The Fiber Intermediates Market size is forecasted to grow at a CAGR of around 9.2% from 2022 to 2027. The fiber intermediates are the products that are used in the production of plastics, disinfectants, and fabrics such as polyester, spandex, nylon, and others. The fiber intermediates consist of purified terephthalic acid (PTA), polyethylene, ethylene glycols, ethylene oxide, acrylonitrile, paraxylene, and others. The fiber intermediates are widely used in polyester and plastics production, which has major demand in clothing and packaging, thereby offering a major drive in the fiber intermediates market. Furthermore, the fiber intermediates market will experience major growth owing to growing application in automotive, packaging, oil and gas, textiles, and other major end-use industries during the forecast period.
Fiber Intermediates Market COVID-19 Impact
The economic slowdown and halt in production activities during the covid-19 outbreak created a major impact on the fiber intermediates industry. The fiber intermediates have major application in the automotive, textiles, and other sectors. The automotive industry faced major disruptions due to restrictions in transportation, closure of manufacturing and assembling plants, logistics disturbances, and other lockdown restrictions. The export of large-scale manufacturing of automotive components faced movement restrictions due to lockdown norms, thereby resulting in the disruption in supply chain and growth in the industry. According to the Society of Indian Automobile Manufacturers (SIAM) the overall automotive exports saw a decline by 13.05% in April-March 2021. The fall in demand for automotive sector led to major decline in the application of fiber intermediates such as anti-freezers, coolants, automotive plastics, and others, thereby resulting in slowdown in the global fiber intermediate industry during the outbreak. Moreover, with recovering demand and growth in major end-use industries post pandemic phase, the fiber intermediate market will experience high demand.
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Report Coverage
The “Fiber Intermediates Market Report– Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the fiber intermediates industry.
By Product: Purified Terephthalic Acid, Ethylene Glycol (Monoethylene Glycol, Diethylene Glycol, and Triethylene Glycol), Ethylene Oxide (Ethoxylates, Glycol Ether, and Others), Polyethylene, Acrylonitrile, Cyclohexanone, and Others
By Grade: Technical Grade and Industrial Grade
By Application: Anti-Freezers, Fabrics, Resin (PET, Polyester, PTA, and Other), Upholstery, Paints, Bactericides, and Other
By End Use Industry: Textile, Packaging Industry (Food Packaging, Non-Food Packaging, and Beverage Packaging), Automotive (Passenger Vehicle and Commercial Vehicle), Furniture, Pharmaceuticals, Oil & Gas Industry, Plastics Industry, and Other
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)
Key Takeaways
- The fiber intermediates market size will increase owing to its flourishing application textile and fabrics, automotive vehicles, food and beverage packaging, and others during the forecast period.
- The Asia Pacific is the fastest growing region in the fiber intermediates industry owing to favorable government policies on the development of fiber intermediate for industries such as textiles, packaging, plastics, oil and gas, and others, along with high demand for synthetic fibers.
- The demand of PTA as a major fiber intermediate in the production of PET, polyester and others is growing due to flourishing application in textile and packaging sector.
Fiber Intermediates Market Segment Analysis – By Product
By product, the purified terephthalic acid is the fastest growing segment and is expected to grow with a CAGR of around 10.5% during the forecast period. The purified terephthalic acid had major application in the production of polyester fiber and yarn, PET, and others. The polyesters manufactured through purified terephthalic acid are used in major industries such as textiles and packaging. The PTA also acts as an intermediate in the manufacturing of cyclohexane, plasticizers, liquid crystal polymers, and others. The fluorescent growth of PTA in the packaging sector for pet bottles, containers, and others is influencing the growth in the market. According to the Indian Institute of Packaging (IIP), the packaging consumption in India increased from 4.3 kgs per person per annum to 8.6kgs per person per annum in the past decade. The rising demand of polyester fibers prepared from PTA for plastic packaging applications is boosting the market. Thus, with high demand in major packaging sector, the fiber intermediates market will grow rapidly during the forecast period.
