Rise in the Manufacture of Furniture Across the World Propels Global Polyester Staple Fiber Market
The global
polyester staple fiber market currently houses vendors that
compete amidst themselves without the entry of any external players.
The main parameters along which the market players compete include
price, credit terms, and product quality. The market players are
making prolific efforts to ensure that their position in the market
takes greater leaps. Customer loyalty and a substantial consumer base
are important standpoints for the market players. In order to retain
both of these perks, the players are introducing novel strategies
such as technical support post sales. In the coming years, the entry
of new players is expected to be barred by the need for high capital
and prolonged gestation periods. The market players are projected to
keep engaging in core research and development to devise novel
products and services. The ability to persuade the customers and keep
them glued to the company would play a pivotal role in deciding the
success of companies. The key market players include Toray Industries
Inc., Indorama Ventures Public Company Limited, China Petroleum &
Chemical Corporation, W. Barnet GmbH & Co. KG, Reliance
Industries Limited, and Alpek S.A.B. de C.V.
A report by Transparency Market Research (TMR) foretells the growth
trajectory of the market over the period from 2017 to 2025. The
market is expected to grow at a steady CAGR of 4.1% over the forecast
period. The value of the market stood at US$23.167 bn in 2016 and is
likely to elevate to a figure of US$34.546 bn by the end of 2025. On
the basis of end-user, apparels are anticipated to dominate the
market, continuing their streak of supremacy from 2016. Based on
geography, the prominence of the Indian and Chinese region is
expected to place the market in Asia Pacific at the top of the table.
The plush levels of industrialization and a growth in spending
capacity are amongst other factors that escalate market growth in the
region.
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Growing
Constructions Worldwide Increment Demand
Man-made fiber has attracted a significant demand within the market
due to their usage across several sectors. Apparels are the primary
industry wherein fibers are indispensable, and hence, the growth of
the apparels industry also commands the growth of the market. The
manufacturing of furnishing items such as sofas, pillows, and toys
requires the use of polyester staple fibers, thus, playing an
important role in driving demand. In recent times the demand for
personal care products has seen an unprecedented upsurge.
Furthermore, the proclivity of the masses towards hygiene has also
been a defining factor for the market. As the aforementioned
industries grow, the market for polyester staple fiber is projected
to rise to new levels. Constructions have been an inherent part of
human settlements, and have evolved over time. In the contemporary
scenario, the entire constructions industry deploys these fibers for
a variety of uses. Owing to this factor the market is expected to
gain momentum in the coming years.
Constructions
Industry Propels Market Growth in Asia Pacific
Asia Pacific has seen rapid advancements in technology and
constructions so much so that the region is now eyed by major market
players. The construction activities that have offset in the region
have taken the entire world by storm, thus, offering commendable
growth opportunities for several industries. All of these factors are
projected to play a central role in accentuating the market in Asia
Pacific. Latin America is also poised to exhibit a positive growth
rate over the forecast period. North America and Europe are projected
to register a steady growth rate.
The review is based on TMR’s report titled, “Polyester Staple
Fiber Market (Type - Solid (Semi-dull Optical White, Bright Optical
White, Black Dope Dyed, Colored Dope White, Others Semi-dull, and
Others Bright) and Hollow; Origin - Virgin, Recycled, and Blend of
Virgin and Recycled; End User - Apparel, Automotive, Home Furnishing,
Filtration, Construction, and Personal Care and Hygiene) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 –
2025”
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