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The increasing demand for polyester in the textile industry is a major driver of market growth.

NEW YORK CITY, U.S., UNITED STATES, May 11, 2023 /EINPresswire.com/ -- The global polyester market has witnessed significant growth in 2021 and is expected to continue registering a steady revenue CAGR over the forecast period. These fibers are manufactured from virgin or recycled polyethylene terephthalate (PET) and have become the most commonly used fiber in the textile industry due to their flexibility, high tensile strength, easy durability, elasticity, and great abrasive strength, as well as being cheaper and recyclable. The hydrophobic nature of these fibers allows them to dry quickly and be used as porous insulation. They are more durable than cotton and other fabrics, and they retain their shape even in harsh weather conditions. Dope dyeing or pigmentation can be used to color these fibers.

The demand for rugs and carpets in both commercial and household sectors is driving the growth of the fiber industry. Additionally, increasing urbanization, demand for synthetic materials and products, and the home décor sector are all contributing to the revenue growth of the global market. Advancements in the fashion industry, rising demand from sectors such as households, automobiles, healthcare facilities, and electronics, and an increase in the applications of hollow polyester fibers in medical applications are other significant factors driving revenue growth of the market. These fibers are often spun with natural fibers to create a fabric with mixed characteristics. Cotton-polyester blends can be strong, wrinkle-resistant, and shrink-resistant. Synthetic fibers offer better water, wind, and environmental resistance than plant-derived fibers, but have lower fire resistance and may melt if ignited.

Polyester Market Segments:

The global polyester market is projected to exhibit a steady revenue CAGR over the forecast period, with a significant market size in 2021. The market is divided based on grade outlook, with PET and PCDT being the main types. Polyester fibers are made from recycled or virgin polyethylene terephthalate (PET) and are widely used in the textile industry due to their low cost, flexibility, high tensile strength, recyclability, elasticity, and excellent abrasion resistance, wrinkle resistance, and fungal resistance. They can be colored using dope dyeing or pigmentation techniques and can be utilized as insulation in the form of porous fibers since they are hydrophobic and dry quickly.

The market is categorized by application/end-use outlook into several sectors, including carpets and rugs, non-woven fibers, fiberfill, apparel, home textiles, and others. The market's growth is primarily driven by the increasing demand for synthetic materials and products, the rising consumption of rugs and carpets in the commercial and household sectors, the expansion of urbanization and the home décor sector, and the advancements in the global fashion industry. Additionally, there is a growing demand for polyester fibers from various final use sectors such as automobiles, healthcare facilities, electronics, and others, as well as a rise in the use of hollow polyester fibers in medical applications.

Polyester Market Strategic Developments:

In January of 2021, the Bombay Dyeing and Manufacturing Company announced plans to invest $12.5 million towards expanding its distributorship and restructuring the entire organizational system. This investment is intended to shift the company's focus from manufacturing to retail, with a target audience of young consumers and potential investors in the market for their product.

In February of 2019, Indorama Ventures completed the acquisition of the Cabo de Santo Agostinho facility. This facility specializes in the production and supply of polyester fibers, with a total polymerization capacity of 75,000 tons per year. The acquisition was viewed as a strategic move to expand the customer base of the company, particularly in areas that had previously been unexplored.

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Polyester Market Competitive landscape:

The global synthetic fiber market is highly competitive, with several players vying for market share. Some of the major companies operating in this industry include Shenghong Corp (Singapore), GreenFiber International S.A. (Romania), William Barnet and Son LLC (U.S.), Xin Feng Ming Group (China), Indorama Ventures Public Company Limited (Thailand), Toray Industries (Japan), Reliance Industries Limited (India), Alpek S.A.B. (Mexico), Barnet GmbH & Co. KG (Germany), and Bombay Dyeing (India).

Shenghong Corp is a leading manufacturer and supplier of synthetic fibers in the Asia-Pacific region. The company has a strong global presence, with operations in more than 60 countries. It produces a wide range of synthetic fibers, including polyester, nylon, and spandex.

GreenFiber International S.A. is a Romania-based company that specializes in the production of high-quality recycled polyester fibers. The company offers a wide range of products, including staple fibers, tow fibers, and industrial yarns.

William Barnet and Son LLC is a U.S.-based manufacturer of synthetic fibers and yarns. The company produces a wide range of fibers, including nylon, polyester, and polypropylene, which are used in various applications, including automotive, apparel, and industrial.

Xin Feng Ming Group is a Chinese company that specializes in the production of polyester and nylon fibers. The company has a strong presence in the domestic market and is expanding its operations globally.

Indorama Ventures Public Company Limited is a Thailand-based company that is one of the largest producers of polyester fibers in the world. The company offers a wide range of polyester products, including staple fibers, filament yarns, and specialty fibers.

Toray Industries is a Japan-based company that is a leading producer of synthetic fibers, including nylon, polyester, and carbon fiber. The company operates globally and offers a wide range of products for various industries, including automotive, aerospace, and electronics.

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