Albany, NY -- (SBWIRE) -- 03/14/2018 -- 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.
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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.
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.
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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.