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.
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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.
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.
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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.
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.
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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.