WASHINGTON, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Polyester Staple Fiber Market finds that growing application industries is expediting market growth. Primarily driven by surging adoption of sustainable products, the total Global Polyester Staple Fiber Market is estimated to reach USD 43.35 Billion by 2028.
The Global Market stood at a revenue of USD 27.39 Billion in the year 2021, expected to exhibit a Compound Annual Growth Rate (CAGR) of 6.21%.
Furthermore, the rising textile industry is also anticipated to augment the growth of the Global Polyester Staple Fiber Market, states Vantage Market Research, in a report, titled “Polyester Staple Fiber Market by Product (Solid, Hollow), by Origin (Virgin, Recycled, Blended), by Application (Automotive, Home Furnishing, Apparel, Filtration), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Growing Application Industries to Stimulate Market Growth
The increase in demand and use of Polyester Staple Fiber in various industries is anticipated to augment the market in the forecast period. The Polyester Staple Fiber is widely used in industries such as textile, construction, home furnishing, automotive, and filtration, among others. The rising textile industry owing to the consumer’s preference for sustainable fashion is driving the demand for polyester staple fibre which is also considered as the most suitable, thinner and cheaper alternative to cotton and other fibers. Additionally, Polyester Staple Fibers are hi-tech in nature that provides advanced protection against bad odour and other infections due to its antimicrobial properties. Owing to these advanced qualities the product demand is further increasing and supporting the market growth. Furthermore, it is widely used in furnishing industry for bed sheets, pillows, carpets, sofas, and rugs which is further stimulating the growth of the market.
Driver: Surging Adoption of Sustainable Products to Drive the Market Growth
The increase in demand for recycled products is anticipated to augment the growth of the Global Polyester Staple Fiber Market during the forecast period. Most of the consumers nowadays are gradually shifting towards opting for sustainable textiles that are manufactured from recycled materials. This is due to the increasing awareness among consumers about the environmental protection and benefits of using sustainable textiles. Furthermore, the convenience and availability of sustainable clothing that are offered in variety of bright colors, stylish designs, and attractive prints is also expected to support the growth of the market globally. However, enforcement of legal as well as political regulations may hamper the growth of the market in near future. Moreover, the increase in production capacity of Polyester Staple Fiber in few economies will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemicals industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Polyester Staple Fiber Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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List of Prominent Players in the Polyester Staple Fiber Market:
- Toray Chemical Korea, Inc.
- W. Barnet GmbH & Co. KG
- Alpek, S.A.B. de C.V.
- Reliance Industries Limited
- Diuou Fibre (M) Sdn Bhd.
- Huvis Corporation
- Indorama Corporation
- Xinda Corp.
- China National Petroleum Corporation
- Bombay Dyeing
- Petro Vietnam Petrochemical
- Textile Fiber Joint Stock Company
Recent Developments:
October, 2021: Teijin Frontier Co. Ltd. announced that its core base for polyester fiber manufacturing, Teijin Polyester (Thailand) Ltd. (TPL), is going to launch a facility to convert used domestically-produced plastic bottles into recycled polyester chips for the production of high-quality polyester filament. The facility will start operating in January 2022 and is expected produce 7,000 tons of recycled polyester chips annually by fiscal 2025.
Browse Summary of this Research Report: https://www.vantagemarketresearch.com/blog/polyester-staple-fiber-024768
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Polyester Staple Fiber Market?
- How will the Polyester Staple Fiber Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Polyester Staple Fiber Market?
- What is the Polyester Staple Fiber market drivers and restrictions?
- What will be the CAGR and size of the Polyester Staple Fiber Market throughout the forecast period?
This market titled “Polyester Staple Fiber Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 27.39 Billion |
| Projected Market Size in 2028 | USD 43.35 Billion |
| CAGR Growth Rate | CAGR of 6.21% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product: - Solid, Hollow Origin: - Virgin, Recycled, Blended Application: - Automotive, Home Furnishing, Apparel, Filtration, Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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