Polyester Fiber Market Boosted by Construction, Automotive Industries

Polyester fiber is a popular artificial fiber manufactured from PET (polyethylene terephthalate). It can be produced in various shapes and colors according to the requirement, and offers relatively high levels of durability at low costs. Demand for polyester fibers is increasing rapidly due to these attributes.

Asia Pacific Dominant in Global Polyester Fiber Market

The regional market segment of Asia Pacific dominated the global polyester fiber market to such an extent in 2012 that China alone held a majority share in the market. The rising construction and automotive industries in Asia Pacific countries are responsible for the rapid rise of the regional polyester fiber market. The automotive industry uses polyester fibers in various design elements in cars, while the construction industry mainly uses polyester fibers as a fiberfill in mattresses, pillows, etc. The application of polyester fibers as fiberfill dominated the global market in 2012, accounting for more than 15% of the global polyester fiber market.

The increasing population of Asia Pacific will also help the polyester fiber market by generating demand for polyester clothing. The high prices of cotton will also play their part in magnifying the impact of the latter. In contrast, the developed regions of North America and Europe collectively account for just 10% of the global market for polyester fibers. In the coming years, Asia Pacific is not only expected to maintain its dominance in the global polyester fiber market but be the fastest growing segment as well.


Solid Polyester Fibers Dominate Demand from Global Market

There are two major types of polyester fibers in the global market: Solid and hollow. Of these two, solid polyester fibers are used in most construction and home furnishing applications, leading to them exhibiting a clear dominance in the global polyester fiber market. Solid polyester fibers accounted for 83% of the global market in 2012.

Health Hazards Could Become Troublesome for Global Polyester Fiber Market

In October 2015, a jury in South Carolina awarded US$14 mn in compensation of the death of a worker at a polyester fiber plant in Spartanburg to his surviving relatives. The worker, who was employed at a plant owned by Celanese Corporation, developed mesothelioma in 2013 as a result of asbestos exposure in the polyester fiber plant and negligence on the part of the company to warn workers about the same. Such occupational hazards are being steadily phased out, thanks to technological innovation leading to safer and more efficient production and application methods, but remain a major restraint on the global polyester fiber market as of now.


Fragmented Polyester Fiber Market Set to Undergo Consolidation

The global polyester fiber market is highly fragmented, due to the large number of multinational and regional players. Major players in the market include Nan Ya, Zhejiang Tongkun, Sinopec, and Reliance. These and other major players are expected to target M&As in the years to come in order to consolidate their share in the global polyester fiber market.

0 comments:

Post a Comment

Note: only a member of this blog may post a comment.

Latest Post

Market Research Reports