Polyester Staple Fiber Market Drivers
Increasing Automotive Production
Textile materials such as polyester staple fiber are extensively used in automobiles in the production of automobile carpets, seating fabrics, side, roof, floor, and door panels, safety belts, tires, airbags, air filters, fuel filters, insulation materials, and more. China is the world’s largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of automobiles to reach 35 million by 2025. According to OICA, the production of passenger cars in Africa was 776,967 in 2018, which then increased to 787,287 in 2019, a total increase of 1.3%. According to OICA, the production of light commercial vehicles has increased from 1,348,932 in 2018 to 1,431,904 in 2019, an increase of 6.2% in Canada. Thus, increasing automation production will require more polyester staple fiber for manufacturing various automotive components, which will act as a drive
The Worldwide Industrial Insulation Industry is Expected to Reach $3 Billion by 2025 at a CAGR of 5% from 2020
News provided by
Share this article
Share this article
ResearchAndMarkets.com s offering.
The global industrial insulation market is projected to reach USD 3 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 5% during the forecast period.
The demand for industrial insulation in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in industrial activities and growing electricity demand as a result of infrastructural development.
Low awareness and fluctuation in crude oil prices & availability are major restraining factors for the market. The high cost of installation and requirement of skilled workforce is a major challenge for the industrial insulation market. The demand for industrial insulation is rising, owing to the growing demand for cost-effective and sustainable insulation materials. Increased infrastructural spen