Polyester Filament Market to Witness Robust Expansion by 2027

Tier 3 players in the polyester filament market hold more than 40% of share. The majority of the share in the market is concentrated among tier 3 players. Most of the tier 3 companies are based in Asia Pacific region, including Thailand, China, Japan, and India.

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Increasing number of companies in Asia Pacific are exporting polyester filament to Europe, where most of the synthetic fiber is used in apparel. The companies focusing on designing new products for clothing and home textile in Asia Pacific with new features. Meanwhile, tier 1 and tier 2 players are entering into strategic partnerships and mergers & acquisitions to consolidate their position globally.

Growing raw material prices and increasing production cost following the high crude oil prices are impacting the polyester filament market. The cost of raw materials including petrochemicals such as PTA and DMT refined from crude oil are constantly increasing, resulting in the high prices of synthetic yarns. 

According to the International Energy Agency (IEA), there is a high risk of oil prices increase rapidly in the coming months. Moreover, IEA also found that impact on Iran from further US sanctions and supply problem in Libya and Venezuela are likely to affect OPEC’s drive to increase the production and ease prices.

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The cost of synthetic fiber is constantly rising in Asia. China with world’s polyester filament production capacity also lifted the price of polyester filament yarn with upward fluctuation in crude oil prices. Moreover, fiber suppliers are reluctant to reduce the price if demand remains strong. Increase in crude oil prices in India is leading to sharp rise in petrochemical cost hitting polyester filament yarn industry.

The International Cotton Advisory Committee has also stated that the recovery in cotton production will continue in coming years, with growth expected to reach 11%. It also expects boost in cotton demand due to the rise in oil prices, affecting synthetic fiber prices including nylon and polyester.

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