Simplify B2B Networking
Polyester is now one of the most commonly used fibres in the global textile and apparel industry, accounting for more than half of the overall fibre used worldwide. The global market was valued at USD 73.5 billion in 2014 and is expected to surpass USD 115 billion by 2020, representing a CAGR of over 5% over the five-year period, as reported by Zion Research.
Nearly 50 million tonnes of polyester fibres were produced last year. The annual rate of growth in global polyester production has been over 8% during the last five years, well above the total fibre average of 4.9% annually. Although the growth rate for global polyester market reduced to 4.8%, with China slowing down to 6.5%, the overall growth is still stable and strong.
The share of polyester fibres used in the global mills industry is estimated to reach over 57.4% by 2020, meaning that the usage of polyester will be significantly more than the usage of cotton, cellulosic, wool and acrylic combined. Today, polyester is already the most widely used fibre in all major segments of the global textile and apparel market, with garment manufacturing, home furnishings, carpets and rugs, fibrefill, and non-woven fabrics being some of the top polyester consuming sectors.
Currently, China is dominating the global market for polyester production and consumption, representing over 65% of global polyester consumption. Despite the fact that production growth of polyester in China slowed further to 6.1% in 2016 due to weakness in Chinese and global economies, the demand of polyester in China is still growing as the volume of inexpensive clothing made of polyester and apparel exports is increasing.
India is another big market for polyester. In India, cotton now represents 50% share in the fibre market, followed by polyester with 40%. However, the share of polyester is catching up quickly and is expected to reach 46%, squeezing cotton down to 43% of the country’s total fibre consumption by 2020. The market share of polyester is expected to increase to 53% by 2030, while cotton will go down to 32%, according to the report from Wazir Advisors.
In the near future, the growth of the global polyester market is projected to slow down, mainly due to oil prices and industry overcapacity. In China, polyester production was estimated to be around 39 million tonnes, up by 4.7% from the previous year, but production growth is expected to slow down to below 4% in 2017-18 and capacity utilization is estimated to fall below 80%.
Thousands of the world’s leading textile companies can be in your contact list if you register with BizVibe today! Whether you are looking for reliable suppliers, top textile manufacturers, wholesalers and potential customers in over 70 major countries, or want to find out what your competitors are buying and which suppliers they’re using, BizVibe can help you reach out to sales prospects and decision-makers in the textile industry across the globe.
Register for free now to build your own network of global textile companies on BizVibe