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The global polyester market has been forecast to hit 39.3 million tons by the year 2015, with China representing the main contributor to capacity expansion in 2011 and also the most important supplier of polyester fibres.
The recent worldwide economic turmoil has negatively affected the global polyester fibre industry. The market witnessed a noticeable drop in demand during the year 2008 across various segments including textiles and apparel.
Reduction in consumers' discretionary income as well as retail spending led to lowered demand for polyester. In addition, contraction in production as well as consumption of polymers at global level further hampered market prospects over the last few years.
The market scenario remained volatile in 2009 as well as 2010 due to significant increase in raw material and fuel prices, and fluctuating demand for polymers.
The US and Europe once dominated the global polyester marketplace. However, the scenario changed dramatically during the past two decades with production base shifting to Asia-Pacific.
Today, Asia-Pacific has become a strategic location for polyester manufacturing with the presence of an extensive textile industry and cheap labour force. Countries such as China, Taiwan, South Korea, India, and Indonesia witnessed tremendous growth in the last few years.
Polyester plants worldwide primarily rely on continuous production systems. In recent times, newer plants are being designed with advanced four-reactor construction in place of conventional five-reactor construction so as to make the plant more economically profitable.
In addition, a large number of polyester manufacturers in countries such as China, Taiwan, and other Asian countries are seen integrating backwards into fibre production.
For more information on the global polyester market, see the latest research: Global Polyester Market
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