Over the last couple of years, the total use of manmade fibers globally across several end-use industries traditionally aided by natural fibers has risen significantly. In the textile industry, the total adoption of manmade fiber was approximately 65% in 2015. Polyester staple fiber is a crucial part of the manmade fibers industry and has lately taken supreme command over the market. It is expected that the global polyester staple fiber will grow at an exponential rate over rate over the coming years. The growth in the number of retail channels such as e-commerce is likely to benefit the market significantly. With rising retail channels and circulation, the companies are expanding their customer reach, thus lifting sales in return.
Browse the full Global Polyester Staple Fiber Market Report:http://www.mrrse.com/polyester-staple-fiber
The global market for polyester staple fiber is likely to expand at a 7.5% CAGR from 2016 to 2024 in terms of revenue. The market is expected to touch a valuation of US$42,415.1 mn by the end of 2024 from worth US$23,404.0 mn in 2015. Based on volume, the market is likely to witness a 4.0% CAGR during the forecast period.
Focus of Recycled Polyester Staple Fiber to Heighten due to Environmental Concerns
On the basis of origin, the global market for polyester staple fiber has been segmented into mixture of recycled and virgin polyester, recycled polyester staple fiber, and virgin polyester staple fiber. Amongst these, the recycled polyester staple fiber segment is rising extensively across several countries worldwide, basically owing to the low cost of manufacturing and high sustainability. These recycled fibers are made from recycling the polyethylene terephthalate (PET) bottles. Growing environmental concerns across the due to the harmful impact of plastic bottles have also intensified the adoption of recycled polyester staple fibers. The demand for recycled polyester staple fiber is also likely to gain momentum due to the soaring and instable prices of crude oil, thus negatively impacting the market for virgin polyester staple fiber.
Asia Pacific to gain Impetus as Compared to Other Regions
Currently, Asia Pacific is the dominant region in the global polyester staple fiber market, accounting for around 40% of the total share in the market. In the region, China emerged as the leading producer of polyester staple fiber closely trailed by India. Lately, the polyester staple fiber market in the region has witnessed significant growth owing to the low material costs in comparison to cotton and expanding manufacturing capacities. Asia Pacific is expected to retain the dominance until 2024 with this trend gaining traction. Europe and North America are possible contenders in terms of consumption of polyester staple fiber. However, the demand was quiet sluggish in 2015 in these regions.
Apparel Industry to Rake in Maximum Revenue for Market
Polyester staple fiber has applications in several industries such as hygiene and personal care, construction, filtration, home furnishing, automotive and apparel. Out of these, apparel is likely to emerge as the most influential segment by the end of 2024. In 2015, it held a substantial share of 20%. The segments of hygiene and personal care and home furnishings closely followed the apparel segment in the same order. The growing apparel industry and rising consumer demand due to increasing income is the primary reason behind the growth of this segment.
Browse the full Press Release of Global Polyester Staple Fiber Market at :http://www.mrrse.com/polyester-staple-fiber-market
The key vendors in the market include W. Barnet Gm, Reliance Industries Limited, Toray Industries, Indorama Ventures Public Company, and Tongkun Group Zhejiang Hengsheng Chemical Fiber Co.