India Polyester Staple Fibre Market to Grow with a CAGR of 4.25% through 2029
Growth in research and development activities is
expected to drive the India Polyester Staple Fibre Market growth in the
forecast period, 2025-2029.
According to TechSci Research report, “India
Polyester Staple Fibre Market- By Region, Competition, Forecast and
Opportunities, 2019-2029”, the India Polyester Staple Fibre Market stood at USD1.54
billion in 2023 and is anticipated to grow with a CAGR of 4.25% in the forecast
period, 2024-2029. Initiatives taken by government based on polyester staple
fibre has led to favorable market conditions for the India Polyester Staple
Fibre Market. Several factors contribute to the growth of various polyester
staple fibre products. The Indian
government, recognizing the importance of quality in polyester products, has
taken a proactive step by implementing Quality Control Orders (QCO). These
orders serve as a mechanism to enhance the quality standards of polyester
products, aligning with the government's long-term vision of promoting
excellence in the industry. As part of this commitment, India extended the
mandatory QCO on four specific polyester products until July 2, 2023, a move
that demonstrates the government's dedication to ensuring the highest quality
standards are maintained. In another
significant development, the Indian government has unveiled a visionary plan in
the form of a Production-Linked Incentive (PLI) scheme for synthetic fibres and
technical textiles. This transformative scheme aims to provide a substantial
impetus to the domestic production and exports of these items, offering a
tremendous opportunity for growth and development in the PSF industry. By
incentivizing manufacturers and exporters, the government seeks to boost the
sector's competitiveness, promote self-sufficiency, and position India as a
global leader in the production and export of synthetic fibres and technical
textiles. This forward-thinking initiative is poised to have a far-reaching
impact, driving economic growth, and creating new avenues for employment in the
country.
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Research and development (R&D) activities have
played a crucial role in shaping the trajectory of the PSF market. With
technological advancements and an increased focus on sustainability, there has
been a notable rise in R&D efforts aimed at enhancing the properties and
applications of PSF. For example, ongoing research is focused on developing
more sustainable and eco-friendly variants of PSF, such as recycled polyester
staple fiber. These innovations have the potential to significantly expand the
market for PSF, considering the growing consumer demand for sustainable
products.
The India Polyester Staple Fibre Market is segmented
into product, application, regional distribution, and company. Based on its product,
the solid segment held the largest market share in the forecast period. India's
textile industry, renowned as one of the oldest and most significant sectors in
the country, plays a pivotal role in driving the demand for solid PSF
(Polyester Staple Fiber). With its rich heritage and diverse craftsmanship, the
Indian textile industry heavily relies on solid PSF as a fundamental raw
material for producing a vast array of products, ranging from fashionable
clothing to luxurious home textiles. The continuous growth and expansion of
this sector, fueled by increasing consumer demands and evolving fashion trends,
directly contribute to the ever-growing dominance of solid PSF in the market.
As the textile industry continues to thrive and innovate, the demand for solid
PSF remains robust, reflecting its indispensable position in India's vibrant
and dynamic textile landscape.
Based on region, West India segment is expected to
grow during the forecast period.
In the western region of India, there is a remarkable
infrastructure dedicated to the production of synthetic fibers. This includes a
multitude of large-scale manufacturing units and state-of-the-art processing
facilities specifically designed for synthetic fiber production, with a focus
on PSF. This robust foundation not only facilitates efficient production and
supply of PSF but also solidifies the dominant position of West India in the
market. With its well-established and thriving synthetic fiber industry, West
India continues to lead the way in meeting the growing demand for PSF, setting
new standards of excellence in the market.
Major companies operating in India Polyester Staple
Fibre Market are:
- Vishal Poly Fibres Pvt. Ltd.
- Prance Enterprises Limited
- Aero Fibre Private Limited
- Styleman Textiles Private Limited
- Sunheri Texcraft Private Limited
- Creative fibre products Pvt. Ltd.
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“Growing application of polyester staple fibre in
various end user industries are key drivers of the polyester staple fibre market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of polyester staple
fibre with every passing year are anticipated to register an impressive growth
to India Polyester Staple Fibre Market in the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“India Polyester Staple Fibre Market By Product (Solid and Hollow), By Application (Automotive,
Apparel, Filtration, Construction, Personal Care, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India Polyester Staple Fibre Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Polyester Staple Fibre Market.
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