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.