Fiber Intermediates Market Segment Analysis – By End-Use Industry
By end-use industry, the packaging segment held the largest fiber Intermediates market share in 2021, with a share of over 22%. The fiber intermediates such as polyethylene terephthalic films and sheets has major demand for application in the packaging for food and non-food sector such as PET bottles, beverage containers, packaged food plastics, and others. The purified terephthalic acid has growing demand for blister packaging for fresh and ready-to-eat food items. The growth in food and non-food packaging sector is creating a drive in the market. According to the Flexible Packaging Association (FPA), the largest market for the flexible packaging is held by the food sector accounting for 52% of the shipment in US in as of August 2021. The growing consumption of packaged food items and others is fueling the demand for fiber intermediates. Thus, the fiber intermediate industry will experience high demand and major growth opportunities during the forecast period.
Fiber Intermediates Market Segment Analysis – By Geography
By geography, the Asia Pacific is the fastest-growing region in the fiber intermediates market and is expected to grow with a CAGR of around 11.2% during the forecast period. The flourishing demand of fiber intermediates in this region is influenced by its rising demand and application across major industries such as textiles, automotive, packaging, and others. The robust development and flourishing demand of food and non-food packaging sector in Asia Pacific is influencing the growth of fiber intermediates. Furthermore, the rising textile production and establishing manufacturing base for the textiles in major countries such as India, China, and others is propelling the demand in market. According to the Fibre2Fashion as stated by Ministry of Industry and Information Technology, the textile sector in China continued a steady expansion and reached USD 650.4 billion in 2021. Thus, with major application of fiber intermediates such as polyethylene, cyclohexanone, ethylene glycol, and others across various end-use industries, the fiber intermediates market will grow rapidly during the forecast period
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Fiber Intermediates Market– Drivers
Growing application in the textile sector
The high demand of fiber intermediates in the textile sector for various clothing fabrics, including polyester spandex, nylon, and others is offering major growth in the market. The fiber intermediates such as acrylonitrile is used in the preparation of acrylic fiber fabrics. Moreover, the rise in spending and demand for clothing is boosting the demand of fiber intermediates in the textile sector. According to the National Council Of Textile Organization (NCTO), In U.S., the value of fiber, textile, and apparel exports combined were USD 25.4 billion in 2020. The flourishing demand of man-made fabrics and synthetic fiber in clothing is creating a drive in the market. Thus, with major application and utilization of fiber intermediates in the textile industry, the fiber intermediates market is growing rapidly.
High demand in the automotive industry
The fiber intermediate such as ethylene glycol, ethylene oxide, paraxylene, ethylene oxide, cyclohexane, and others has major demand in the automotive industry for anti-freezers, automotive plastics, and others. The increasing demand of the fiber intermediates for manufacture of polyester and polyethylene terephthalate (PET) for usage in automotive vehicles and components is offering growth in the industry. According to the China Association of Automobile Manufacturers (CAAM), the sale of passenger vehicles in China was 6.5% up year on year to 21.48 million units in 2021. Moreover, the rise of automotive production and development activities and high growth in vehicle manufacturing is propelling the growth in fiber intermediates industry and offering major growth opportunities in the market.
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Fiber Intermediates Market– Challenges
Instability in crude oil prices
The fiber intermediates industry faces major challenge due to instability in the crude oil prices, which is utilized as raw material for various petrochemicals or fiber intermediates type such as purified terephthalic acid, ethylene glycol, polyethylene, and others. The paraxylene is a major material in the production of PTA and is formed through crude oil refining process. The rising crude oil prices create a major hamper for production and supply chain in the fiber intermediates market. According to the U.S. Energy Information Administration (EIA), the crude oil prices for 2020, 1st quarter was USD 40.34 per barrel and rose to USD 76.45 per barrel in 2022, 1sr quarter. Thus, owing to rising raw material prices and overall costs for fiber intermediates, the fiber intermediates industry faces hamper and challenge.
Global Fiber Intermediates Industry Outlook
The fiber intermediates top 10 companies include:
- Reliance Industries Limited
- Dow Chemical Company
- Fiber Intermediate Products Company
- BASF SE
- SunAllomer Limited
- Ferromet SA
- Chevron Phillips Chemical Company
- Daicel Corporation
- INVISTA
- Domo Chemicals
Recent Developments
- In June 2020, the Ineos acquired the petrochemical business of BP, which includes aromatics, purified terephthalic acid, feedstock for paraxylene, and polyester plastics thereby boosting the growth opportunities in fiber intermediate sector.
- In September 2019, BASF planned to expand the integrated ethylene oxide and derivative production at the Verbund site. This expansion will offer major applications in automotive and other industrial sector.
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