According to a report by Grand View Research Inc., the global polyester staple fiber (PSF) market is expected to reach $39.3 billion by 2025, growing at a compound annual growth rate (CAGR) of 6.3 percent.
The report says that a growing awareness regarding the environment as well as the cheaper price of PSF (compared to cotton) have increased the use of PSF in the global market. The global demand for polyester staple fiber was 15,519.7 kilotons in 2016 and is estimated to increase at a CAGR of 4.7 percent from 2017 to 2025.
Solid PSF was the largest product segment in 2016 and is expected to witness a promising growth rate over the forecast period. In contrast, the hollow product segment is anticipated to observe a low growth rate. And the recycled PSF market should increase, due to rising environmental consciousness.
Revenue in the apparel application segment will grow fastest, at a CAGR of 6.7 percent from 2017 to 2025. Asia Pacific regional market revenue is also expected to experience a CAGR of 6.7 percent. Emerging economies such as China, India and Brazil will lead their respective regional markets over the forecast period.
Key market players include Toray Chemical Korea Inc., W. Barnet GmbH & Co. KG, Alpek S.A.B. de C.V., Reliance Industries Ltd., Diyou Fibre, Huvis Corp., Indorama Corp., Xinda Corp., China National Petroleum Corp., Bombay Dyeing, and Petrovietnam Petrochemical and Textile Fiber Joint Stock Co.
Grand View Research Inc. provides syndicated research reports, customized research reports and consulting services.