The global polyester staple fiber market is currently seeing a high rise with the advancement of emerging regions such as Asia Pacific. Countries such as India and China are taking to their appreciable and mammoth manufacturing power to contribute to the rise of the Asia Pacific region at a significant rate. This geography is also analyzed to take advantage of the cheaper cost of polyester staple fiber as compared to that of cotton to attract more customers. As the projection continues to grow thick, Asia Pacific will look to cement its leading position in the international market.
According to a reliable report authored by Transparency Market Research (TMR), Asia Pacific had taken grip over the world polyester staple fiber market by accounting for more than 40.0% of the total share in 2015. For the forecast period 2016-2024, the world market is envisioned to swell its growth at a 7.5% CAGR in respect of revenue. TMR projects the market to expand to US$42.4 bn in 2024 from US$23.4 bn at the start of the forecast period.
Apparel and Home Furnishing Applications Emerge Strong
Securing approximately a 20.0% share of the world polyester staple fiber market in 2015, the apparel sector has developed itself as one of the most promising segments by end use. Between the forecast years, the demand in the end-use markets of polyester staple fiber is expected to stay strong on the back of other segments as well, viz. personal care and hygiene, construction, filtration, home furnishing, and automotive. Out of which, home furnishing and personal care and hygiene are foreseen to follow the apparel segment, although the earlier is predicted to grow at a marginally higher tempo.
Recycled Polyester Staple Fiber Gives Strong Push to Global Market
Due to the volatile nature of the crude oil prices, the prices in the world virgin polyester staple fiber market have been influenced at a considerable rate. This episode has eventually impacted the want for recycled polyester staple fiber in multiple applications. The manufacture of such fibers involve the reprocessing of polyethylene terephthalate (PET) bottles. Factors such as economical manufacturing cost and high sustainability have provided impetus to the recycled polyester staple fiber market for an impressive growth in different nations across the world.
In a research, it is estimated that 10 PET bottles are required to be recycled for producing one pound of polyester staple fiber. The recycling of one million plastic bottles can eliminate prospective carbon dioxide emission by almost 180 metric tons and close to 250 oil barrels can be saved. The environment-friendly disposition of recycled polyester staple fiber has contributed largely to the success of the market. A number of nations are now exempting such fibers from taxes such as excise duty.
Browse the full Global Polyester Staple Fiber Market report http://www.mrrse.com/polyester-staple-fiber
Amongst the other key participants in the world polyester staple fiber market, Reliance Industries Limited, China Petroleum & Chemical Corporation, Toray Industries, Inc., Alpek S.A.B. de C.V., Indorama Ventures Public Company Limited, and Tongkun Group Zhejiang Hengsheng Chemical Fiber Co. Ltd. have proved their prominence in the industry.