The global focus on recycled polyester staple fiber is also gaining strength owing to their environment-friendly nature.
Albany, NY -- (SBWIRE) -- 03/02/2017 -- Global Polyester Staple Fiber Market: Snapshot
In the past few years, the overall global consumption of manmade fibers across a variety of application areas conventionally served by natural fibers has increased at a significant pace. In 2015, the overall consumption of manmade fiber in the textile industry stood at almost 65%. The global market for polyester staple fiber, an important candidate of the group of manmade fibers to have taken the command of the textile industry lately, is expected to expand at a healthy pace in the next few years.
Transparency Market Research estimates that the global polyester staple fiber market, which valued at US$23,404.0 mn in 2015, is projected to reach US$42,415.1 mn by 2024, expanding at a CAGR of 7.5% from 2016 to 2024. In terms of volume, the polyester staple fiber market is expected to expand at a CAGR of 4.0% over the same period.
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Environment-friendly Recycled Polyester Staple Fiber to Gain Heightened Focus
Based on origin, the polyester staple fiber market has been divided into virgin polyester staple fiber, recycled polyester staple fiber, and blend of virgin and recycled polyester staple fiber. Of these, the segment of recycled polyester staple fiber is gaining momentum in several countries across the globe, primarily due to its high sustainability and low manufacturing cost. These fibers are manufactured by the recycling of polyethylene terephthalate (PET) bottles. Volatility in prices of crude oil has significantly impacted the global prices of virgin polyester staple fiber. This, in turn, has also boosted the demand for recycled polyester staple fibers in several applications.
The global focus on recycled polyester staple fiber is also gaining strength owing to their environment-friendly nature. Research has demonstrated that one pound of polyester staple fiber is generated by recycling 10 PET bottles. When one million plastic bottles are recycled, nearly 250 barrels of oil are saved and an estimated 180 metric tons of potential CO2 emissions being released into the atmosphere are eliminated. Owing to these factors, several countries are encouraging the use of such fibers by exempting them from excise duty and other taxes.
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Applications across Apparel Industry to Lead to Promising Returns
In terms of end-use, the global polyester staple fiber has been segmented into apparel, automotive, home furnishing, filtration, construction, and personal care and hygiene. Of these, apparel emerged as the most influential end-use segment of the global polyester staple fiber market in 2015, dominating the market with an over 20% share. It was followed by personal care and hygiene and home furnishings segments. Over the forecast period, the demand for polyester staple fiber across these end-use segments is expected to remain promising, with the segment of home furnishing exhibiting a slightly higher pace of expansion than the other two in terms of revenue.
Asia Pacific to Remain Center of Development and Growth
Asia Pacific is presently the leading market for polyester staple fiber, accounting for a share of over 40% in the global market's 2015 revenues. China was the dominant producer of polyester fiber in 2015, followed by India. Of late, the market for polyester staple fiber has seen momentous rise in the region, thanks to vast manufacturing capabilities and low cost of the material compared to cotton. This trend is projected to continue over the next few years as well, allowing Asia Pacific to maintain its dominance in the global market.
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North America and Europe are also key markets for polyester staple fiber. However, demand for polyester staple fiber remained sluggish in these regions in 2015. Over the period between 2016 and 2024, the revenue of the North America and Europe markets is anticipated to exhibit 7.2% and 6.8% CAGR, respectively. Sustainable rise in demand will also be seen in developing countries of Middle East and Africa (MEA) and Latin America.
Some of the key vendors operating in the global polyester staple fiber market are Tongkun Group Zhejiang Hengsheng Chemical Fiber Co., Ltd., Indorama Ventures Public Company Limited, Alpek S.A.B. de C.V., Toray Industries, Inc., China Petroleum & Chemical Corporation, Reliance Industries Limited, W. Barnet Gm
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