Asian firms will continue to remain key players in global polyester market over the next few years, according to experts.
Owing to quickly growing Indian and Chinese markets, Asia-Pacific region has the largest share in global fashion market.
Industry analysts expect the polyester market in the Asia-Pacific region to grow at a faster pace of over 6.6 percent compounded annual growth rate (CAGR), compared to other regions.
It is estimated that the global polyester production would touch 43 million tons by 2017.
At present, the international polyester market is facing a problem of over capacity. The polyester production capacity has increased at quicker speed compared to demand, because of new technological advances, high economic growth and attractive margins.
In the coming years, the growth in polyester market will be driven by economic stability, demographics, technological innovations, income levels and fashion trends, experts said.
Fibre2fashion News Desk - India