Sellbyville, DE -- (SBWire) -- 03/08/2019 --Global Market Insights, Inc. adds a new Polyester Fiber Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR over 2024. The competitive spectrum of polyester fiber market has witnessed a slew of strategic M&As in recent years. For instance, a year ago, the Board of Directors of the Indian Petrochemical Corporation Limited (IPCL) approved the merger of six polyester firms inclusive of India Polyfibres Ltd (IPL), Apollo Fibres Ltd (AFL), Recron Synthetics Ltd (RSL), Central India Polyester Ltd (CIPL), Silvassa Industries Pvt Ltd (SIPL), and Orissa Polyfibres Ltd (OPL) with IPCL.
This merger is anticipated to prove rather beneficial for the growth of the India polyester fiber industry, given that all the six aforementioned manufacturers are heavily engaged in the production of PFY (polyester filament yarn) and PSF (polyester staple fibre), while IPCL is a major producer of MEG (mono ethylene glycol) – the key raw material required for PFY and PSF. The massive global demand for MEG would further help this alliance make headway in the India polyester fiber market. Extensively driven by lucrative mergers such as the aforementioned, polyester fiber market size stood at USD 85 billion in 2016, as per estimates.
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The projected scope for polyester fiber market seems to be fairly lucrative, on the grounds of which numerous companies have invested heavily in this business sphere. Close to a month earlier, one of the leading providers of high performance industrial polyester and polyamide filament yarns, PHP fibers had acquired the recently developed three dimensional and complex fiber unit, Breathair® from Toyobo Europe GmbH.
This takeover has proven to considerably boost the product portfolio of PHP and offered innovative growth solutions to the company. Furthermore, the agreement with Toyobo regarding the takeover of Breathair® has also strengthened PHP's presence in European polyester fiber market, which covered 9% of the overall revenue share in 2016. Speaking along similar lines, the competitive landscape of polyester fiber industry is pretty much inclusive of big shots such as GreenFiber International, Reliance Industries, Polyfibre Industries, Kayavlon Impex, Märkische Faser GmbH, William Barnet & Son, LLC., Swicofil AG., Indorama Ventures, Shree Renga Polymers, Diyou Fibre, Toray Industries, Sarla Performance Fibers, Nirmal Fibres, and Stein Fibers.
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The gradual changes in consumer lifestyles and their shifting preferences for durable and ecofriendly products have led fiber manufacturers to invest heavily in the production of high performance and sustainable garments. Rising awareness among the people and manufacturers about hazardous impact of GHG emissions on human health is also promoting industry giants to manufacture biodegradable products.
For instance, in order to manufacture renewable and high performance garment insulation, DuPont Industrial Biosciences has tied up with Unifi, Inc. With this collaboration, both companies have set a benchmark for other polyester fiber industry rivals to adopt green technology for the development of environment friendly garment insulation without compromising the fabric's performance.
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It has been forecast that in the forthcoming years, methane eating bacteria would play a vital role in polyester fiber industry share. Recently in fact, an upcoming startup, Mango Materials, detected that the methane obtained from waste water treatment plants can be used to feed the bacteria, which will produce totally biodegradable bio-polyester fibers. Experts affirm this to be a rather significant innovation across polyester fiber market, which is projected to cross USD 165 billion by 2024.
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