiber Joint Stock Co.
According to the report, these companies are attempting to increase their market share and expand their global presence through strategic initiatives such as expansions, investments, acquisitions and new product developments.
A rise in the global consumption of sustainable textiles has been a major factor driving market growth, in the polyester sector. PSF is widely used in spinning, weaving non-woven. The report noted that polyester staple fiber is lightweight, wrinkle-free, and resistant to light and weather. It also has an ability to withstand extreme climatic conditions and is used as a key element in various end-use sectors, including apparel, home furnishing, construction, and automotive, which is expected to drive market growth over the forecast period.
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