The polyester fiber market is projected to grow substantially by 2027 on account of wide-ranging application of polyester fibers across several industry verticals.
Polyester fibers are the most commonly used chemical fibers. They offer a wide range of structural and functional benefits, including resistance to shrinkage, high durability, and easy recyclability. Extensive application of polyester fibers in the textile and apparel industry has propelled market demand in recent years. Growing demand for sustainable products has also fueled market adoption owing to favorable recycling properties of polyester fibers.
To capitalize on emerging market trends, key industry players are employing lucrative strategies to extend their consumer reach across key regions, which has enhanced overall market dynamics. For instance, in June 2021, Alpek S.A.B. de C.V., a Mexican chemical manufacturing company, announced the acquisition of the palletization and PET recycling facility of PET recycling firm CarbonLite Recycling LLC located in Pennsylvania.
CabonLite’s PET recycling facility boasts of modern equipment with state-of-the-art wash lines, curbside bottle handling, and SSP (solid state polymerizer). Moreover, the factory is the largest integrated rPET facility in the Americas, with flake-to-pellet and bottle-to-flake input capacities of 49,000 tons and 115,000 tons respectively. The acquisition enabled Alpek to establish itself as a major PET recycler in the United States.
In another instance, in April 2021, Stein Fibers, Ltd., a leading manufacturer of non-woven fibers and polyester fiberfill, announced the acquisition of Consolidated Fibers, a synthetic fiber manufacturer. The takeover complemented Stein’s portfolio with Consolidated Fiber’s niche and specialty product offerings.
The polyester fiber market has been segmented on the basis of product, grade, application, and region. With respect to grade, the market has further been divided into PCDT and PET. The PCDT sub-segment is predicted to amass substantial gains by 2027, progressing at a CAGR of more than 8.3% over the assessment period.
Based on application, the market has been categorized into apparels, carpets & rugs, fiberfill, home textiles, non-woven fabrics, and others (industrial fabrics, etc.). The non-woven fabrics sub-segment held around 10.16% volume share in 2020 and is expected to grow at a robust pace over 2021-2027.
The fiberfill sub-segment is slated to expand at a CAGR of more than 6.7% over the study timeline to reach a considerable valuation by 2027. Meanwhile, the others sub-segment recorded a revenue share of nearly 15.6% in 2020 and is speculated to witness optimistic growth over the estimated timeframe.
From the regional point of view, the Latin America polyester fiber market is anticipated to gain significant traction, expanding at over 6.2% CAGR through the study timespan. The Middle East & Africa polyester fiber market held over 4.23% volume share in the overall industry in 2020 and is projected to exhibit sturdy expansion over the stipulated timeline.