Rising apparel import in the European region is likely to positively influence the growth of polyester market

Date: 4 June 2020

According to a research report published by Azoth Analytics in May 2020, the Global Polyester Market was valued at USD 109.75 Billion in terms of value in the year 2019 and in terms of volume, the global Polyester market was 58350 thousand tonnes in year 2019. Rising apparel import in the European region is likely to positively influence the growth of polyester market in coming years. Expanding fashion industry and rising adoption of polyester fibre in apparel and garments are the major factor propelling the market growth. Digitalization of the value chain, shorter lead times, and changing fashion trends are expected to increase the consumption of polyester.

Among the Product Type segment in the Polyester market (Solid Fiber and Hollow Fiber), Solid Fiber has been gaining popularity among other segments and is expected to keep major market share in the forecast period. The reason for this could be growing textile manufacturing industry, particularly in the emerging economies of Asia Pacific and expected to drive the market over the coming years. Advantageous properties of Polyester over cotton, substitute, act as one of the key factors driving the demand. Increasing popularity of sustainable man-made fibers coupled with reducing consumption of cotton in textile industry is likely to drive the market over the forecast period.

PET Polyester has been gaining popularity and is expected to keep major market share in the forecast period. Polyethylene Terephthalate (PET) has become one of the most widely used, versatile and trusted plastic material in the world. More than half of world’s synthetic fiber and bottles demand is fulfilled by PET plastics. PET plastic has become the world’s choice in the packaging sector.

Based on Application (Textile, Medical Care and Others), Textile Segment dominates the market share in year 2019 and is also expected to show dominance during the forecast period. Polyesters are widely used in textile industry for making a variety of textiles such as sarees, dress materials, curtains, etc. Polyester are also blended with natural fibres such as cotton and wool. The fast-growing textile industry has been consuming increasing amounts of Polyesters in a chain of textile weaving, dyeing, and apparel making industries.

The Asia Pacific market is estimated to be the leading market for Polyester during the forecast period. Asia-Pacific holds major share in the global fibre market due to increasing use of textiles, carpet, home furnishing & décor and for industrial fabrics. The Asia-Pacific accounted for the largest market share owning to the fastest-growing textile industry and growing residential and commercial construction in the region. China is the leading country in the region owing to the large consumer base, growing disposable income, low labour cost, and easy availability of raw materials.

The Azoth Analytics Research Report titled GlobalPolyester Market provides a world market review by Product Type (Solid Fiber and Hollow Fiber), By Grade (PET Polyester and PCDT Polyester), By Application (Textile, Medical Care and Others), By Region (North America, Europe, APAC) and By Country (USA, Canada, Germany, Italy, China, India, Japan, South Korea, Indonesia, and Malaysia). The period of assessment is the historical period of 2015-2019 and the forecast period of 2020-2025.

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