The world market for Polyester Staple Fiber (PSF) is expected to grow at a CAGR of over 4% during the forecast period.
Major factors driving the market studied are increasing demand from textile industry for making apparel and rising demand from home furnishing segment. On the flipside, stringent legal and political regulations on manufactures working in polyester staple fiber market and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
Growing awareness regarding recycled polyester staple fiber due to increasing environmental concern is expected to offer various lucrative opportunities for the growth of market.
By application, apparel segment is expected to dominate the market owing to the increase in the usage of polyester stable fiber for making apparels as it is cheaper than cotton.
Asia-Pacific region dominated the polyester staple fiber market across the globe with the largest consumption from countries such as China and India.
Increasing Demand from the Textile Segment
Polyester Staple fiber (PSF) is a synthetic man-made fiber made directly from purified terephthalic acid (PTA) & monoethylene glycol (MEG) or polyethylene terephthalate (PET) /Polyester waste or from recycled post consumed PET bottle flakes.
The growing usage of polyester stable fiber in making sportswear, active wear, and intimate wear is stimulating the demand of polyester staple fiber in apparels segment and thus, propelling its market.
Additionally, the increase in the usage of polyester staple fiber as a substitute for cotton owing to properties such as cheaper, thinner, and availability in different designs and colors is boosting the polyester stable fiber market.
Furthermore, there are several hi-tech varieties of polyester staple fiber available which have antimicrobial properties and offer advanced protection against bad odor and infections. Owing to these properties the polyester staple fiber market is expected to propel during the forecast period.
The revenue from the apparel market is estimated at USD 1,942,644 million for 2020 and the market is further expected to grow at a CAGR of over 4% during the forecast period. This would create ample opportunities for the polyester staple fiber market to grow during the forecast period.
Owing to all the above-mentioned factors for polyester staple fiber, its market is expected to grow rapidly over the forecast period.
Asia-Pacific to Dominate the Global Market
Asia-Pacific region is expected to dominate the market for polyester staple fiber market during the forecast period. In countries like China, India, and South Korea, owing to increase in demand from various applications in apparel, automotive, and home furnishing coupled with rising population, changing lifestyles, economic growth and rising per capita income, the demand for polyester staple fiber has been increasing in the region.
The rising demand from home furnishing segment for making pillows, sofas, bedsheets, carpets, and rugs is increasing the demand of polyester staple fiber in the region and thus, propelling its market.
Additionally, polyester staple fiber is available in the market in different colors, forms, and fabric and they are more affordable than other fibers, owing to which, there is surge in the demand of polyester staple fiber among consumers.
Furthermore, consumers are opting for sustainable fashion manufactured from recycled and environment friendly products like polyester staple fiber. The availability of sustainable clothing in bright colors, stylish design and attractive prints is further boosting the polyester staple fiber market.
The Asia-Pacific home furniture & decor market is expected to grow at a CAGR of over 5% during the forecast period. This would create lucrative opportunities for the polyester staple fiber market to propel in the near future.
Some of the major companies operating in Asia-Pacific region are - TORAY INDUSTRIES, INC., Reliance Industries Limited., and Bombay Dyeing.
The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyester staple fiber during the forecast period.
The polyester staple fiber (PSF) market is fragmented with top players accounting for a marginal share of the market. Some of the key companies in the market include Toray Industries, Alpek S.A.B. de C.V., Reliance Industries Limited, Bombay Dyeing, and W. Barnet GmbH & Co. KG.
Key Topics Covered
1 INTRODUCTION 1.1 Study Assumptions 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS 4.1 Drivers 4.1.1 Increasing Demand from Textile Industry 4.1.2 Rising Demand from Home Furnishing Segment 4.2 Restraints 4.2.1 Stringent Legal and Political Regulations on Manufactures Working in Polyester Staple Fiber Market 4.2.2 Unfavourable Conditions Arising due to COVID-19 Outbreak 4.3 Industry Value Chain Analysis 4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION 5.1 Product Type 5.1.1 Solid 5.1.2 Hollow 5.2 Origin 5.2.1 Virgin 5.2.2 Blended 5.2.3 Recycled 5.3 Application 5.3.1 Textile 5.3.2 Home Furnishing 5.3.3 Automotive 5.3.4 Filtration 5.3.5 Construction 5.3.6 Others 5.4 Geography 5.4.1 Asia-Pacific 5.4.2 North America 5.4.3 Europe 5.4.4 South America 5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements 6.2 Market Share/Ranking Analysis 6.3 Strategies Adopted by Leading Players 6.4 Company Profiles 6.4.1 Alpek S.A.B. de C.V. 6.4.2 Bombay Dyeing 6.4.3 Diyou Fibre (M) Sdn. Bhd. 6.4.4 Far Eastern Group 6.4.5 Huvis 6.4.6 Indorama Ventures Public Company Limited 6.4.7 Komal Fibres 6.4.8 Nirmal Fibres (P) Ltd. 6.4.9 Reliance Industries Limited 6.4.10 Rudra Fibre 6.4.11 Shubhalakshmi Polyesters Ltd. 6.4.12 Tongkun Group Co. Ltd. 6.4.13 Toray Industries, Inc. 6.4.14 W. Barnet GmbH & Co. KG 6.4.15 Xinda Corp. 6.4.16 Zhejiang Boretech Environmental Engineering Co. Ltd. 6.4.17 Zhejiang Hengyi Group Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS 7.1 Growing Awareness regarding Recycled Polyester Staple Fiber 7.2 Other Opportunities