The global staple fiber market size was estimated to be US$ 190 billion in 2021 and is expected grow at a CAGR of 3.4% between 2023 to 2032.
Multiple products are made with staple fibre, including carpets and ropes for individual and residential use, furniture, and upholstered goods. Robes, overcoats, shielding garments, and other items are made from fleece. They are predominantly used in domestic furnishings, including cushions, tablecloths, bed linen, wall and floor coverings, curtain fabrics, furniture, and pillow stuffing. The need for staple fibre is anticipated to increase as the building sector expands and generates more demand.
Factors supporting the market growth
Sustainability is the idea of retaining the world for future generations. Population growth has increased the consumption of goods and trash, which is harmful to the environment. This has made organizations and decision-makers more mindful of sustainable development.
The production of textiles has a variety of negative environmental effects, including the use of water for cotton cultivation, energy use throughout the entire process, and chemicals and other materials. As an outcome, raising awareness among business management and staff is an impressive strategy to save the environment. Also, there is a rising understanding of sustainable agriculture and the necessity to effectively regulate global resources to satiate people's needs and aspirations in the shortage of eco-friendly items that can support maintaining a sustainable environment.
Factors restraining the market growth
Crude oil prices are surging due to rising crude oil inventories, power outages and flooding. As crude oil prices fluctuated, the cost pressure on feedstocks, purified terephthalic acid, and mono-ethylene glycol stabilized. PTA ethylene glycol has experienced rise in price due to the rise in oil prices, and this is anticipated to result in a 10% price increase for the raw materials used to make staple fibre.
With the lifting of China's economic siege, regional market demand fundamentals have increased, and there have been more orders coming in from abroad. So, as a result of this, the price of polyester staple fibre boosted and reached USD 1,300 on April 15, 2022, free on board. These elements are anticipated to limit market revenue growth throughout the forecast.
Performance of product types
With a share of more than 35% in 2021, the polyester sector had the largest staple fibre market share. One of the most prominent synthetic fibres is polyester staple fibre, and during the past few years, demand for this fibre has increased theatrically. Mono ethylene glycol (MEG) and refined terephthalic acid are the principal raw ingredients used to manufacture polyester fibre (PTA). This fibre is widely used in woven textiles, polyester yarn, cushions, and couch fillings. Polyester staple fibre shows up in two main types that are commercially available: solid and hollow.
The development of recycled polyester fibre contributed to the expansion of this sector. Used PET bottles and polyester or PET waste create recycled polyester staple fibre. It has superior resilience qualities and can be used in various products, such as geotextile, cushion stuffing, pillows, non-woven carpets, quilts, and soft toys. This has resulted in the expansion of the market due to the spike in demand for polyester staple fibre in various applications.
The invention of recycled polyester fibre facilitated the growth of this industry. Recycled polyester staple fibre is made from polyester or PET trash and repurposed PET bottles. It can be used in many products, including geotextile, cushion stuffing, pillows, non-woven carpets, quilts, and soft toys. It also has superior resilience qualities. As a result of the surge in demand for polyester staple fibre in several applications, the market is growing.
Regional performance of Staple Fiber Market
In 2021, the Staple Fibre Market's greatest share was held by the Asia Pacific region, which also owned close to 35% of the market. This expansion is mostly related to the rise in demand for staple fibre in the region's many end-use industries, including textile, automotive, construction, furniture, hygiene and personal care, and agriculture.
Fabrics made from staple fibres include clothing, knitwear, household textiles, and geotextiles. According to Textile Magazine, Asia Pacific is the centre of the textile manufacturing industry, with China, India, Indonesia, Vietnam, and Bangladesh being the main producers. By 2024, it is predicted that the Asia-Pacific textile market will be worth USD 520 billion. Consequently, the region's increased textile manufacturing increases the demand for staple fibre.
Key players of the Global Staple Fibre Market
Shanghai Polytex Co., Limited, Eastman Chemical Company, Beaulieu Fibres International, Teijin Frontier Co., Ltd., Bracell, Celanese Corporation, China Petrochemical Corporation, Reliance Industries Limited, Barnet, and Aditya Birla Management Corporation Pvt. Ltd. are some of the leading companies in the global sterile market.
Over the forecast period, the global market for staple fibres is expected to grow at a 3.4% CAGR (Compound Annual Growth Rate) in terms of revenue.
The global staple fibre market is experiencing revenue growth due to rising environmental awareness and demand for recycled polyester staple fibre.
Over the forecast period, the market in Asia-Pacific is anticipated to have the largest revenue share in the market for staple fibres worldwide.
The staple fiber market size was estimated to be US$ 190 billion in 2021.
With a share of more than 35% in 2021, the polyester sector had the largest staple fibre market share. One of the most prominent synthetic fibres is polyester staple fibre, and during the past few years, demand for this fibre has increased theatrically.
Major players operating in the global staple fibres market include Shanghai Polytex Co., Limited, Eastman Chemical Company, Beaulieu Fibres International, Teijin Frontier Co., Ltd., Bracell, Celanese Corporation, China Petrochemical Corporation, Reliance Industries Limited, Barnet, and Aditya Birla Management Corporation Pvt. Ltd.
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