The
global polyester staple fibre (PSF) market is expected to reach $39.3 billion by 2025, growing
at a CAGR of 6.3 per cent, says a recent report. Rise in the global consumption of sustainable
textiles has been a major factor driving market growth. Growing environment
consciousness and cheaper price of PSF has increased utilisation of PSF in the
market.
Solid PSF was the largest product segment in 2016 and is expected to witness a
promising growth rate over the forecast period, according to the
"Polyester Staple Fibre (PSF) Market Analysis 2014 – 2025" report by
Research and Markets.Hollow product segment is anticipated to observe a low
growth rate by 2025. In terms of revenue, apparel application segment is
anticipated to observe the fastest growth over the next eight years at a CAGR
of 6.7 per cent from 2017 to 2025, the report said.
Polyester staple fibre is
lightweight, wrinkle-free, and resistant to light and weather. It also has an
ability to withstand extreme climatic conditions. It is used as a key element
in various end-use sectors, including apparel, home furnishing, construction,
and automotive, which is expected to drive market growth over the forecast
period. Rising product demand, owing to its long-term effectiveness, high
elastic resilience, tenacity, and eco-friendly nature of PSF, is also expected
to boost market growth over the next eight years.
PSF is instrumental in
improving the overall quality at a lower price than its alternatives, which is
expected to drive its demand. Increasing product usage in Asia Pacific owing to
its rising utilisation in textile manufacturing industry is also expected to
boost demand over the forecast period.
Source: CNBC Africa, U.S.A Friday, 01 December 2017