LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global polyester staple fiber market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the rising awareness of sustainable production methods as one of the key emerging trends driving the global polyester staple fiber market. Developing economies have witnessed rapid economic growth post globalization. Simultaneously, environment issues have cropped up, leading to a threat on a global basis; these issues can be resolved by practicing substantially. The demand for eco-friendly textile product is increasing, and numerous companies have adopted eco-friendly practices and have started producing eco-friendly products, which would ensure the safety of consumers and environment. The increasing awareness among companies and consumers regarding the impact of non-sustainable products on the environment and human health are factors that drive the demand for sustainable products.
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In this report, Technavio analysts highlight the potential growth in APAC as a key factor contributing to the growth of the global polyester staple fiber (PSF) market:
Global polyester staple fiber market: Potential growth in APAC
In countries such as China, the demand for PSF was spurred by the government’s initiatives. The demand for finished goods in APAC witnessed an increase, irrespective of a slowdown in the export business. The domestic consumption of textile and clothing expanded to nearly two-thirds of the total supply. The demand for PSF in China will mainly arise from the domestic consumption of textile and clothing owing to the uncertainties of the export markets in Western economies.
According to a senior analyst at Technavio for research on textile, fiber, and composites, “In countries such as India and Pakistan, the markets are comparatively smaller than that of China. The current aggressive development of downstream polyester activities by companies is expected to drive the consumption of PSF. The market in India and Pakistan are relatively immature when compared to China. This shows high growth potential in such countries. Other regional markets such as Bangladesh and Cambodia are developing downstream activities and could see backward integration up to the petrochemical value chain.”
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Global polyester staple fiber market segmentation
This market research report segments the global polyester staple fiber market into the following applications (apparel, home furnishing, automotive, and filtration), product (solid and hollow), and key regions (the Americas, APAC, and EMEA).
Of the four major applications, the apparel segment held the largest market share in 2017, accounting for nearly 46% of the market. The market share for this application is expected to decrease by 2022. The growth in this sector can be attributed to the changing consumer preference. The fastest growing application is home furnishing, which will account for nearly 28% of the total market share by 2022
APAC was the leading region for the global polyester staple fiber market in 2017, accounting for a market share of nearly 76%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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