Market Dynamics

The global polyester market experienced significant growth in 2021 and is projected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. These fibers, derived from recycled or virgin polyethylene terephthalate (PET), have become widely used in the textile industry due to their cost-effectiveness, flexibility, high tensile strength, durability, recyclability, elasticity, and resistance to wrinkles, fungus, and abrasion. They also dry quickly and can be used as insulation in the form of porous fibers. Polyester is known for its durability, even in adverse weather conditions, and it can be colored through dope dyeing or pigmentation techniques.

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The demand for rugs and carpets in both commercial and household sectors is a major driver for the fiber industry. Additionally, the growing demand for synthetic materials, urbanization, and the home décor sector contribute to the revenue growth of the global market. Other significant factors include advancements in the global fashion industry, increasing demand from various sectors such as households, automobiles, healthcare facilities, and electronics, as well as the use of hollow polyester fibers in medical applications. These fibers are sometimes combined with natural fibers to create fabrics with mixed characteristics. Polyester-cotton blends, for example, offer strength, wrinkle and tear resistance, and reduced shrinkage. Synthetic fibers also offer superior water, wind, and environmental resistance compared to plant-derived fibers, although they have lower fire resistance and may melt when exposed to heat.

Key Drivers of Revenue Growth in the Global Polyester Market: Changing fashion trends and improving living standards present opportunities for high-end polyester fibers that offer strength and easy cleaning properties. Developing nations, with increased internet access even in rural areas, are expected to contribute to the rising demand for fashionable clothing and home decor products. The expansion of the e-commerce business, with its wide range of affordable products, fast delivery options, easy returns, and quality guarantees, further drives the demand for polyester fibers worldwide. Digitization of manufacturing facilities, shorter lead times, and the growth of the textile sector in emerging economies also contribute to the market's revenue growth.

Factors Limiting Revenue Growth in the Global Polyester Market: Fluctuating raw material prices, particularly for crude oil-derived products, pose a challenge to the polyester fiber industry. Additionally, regulatory measures imposed by countries regarding the use of polyester, such as bans on certain types of plastic, can have a negative impact on the market. The COVID-19 pandemic and associated lockdowns also significantly disrupted the global textile and apparel industry, affecting polyester fiber production and supply chains.

Opportunities for Players in the Global Polyester Market: Polyester is widely used in the production of ropes, yarns, seatbelts, industrial machinery, tapes, tire reinforcements, and plastic reinforcements due to its durability and high strength. Synthetic fibers find applications in consumer and industrial textiles, including non-woven fabrics, road construction materials, fishnets, buckles, laundry bags, and vehicle upholstery. Combining synthetic fibers with cotton or jute creates mixed qualities, such as strength, wrinkle resistance, and reduced shrinkage. The demand for high-end synthetic fibers in various industries and end-use sectors presents potential market opportunities in the forecast period.

Revenue Growth of the Global Polyester Market by Type Segment: The polyester market is segmented into PET and PCDT. In 2021, the PET-grade segment accounted for the largest revenue share and is expected to witness significant growth by 2030. PET-grade polyester is commonly used in mats, carpets, and household textile products due to its high strength-to-weight ratio, stiffness, and ductility. The growing furniture industry, which is adapting to market changes by manufacturing non-abrasive furnishings and carpets, drives the revenue growth of polyethylene terephthalate.

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