Yahoo Finance PET Spunbond Nonwoven Market to record USD 6.9 billion valuation by 2027, Says Global Market Insights Inc.
The growth of the PET spunbond nonwoven market is driven by prevalent adoption of recyclable plastic materials, growing investments in R&D activities for development of advanced materials, and increasing healthcare expenditure across the globe, says this report.
Selbyville, Delaware, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the PET Spunbond Nonwoven Market was estimated at USD 3,953.5 million in 2020 and is projected to be valued at around USD 6.9 billion by the end of 2027, registering with a CAGR of 8.4% from 2021 to 2027. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Polyethylene terephthalate or PET is a recyclable thermoplastic that has reduced environmental impact. PET spunbond nonwovens are extensively used to produce PPE kits, masks, and other medical clothing. Surging demand for protective masks and PPE kits owing to the ongoing COVID-19 pandemic is set to augment product uptake. Moreover, stringent environmental and sustainability regulations and growing global engagement in low-carbon initiatives are likely to accelerate the demand for recycled materials, thereby fueling market growth through the forecast period.
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PET spunbond nonwovens offer several suitable properties for a wide selection of crops, including carrots, watermelon, leeks, potatoes, chicory, cabbages, peppers, pumpkin, spinach, strawberries, celery, cauliflower, swiss chard, iceberg lettuce, and courgettes, among others. PET spunbond nonwovens are widely utilized as a soil covering material for the protection of outdoor & greenhouse crops. Driven by these factors, the agricultural application segment is poised to see substantial growth to reach a valuation of approximately USD 800 million by 2027.
Furthermore, the PET spunbond nonwoven industry size from the textile & clothing application segment is anticipated to progress at a substantial pace over 2021-2027 owing to various advantages of PET spunbond nonwovens, such as efficient filtering performance, no toxicity, high wear & temperature resistance, and strength. It is a breathable material that produces fiber dust, thereby restricting any external particles from interacting with the body, which makes it ideal for medical clothing and industrial filtration materials.
Key reasons for PET spunbond nonwoven market growth:
Latest technological advancements in product.
Growing utilization in construction applications.
Surging application in textile and agriculture industries.
Soaring usage in personal protective equipment and masks.
2027 forecasts show the ‘others’ segment retaining its dominance:
With respect to application, the others segment is speculated to attain a share of over 25% in the global PET spunbond nonwoven market by 2027. Other applications of PET spunbond nonwovens include filtration, construction, and automotive sectors. PET spunbond nonwovens possess various favorable characteristic, such as high moldability, UV & heat stability, thermal stability, strength, and permeability, making them ideal for use in laminates, liquid catridge and bag filters, and vacuum bags, among others. It is also extensively utilized in filtration applications, like oil, gasoline, and air filtration, which is likely to boost segmental demand in the coming years.
Asia Pacific to continue its top status in terms of revenue:
On the regional front, the Asia Pacific PET spunbond nonwoven market is expected to account for more than 40% share in the overall industry by 2027 owing to the burgeoning presence of manufacturers in the region operating across several end-use industries, including textile, construction, filtration, automotive, medical, personal care, and others. The regional construction market is slated to expand at a robust pace to account for about half of all construction investments globally, which is estimated to boost product demand over the following years.
Impact of COVID-19 on PET spunbond nonwoven market:
The onset of COVID-19 exacerbated the rising trade tensions, leaving limited scope of expansion for product manufacturers around the globe. However, favorable initiatives and investments in the healthcare sector by countries, such as India, the United States, and China, are creating attractive prospects for industry participants, which has positively influenced competitive outlook of the PET spunbond nonwoven market during the pandemic.
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Leading market players
Some key players operating in the PET spunbond nonwoven industry include Unitika Ltd., Johns Manville Corporation, Toyobo Co., Ltd., Kolon Industries, Inc., Freudenberg Performance Materials Holding SE & Co. KG, Toray Industries, Inc., Avintiv, Inc., and Asahi Kasei Corporation.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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