Albany, New York, February 13, 2017: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Polyester Staple Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.” According to the report published by Transparency Market Research (TMR), the market is expected to progress at an impressive CAGR of 4.0% from 2016 to 2024, reaching a value of US$42.41 bn by 2024 from US$23.40 bn in 2016.
Booming Manufacturing Capabilities to Put Asia Pacific at Forefront
Asia Pacific will continue to be the leading revenue generator until 2024, accounting for over 40% of the overall market in 2015. China was the leading producer of polyester fiber in 2015, closely trailed by India. The market in Asia Pacific has registered tremendous growth over the past few years, thanks to an upswing in manufacturing facilities and the low cost of these fibers compared to substitutes such as cotton. North America and Europe are likely to exhibit CAGR of 7.2% and 6.8% respectively during the forecast period. The demand for polyester staple fiber is anticipated to show a noteworthy rise in emerging nations of Latin America and the Middle East and Africa.
Increasing Demand from Construction and Apparel Industries to Faster Growth Prospects
Over the last few years, the low-cost manufacturing of end products and the higher flexibility and strength in application and design offered by manmade fibers have considerably augmented their share across many traditional applications, which once relied on cotton and other natural fibers. Among all the manmade fibers available in the market currently, the demand for polyester staple fiber is registering a sharp rise and is finding applications across various industries such as automotive, apparel, textile, and furniture. Therefore, the burgeoning demand for manmade fibers and rising sales of automobiles are the primary factors driving the polyester staple fiber market.
The extensive use of these fibers in the construction industry owing to their superior temperature stability and ability to improve shear and tensile properties of asphalt concrete is also providing a fillip to the market. In addition, the demand for these fibers is estimated to remain high across the apparel industry.
Government-regulated Prices of Cotton to Hinder Market Growth
Of late, the imposition of stringent anti-dumping duties on purified terephthalic acid (PTA) has resulted in the increased prices of PTA. Moreover, the intervention of several governments across the world in deciding the prices of cotton has made cotton a cheaper alternative to polyester staple fiber. Such steps taken by governments are adversely affecting the growth of the global polyester staple fiber market.
The global polyester staple fiber market is characterized by a low degree of fragmentation. The high capital investment and large gestation period required for establishing manufacturing facilities are creating a significant entry barrier for new players. Market participants are competing in terms of product quality, technical after sales, price, and credit terms. Some of the prominent players in the global market for polyester staple fiber are Reliance Industries Limited, China Petroleum & Chemical Corporation, Toray Industries Inc., Alpek S.A.B. de C.V., Indorama Ventures Public Company Limited, and Far Eastern New Century Corporation.
Browse Full Global Polyester Staple Fiber Market Report with TOC:http://www.mrrse.com/polyester-staple-fiber
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