The global market for Polyester Fibers estimated at $121.5 billion in the year 2022, is projected to reach a revised size of $205.5 billion by 2030, growing at a CAGR of 6.8% over the period 2022-2030, in the changed post COVID-19 business landscape, according to a report of Reportlink.
Solid, one of the segments analyzed in the report, is projected to record 6.7% CAGR and reach $169.4 billion by the end of the analysis period.
The report also said that, taking into account the ongoing post pandemic recovery, growth in the Hollow segment is readjusted to a revised 7.2% CAGR for the next 8-year period.
According to the report, the polyester fibers market in the US is estimated at $32.4 billion in the year 2022.
China, the world`s second largest economy, is forecast to reach a projected market size of $48.6 billion by the year 2030 trailing a CAGR of 10.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 6% respectively over the 2022-2030 period within Europe, Germany is forecast to grow at approximately 4.1% CAGR, the report stated.
The report also stated that the global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel.
The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.
Food and fuel inflation will remain a persistent economic problem and higher retail inflation will impact consumer confidence and spending, report stated.
As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.
Moreover, volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers.