High Performance Polyester Market Polyester Trends, Upcoming Trends, Future Demand, Comprehensive Research Study, Status, Future and 2022-2030
The global high performance polyester market is growing continually, witnessing the rising demand majorly from the construction industry. High-performance polyester also finds its extensive applications in the packaging, electrical, and electronics sector, which fosters the growth of the market. Moreover, increasing demand for lightweight automobile parts in the automotive sector accelerates the market growth excellently. Resultantly, high performance polyester market garners colossal traction on a global platform.
According to Market Research Future (MRFR), the global high performance
polyester market is expected to grow exponentially by 2023, registering an
impressive CAGR over the forecast period (2018-2023). Augmenting demand from
the burgeoning automotive & packaging industry drives the market growth
predominantly. Besides, rapid industrialization and growth in the global
economy drive market growth. Increasing numbers of projects of commercial and
residential construction is another key growth driver for the market.
On the other hand, fluctuations in crude oil prices that are directly
impacting the prices of raw materials required for the production of
high-performance polyester is restricting the growth of the market.
Nevertheless, increasing numbers of green building projects would support the
growth of the market, creating immense growth opportunities for market players
during the assessment period. Also, ecological concerns such as global warming
are estimated to increase opportunities in the market, increasing the need for
sustainable solutions like green buildings.
Global High Performance Polyester Market - Segments
MRFR has segmented the market into three dynamics;
By Application : Tape, Strap, Insulation,
Films, Gelcoat, and others.
By End Use Industry :
Building & Construction, Packaging, Electrical
& Electronics, Automotive, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global High Performance Polyester Market - Regional Analysis
The Asia Pacific
region leads the global high performance polyester market. The largest market
share attributes to the increasing demand for performance polyester from
end-use industries. Consumption of performance polyester is rising continually
in industries such as packaging, building & construction, electrical &
electronics, automotive, and others, which drives the regional market growth
excellently.
Besides, upsurge
in demand in developing countries such as India, China, and Japan due to the
growing automotive industry and an increase in construction activities act as a
major driving force for the regional market. The APAC high performance
polyester market is expected to grow at the highest CAGR during the forecast
period.
Major Players:
Players leading
the high performance polyester market include Solvay SA (Belgium), Celanese
Corporation (US), DuPont (US), Satyen Polymers Pvt. Ltd (India), Evonik
(Germany), The Shepherd Chemical Company (US), Eastman Chemical Company (US),
U-PICA Company Ltd. (Japan), Ashland.(US), and BASF SE (Germany), among others.
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North America
accounts for the second-largest share in the global high performance polyester
market. The market growth is majorly driven by the increased spending on the
residential construction sector, especially in the US. Also, well-established
markets in Canada and Mexico contribute to the regional market growth, majorly.
Besides, the
increasing demand for high-performance polyester in packaging, construction,
and electrical & electronics industries acts as a key tailwind, propelling
the growth in the regional market. Continuing with the same growth trends, the
high performance polyester market in North America is projected to create a
substantial revenue pocket during 2018-2023.
North America and
Europe, manufacturers are adopting the production of recyclable products based
on high-performance polyester due to the shift in consumer trends of high
usages of recyclable products.
Europe high
performance polyester market has been experiencing substantial growth. The
burgeoning packaging industry, led by the consumer goods sector, drives the
regional market significantly. Moreover, the rapid industrialization in some of
the European countries like the UK, Germany, and Italy impacts market growth
positively. Also, the increasing automotive production and rising demand for
lightweight vehicles are aiding the growth of the regional market.
High Performance Polyester Market - Competitive Analysis
Highly
competitive, the global High Performance Polyester market appears to be
fragmented, with many large and small players churning the competition. To gain
a larger competitive advantage, these players incorporate strategic initiatives
such as mergers & acquisitions, collaborations, s expansion, and technology
launch.
Industry/Innovation/
Related News:
August 12, 2019
--- Indorama Ventures Public Company Limited (Thailand), a leading chemicals
and fiber producer, announced the acquisition of an Italian polyester yarn
maker Sinterama SpA. Indorama Ventures is a global leader in the polyester
business. Sinterama manufactures high-performance polyester yarns that are used
in the apparel sector. This perfect combination leads to twenty years of
collaboration and the establishment of a global player leader in high
value-added polyester yarns and applications. The acquisition signifies a major
milestone in the strategic alliance, comprising five production sites in four
countries in Italy, Brazil, China, and Bulgaria, the last being a new market
for IVL.
April 06, 2020 --- Exolon GROUP
NV (Belgium), a leader of extruded thermoplastic sheets, announced that it is
currently optimizing its production of transparent polycarbonate and Vivak
polyester sheets. Exolon produces extruded thermoplastic sheets that can be
used in diverse and innovative applications. The move has been prompted by the
dramatic increase in the demand for transparent sheet material used for medical
protective barriers like face shields and partitions in hospitals or at
supermarket checkouts.
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