The Asia-Pacific Polymers for Textile Industry Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
Asia-Pacific is one of the largest producers of polymers which are used in various industries such as automotive, packaging, textile industry, electrical and electronics, adhesives and sealants, paints and coatings, and so on.
The market is classified based on type into natural polymers and synthetic polymers. Synthetic polymers are further segmented into Nylon, Polyester, Acrylic, Polyurethane, Polyethylene, and others.
Polyester is a kind of polymer with some specific materials. It is often defined as a long chain of polymers with a composition of 85% ester with dihydric alcohol and terephthalic acid.
It is a type of Polyethylene terephthalate used for any fabric or textile and made using polyester yarns and fiber.
Increasing industries of textiles, industrial fabrics, and carpet are driving the demand in this region
Increasing industries of textiles, industrial fabrics, and carpet especially in the countries like China and India is driving the demand for textile polymers in this region.
Indian textile industry is one of the most ancient industries in the world, dating back to several centuries.
The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, while the capital-intensive sophisticated mill's sector is on the other end.
In FY2019, India’s textile industry contributed 7% of the industry output. It contributed two percent to the GDP of India and employed more than 45 million people in FY2019. The sector contributed 15 percent to India’s export earnings in FY2019.
The domestic textiles and apparel market stood at an estimated US$ 100 billion in FY2019. The production of raw cotton in India is estimated to have reached 36.04 million bales in FY20^. During FY19, production of fiber in India stood at 1.44 million tonnes (MT) and reached 1.60 MT in FY20 (till January 2020), while for yarn, the production stood at 4,762 million kgs during the same period.
Moreover, Foreign Direct Investments (FDI) and Government initiatives for the textile industry are also propelling market growth. For instance, The industry (including dyed and printed) attracted Foreign Direct Investment (FDI) worth US$ 3.44 billion from April 2000 to March 2020.
The Directorate General of Foreign Trade (DGFT) has revised rates for incentives under the Merchandise Exports from India Scheme (MEIS) for two subsectors of the Textiles Industry - readymade garments and made-ups - from two percent to four percent.
The Asia-Pacific Synthetic Polymers for Textile Industry Market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027, growing at a CAGR of XX% during the forecast period 2020 to 2027.
Synthetic polymers hold the majority of the market share in 2019 and are expected to continue their position during the forecast period.
Among all synthetic polymers, polyester is widely used in the textile industry which has a huge market share (more than 50%) compared to other commercially used fibers.
The fabric is widely used in various applications and is very much in demand in markets. This fabric has various qualities due to those it is so popular like wrinkle resistance and springing back into its smooth shape.
The polyester fabric can also be mixed with other fabrics to make a strong and durable fabric or to achieve any other motive
China polymers for the textile industry market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of XX% during the forecast period 2020 to 2027.
China is the largest producer as well as consumer of textile polymers in the world in 2019 and is expected to dominate the market during the forecast period.
In August 2020, approximately 3.24 billion meters of clothing fabric were produced in China. Monthly textile production volume was consistently above
three billion meters throughout 2019 and the first half of 2020.
China’s recent growth momentum is tightly linked to massive local engagement of the international clothing industry. Due to comparably low labor costs,
reduced commercial barriers and better information flow, China still presents one of the most attractive destinations for clothing manufacturing.
In 2015, approximately 31 billion units of apparel had been produced in China. According to Euromonitor, the estimated apparel sales increased by 3.5 percent in 2019
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