Staple Fibers Market Expected to Reach $206,919 Million by 2023

According to a new report published by Allied Market Research, titled, "Staple Fibers Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the staple fibers market was valued at $161,591 million in 2016, and is projected to reach $206,919 million by 2023, growing at a CAGR of 3.6% from 2017 to 2023. The cotton segment accounted for more than half of the global market in 2016.

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Staple fiber can be defined as a fiber of discrete length of any composition, which can be drawn into yarn and can be both natural and synthetic. Staple fibers are synthetic fibers majorly comprising a polyester. They are made from PET or PTA sheets or from recycled PET bottle flakes. Staple fibers made from PTA or PET are called as virgin staple fibers, whereas those made from recycled PET bottle flakes are known as recycled staple fibers. Staple fibers are widely used in textile, automotive, and furniture industries.

Staple fibers are widely used in applications such as construction, apparel, automotive, home furnishing and filtration among others. The yarns of long staple fibers are ideal to manufacture heavy-use objects such as coats, blankets, wrap threads, carpets, and rugs, which has fueled the demand for staple fibers, thereby driving the market growth. Moreover, rise in demand for winter clothing especially across the colder regions has supplemented the demand for staple fibers. In addition, increase in sales of automobiles has accelerated the demand for staple fibers, as they are used in car fabrics such as seats and seat covers. Moreover, increase in use of staple fibers in construction activities due to significant temperature stability and improvement in tensile & shear properties fuel the growth of the market. However, volatile prices of raw materials hamper the market growth.

The cotton segment accounted for around half of the global market, in terms of volume, in 2016. The demand of staple fibers has increased due to increase in use of staple fibers in the automotive industry. Thus, increase in requirement of synthetic staple fibers in automotive upholstery and rise in adoption of new fibers, especially in apparels and clothing, drive the market growth.

Key Findings of the Staple Fibers Market:

• The polyester segment is anticipated to grow at the highest CAGR during the analysis period.
• The apparel application segment accounted for the highest share in the global staple fibers market and is anticipated to maintain its dominance throughout the forecast period growing at a CAGR of 3.9%.
• Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 2.8%, in terms of volume.
• The cotton segment occupied for more than half of the total market in 2016.
• China occupied around three-fourths of the Asia-Pacific market in 2016.
• In terms of value, France is expected to grow at a significant CAGR of 3.7% during the forecast period.

In 2016, Asia-Pacific and LAMEA collectively accounted for nearly 90% of the global market, in terms of volume, and are expected to continue this trend during the forecast period, owing to increase in urbanization, especially in China, India, Brazil, and other developing countries. Moreover, development of the textile industry, increase in per capita income, and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.

The major companies profiled in the report include Tongkun Group Zhejiang Hengsheng Chemical Fiber Co., Ltd., Indorama Ventures Public Company Limited, Alpek S.A.B. de C.V., Toray Industries, Inc., China Petroleum & Chemical Corporation, Reliance Industries Limited, W. Barnet GmbH & Co. KG, Aditya Birla Group, Zhejiang Fulida, and Swan Fiber Company.