Global Polyester Fiber Market is Expected to Cross USD 115.0 Billion in 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/25/2017 -- Zion Market Research has published a new report titled "Polyester Fiber Market (Solid and Hollow) for Carpet & Rugs, Nonwoven Fabrics, Fiberfill and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020." According to the report, global demand for polyester fibers was valued at USD 73.5 billion in 2014 and is expected to cross USD 115.0 billion in 2020, growing at a CAGR of slightly over 5% between 2015 and 2020. In terms of volume, the global polyester fiber market stood at 42 million tons in 2014.
Polyester fibers are derived polymers. They are specially derived from the chemicals like napolyethylene terephthalate (PET) and monoethylene glycol. The nonwoven bonded fabrics provide frequent folding property to the product. The polyester fiber provides the features like good elasticity, wear and tear property, low humidity absorption, creases free, quick drying, abrasion free, and water resistance and low humidity absorption capability.
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Polyester fiber market on the basis of product is segmented as solid polyester fiber and hollow polyester fiber. The solid polyester fiber dominated the market and accounted for around 80% shares in total volume consumption in 2014. The polyester fiber market is mainly driven by rising demand for solid fibers. Owing to its unique characteristics, solid polyester fiber has been emerged as a potential substitute for traditional fibers such as cotton and nylon and expected to grow the market size for the years to come.
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The polyester fiber on the basis of the application is segmented as carpets and rugs, nonwoven fabrics, fiberfill and others. Rising disposable incomes in addition to dynamic lifestyles is expected to drive the growth of home furnishings market. Thus, the carpets and rugs are accounted for a notable share of the home furnishings market. The rapid growth is expected in this application segment due to the growth of building and construction industry. In addition, the consumers focus on enhancing interiors, particularly in business and company environments, is probably going to boost the demand for wall-to-wall carpets and successively the polyester fiber market.
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Polyester fiber market is growing across different regions like North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Asia Pacific dominated the global polyester fiber market in terms of volume as well as revenue. It accounted for around 80% in total volume consumption and revenue generated in 2014. Strong demand for polyester fiber from emerging economies such as China, India, Thailand, Malaysia, Indonesia, etc. is expected to further trigger the growth of this industry in the region. North America, Latin America, Europe accounted for small share of the global polyester fiber market.
The key manufactures profiled within the report include Alpek S.A.B de C.V, Indorama Ventures Public Company Ltd., Sinopec Yizheng Chemical Fiber Company Ltd., Far Eastern New Century Corporation, Jiangsu Sanfangxiang group, Reliance Industries limited, Mossi Ghisolfi group, Tongkun group, Nan Ya Plastics Corporation, Zhejiang Hengyi group Co. Ltd., and Zhejiang Hengsheng Chemical Fiber Co., Ltd.
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