High-Tenacity Filament Polyester Yarn Market

Driven by increasing demand, the global market for high-tenacity filament yarn of polyesters is forecasted to grow at a CAGR of +0.7% in volume and +2.9% in value from 2022 to 2030. China leads in both production and exports, while the United States dominates in imports. Key trends include fluctuating import/export volumes, rising export prices, and growing market value in various countries.

Market Forecast

Driven by increasing demand for high-tenacity filament yarn of polyesters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market value to $3.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of High-Tenacity Filament Yarn Of Polyesters

In 2022, approx. 1.2M tons of high-tenacity filament yarn of polyesters were consumed worldwide; growing by 3.3% against 2021 figures. The total consumption volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 6.8% against the previous year. Over the period under review, global consumption attained the peak volume in 2022 and is likely to continue growth in the near future.

The global high-tenacity filament polyester yarn market value rose rapidly to $2.5B in 2022, growing by 9.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (167K tons), the United States (155K tons) and India (115K tons), together accounting for 37% of global consumption. South Korea, Germany, Turkey, Japan, Indonesia, Mexico, Brazil, Russia, Spain and Canada lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +12.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($312M), China ($260M) and India ($216M) appeared to be the countries with the highest levels of market value in 2022, together comprising 32% of the global market. Turkey, Germany, South Korea, Japan, Mexico, Spain, Brazil, Indonesia, Canada and Russia lagged somewhat behind, together comprising a further 35%.

Among the main consuming countries, South Korea, with a CAGR of +10.6%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of high-tenacity filament polyester yarn per capita consumption in 2022 were South Korea (1,237 kg per 1000 persons), Germany (671 kg per 1000 persons) and Spain (634 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +12.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of High-Tenacity Filament Yarn Of Polyesters

Global high-tenacity filament polyester yarn production totaled 1.2M tons in 2022, approximately reflecting 2021. The total output volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2017 when the production volume increased by 19% against the previous year. Over the period under review, global production reached the peak volume in 2022 and is expected to retain growth in years to come.

In value terms, high-tenacity filament polyester yarn production declined to $2.1B in 2022 estimated in export price. In general, production, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 8% against the previous year. Over the period under review, global production reached the peak level at $2.6B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

China (667K tons) remains the largest high-tenacity filament polyester yarn producing country worldwide, comprising approx. 58% of total volume. Moreover, high-tenacity filament polyester yarn production in China exceeded the figures recorded by the second-largest producer, Vietnam (86K tons), eightfold. The third position in this ranking was taken by India (73K tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +3.9%. The remaining producing countries recorded the following average annual rates of production growth: Vietnam (+20.7% per year) and India (+0.7% per year).

Imports

World Imports of High-Tenacity Filament Yarn Of Polyesters

In 2022, the amount of high-tenacity filament yarn of polyesters imported worldwide fell to 922K tons, waning by -4.7% on the previous year. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 30%. As a result, imports attained the peak of 967K tons, and then reduced in the following year.

In value terms, high-tenacity filament polyester yarn imports amounted to $2B in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 44% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (148K tons), distantly followed by India (54K tons), South Korea (54K tons), Germany (48K tons) and Turkey (48K tons) were the key importers of high-tenacity filament yarn of polyesters, together mixing up 38% of total imports. Brazil (33K tons), Russia (32K tons), the Netherlands (27K tons), Vietnam (27K tons), France (25K tons), Thailand (23K tons), Belgium (23K tons) and Japan (23K tons) held a minor share of total imports.

Imports into the United States increased at an average annual rate of +6.6% from 2012 to 2022. At the same time, Thailand (+17.5%), Vietnam (+13.9%), India (+12.1%), Turkey (+10.8%), South Korea (+10.6%), Japan (+9.7%), Russia (+8.1%), Belgium (+4.0%), France (+3.6%) and Brazil (+2.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +17.5% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, the United States, South Korea, Turkey, Thailand and Vietnam increased by +2.9, +2.4, +2.4, +2.2, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($289M) constitutes the largest market for imported high-tenacity filament yarn of polyesters worldwide, comprising 14% of global imports. The second position in the ranking was held by Germany ($116M), with a 5.7% share of global imports. It was followed by Turkey, with a 5.2% share.

In the United States, high-tenacity filament polyester yarn imports expanded at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-0.9% per year) and Turkey (+8.9% per year).

Import Prices By Country

The average high-tenacity filament polyester yarn import price stood at $2,194 per ton in 2022, increasing by 13% against the previous year. Overall, the import price, however, recorded a noticeable setback. Global import price peaked at $2,727 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($3,182 per ton), while Russia ($1,481 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-0.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of High-Tenacity Filament Yarn Of Polyesters

In 2022, approx. 906K tons of high-tenacity filament yarn of polyesters were exported worldwide; falling by -7.4% against 2021 figures. Overall, total exports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +21.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 31%. As a result, the exports attained the peak of 979K tons, and then fell in the following year.

In value terms, high-tenacity filament polyester yarn exports rose to $1.9B in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 42%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (523K tons) was the largest exporter of high-tenacity filament yarn of polyesters, achieving 58% of total exports. Vietnam (103K tons) took the second position in the ranking, followed by Taiwan (Chinese) (43K tons). All these countries together took near 16% share of total exports. South Korea (33K tons), France (28K tons), Indonesia (25K tons), Germany (25K tons), Spain (17K tons) and the Netherlands (16K tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +7.4% from 2012 to 2022. At the same time, Vietnam (+48.7%), Indonesia (+21.5%), Spain (+8.1%) and the Netherlands (+3.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +48.7% from 2012-2022. Taiwan (Chinese) and France experienced a relatively flat trend pattern. By contrast, Germany (-5.8%) and South Korea (-7.3%) illustrated a downward trend over the same period. China (+12 p.p.), Vietnam (+11 p.p.) and Indonesia (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while France, Taiwan (Chinese), Germany and South Korea saw its share reduced by -2.1%, -3.1%, -5.4% and -8.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($867M) remains the largest high-tenacity filament polyester yarn supplier worldwide, comprising 46% of global exports. The second position in the ranking was taken by Vietnam ($201M), with an 11% share of global exports. It was followed by Germany, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +4.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+44.5% per year) and Germany (-4.9% per year).

Export Prices By Country

In 2022, the average high-tenacity filament polyester yarn export price amounted to $2,061 per ton, with an increase of 13% against the previous year. Overall, the export price, however, showed a noticeable curtailment. The growth pace was the most rapid in 2018 when the average export price increased by 15%. The global export price peaked at $2,634 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($4,013 per ton), while China ($1,658 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform