Polyester fiber market to reach $151.6 bn by 2028: Report
The global polyester fiber market is expected to reach $151.6 billion by 2028, growing at a CAGR of 8.2 per cent from 2023 to 2028, according to a new report. Polyester is a versatile and durable synthetic fiber that is used in a wide range of applications, including textiles, apparel, home furnishings, and industrial products. The increasing demand for polyester is being driven by a number of factors, including:
Factors influencing growth
Rising disposable incomes: As disposable incomes rise, consumers are spending more on clothing and other consumer goods made from polyester.
Growing urbanization: Urbanization is leading to a demand for more durable and easy-care fabrics, which polyester is well-suited for.
Technological advancements: Technological advancements are leading to the development of new types of polyester fibers with improved properties, such as better breathability and moisture-wicking.
The polyester fiber market is segmented by form, grade, product type, application, and region. The report forecasts that the polyester filament yarn segment will be the fastest-growing segment between 2023 and 2028, while the polyester staple fiber segment is expected to hold the largest market share in 2028.
The Asia Pacific region is expected to be the largest market for polyester fibers in 2028, followed by North America and Europe. The growing demand for polyester fibers in the Asia Pacific region is being driven by the increasing populations and rising disposable incomes in countries such as China and India.
Market challenges
The report also identifies a number of challenges that the polyester fiber market is facing, including:
- Environmental concerns: The production of polyester fibers is energy-intensive and can lead to pollution.
- Competition from other synthetic fibers: Polyester fibers are facing competition from other synthetic fibers, such as nylon and spandex.
- Fluctuations in raw material prices: The prices of raw materials used to produce polyester fibers can fluctuate, which can impact the profitability of polyester fiber producers.
Despite these challenges, the polyester fiber market is expected to continue to grow in the coming years. The increasing demand for durable, easy-care, and affordable fabrics is expected to drive the market forward.