Polyester Filament Market Share is Growing at a CAGR of 5.1% to Hit USD 174.7 Billion by 2032: Fact.MR

The United States polyester filament market anticipated to offer absolute dollar opportunities of around USD 14.1 billion with a growth of 5.8% CAGR over the forecast period.

Rockville, June 09, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global polyester filaments market is expected to reach USD 174.7 billion by 2032, increasing at a CAGR of 5.1% from 2022 to 2032, from an estimated USD 106 billion in 2022.

Worldwide demand for polyester filament is rising quickly, and by the end of 2022, it is anticipated that this demand will account for approximately 11.7% of all textile sales worldwide. Manufacturers are using cutting-edge manufacturing techniques to boost polyester filament productivity and efficiency.

However, manufacturers are creating cutting-edge green technologies like polyester recycling as a result of adhering to environmental restrictions, which could ultimately make regulations easier to comply with. Companies are concentrating on developing more sophisticated polyester filament production technologies by focusing on niche applications across a variety of end-use sectors.

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Key Driving Forces Accelerating the Market Growth

Polyester filaments are extensively used in the textile industry for manufacturing various products such as apparel, home textiles, and industrial fabrics. The growing demand for polyester-based textiles, driven by factors like affordability, durability, and versatility, is fueling the growth of the polyester filament market in North America.

Advancements in polyester filament manufacturing technologies have produced high-performance filaments with improved properties such as strength, elasticity, and colorfastness. These technological advancements have expanded the application areas of polyester filaments, leading to increased demand and market growth.

The rising popularity of athleisure wear, which combines fashion with athletic functionality, has significantly boosted the demand for polyester filament-based fabrics. Polyester's moisture-wicking properties, breathability, and stretchability make it an ideal choice for athleisure clothing, driving the growth of the polyester filament market.

Polyester filaments offer several advantages such as excellent strength, resistance to wrinkles, easy maintenance, and low shrinkage. These properties make polyester filaments a preferred choice for various applications, including apparel, home textiles, automotive fabrics, and geotextiles. The versatility and functional benefits of polyester filaments contribute to market growth.

Vital indicators shaping the future of the industry

The increasing focus on sustainability and environmental concerns is expected to have a significant influence on the polyester filament market. Consumers and regulatory bodies are pushing for more sustainable practices in the textile industry, including the use of recycled polyester and the adoption of eco-friendly production processes. The market's response to these sustainability initiatives will shape its future growth and competitiveness.

Ongoing technological advancements in polyester filament production will continue to shape the market's future. Innovations in spinning technologies, polymer blends, and fiber finishes can lead to the development of polyester filaments with enhanced properties, such as improved strength, elasticity, and flame resistance. These advancements will open up new application areas and drive market growth.

The concept of a circular economy, which aims to minimize waste and promote resource efficiency, is gaining traction in the textile industry. In this context, the development and adoption of polyester recycling technologies will play a crucial role in shaping the market's future.

Consumer preferences and buying behaviors are continuously evolving. Factors such as fashion trends, comfort, performance attributes, and affordability influence the demand for polyester filament-based products. Understanding and responding to these changing preferences will be vital for market players to stay competitive and drive future growth.

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Challenges hindering the market growth

Polyester filaments are derived from petroleum-based sources and are not biodegradable. The environmental impact associated with the production, use, and disposal of polyester filaments has raised concerns among consumers and environmental advocacy groups. This has led to a demand for more sustainable alternatives and increased scrutiny of the polyester filament industry's environmental practices.

Polyester filaments face competition from natural fibers such as cotton, wool, and silk. Natural fibers have perceived advantages in terms of breathability, comfort, and environmental friendliness. The preference for natural and sustainable materials among consumers poses a challenge to the growth of the polyester filament market.

The polyester filament market is sensitive to fluctuations in raw material prices, particularly crude oil prices. Variations in raw material costs can impact the profitability of manufacturers and disrupt the supply chain. Price volatility adds uncertainty to the market and poses a challenge for market players to maintain stable pricing and margins.

How competition influences the market

The polyester filament market is highly competitive and Tier-3 players in the market hold more than 40% of the share. The majority of the share is concentrated among the top 3 players.

To stand out in a competitive market, polyester filament manufacturers focus on product differentiation. They develop unique features, performance attributes, or specialized applications for their products.

Competition drives manufacturers to improve the quality and performance of their polyester filaments. Companies invest in advanced manufacturing technologies and processes to enhance the strength, elasticity, colorfastness, and other desirable properties of their products. Delivering superior quality and performance helps companies differentiate themselves, gain customer loyalty, and stay ahead of competitors.

Key Companies Profiled

Filatex India Limited

Meher International

Thai Polyester Company

Sivasakhi threads

Beximco Synthetics Limited

Sarla Performance Fibers

Tepar Textiles

Indorama Ventures

Reliance Industries

Polyester Filament Market Key Segments: By Yarn Type :

Single yarn

Ply Yarn

Cord yarn

By Type :

Drawn Texture Yarn (DTY)

Fully Drawn Yarn (FDY)

Partially Oriented Yarn (POY)

By Dyeing Process:

Dyed

Non-Dyed

By End-Use Industry :

Textile Industry

Automotive industry

Healthcare

Other end-use industry

For in-depth competitive analysis, Buy Now: https://www.factmr.com/checkout/2443 Key Questions Covered in the Polyester Filament Market Report

What will be the estimated size of the Market in 2023?

At what rate will the global Polyester Filament sales grow until 2032?

Which are the factors hampering the Polyester Filament demand?

Which region will spearhead the growth in the global industry by 2032?

Which are the factors driving sales in the Polyester Filament Market during the forecast period?

Check out more related studies published by Fact.MR Research: Polyester Strapping Machines Market Size : Polyester Strapping Machines Market size to grow at potential CAGR during the period of 2021-2031. Polyester strapping machines are widely used in the packaging sector of the consumer goods and food and beverage industry.

Unsaturated Polyester Resin Market Share : The global unsaturated polyester resin market share currently accounts for a value of US$ 13.1 billion and is pegged for expansion at 5.5% CAGR from 2023 to 2033. By the end of the forecast period, global demand for unsaturated polyester resins is thus estimated to secure a revenue of US$ 22.5 billion.

Bio-Based Polyester Market Revenue : The global bio-based polyester market has reached US$ 2.1 billion in 2022 and is predicted to balloon at a stupendous CAGR of 16% to reach a market valuation of US$ 9.6 billion by the end of 2032. The usage of bio-based polyesters in various end-use industries is expanding as the technology is developing all the time.

Flame Retardant Polyester Resins Market Growth : Growth in automotive & aerospace industry is resulting in the flame retardant polyester resins market growth. Growing industrialization has led to growth in chemical, polymer, pulp & paper industries owing to which the flame retardant polyester resins market is also witnessing considerable growth.

Carbon fiber filament Market : The global carbon fiber filament market is expected to foray ahead with a substantial CAGR over the forecast period, 2018-2028. The rise in demand for lighter-weight vehicles and aircraft is identified as one of the recent trends within the market.

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