The Bangladeshi textile industry is actively looking for ways to maintain its position in the global market. Given the heavy reliance on cotton, the industry must shift its focus to value-added products, especially man-made fibers such as polyester. Rising labor, gas, and energy costs highlight the need for strategic changes.
Global Polyester Market Analysis:
Polyester dominates the global textile market, accounting for 54% of the total fiber production in 2021.
The polyester fiber market is valued at over USD 90 billion in 2020 and is expected to grow at a CAGR of 7.8% from 2021 to 2027.
Key applications include upholstery, textiles, apparel, and other sectors.
Current situation in Bangladesh:
Despite a significant presence in readymade garments, only 26% of Bangladesh’s textile products are based on man-made fibers. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) aims to increase exports of man-made fiber-based garments from 26% to 40% by 2030, responding to the growing global demand for polyester garments.
Challenges of 100% polyester production in Bangladesh:
Lack of raw materials, cost competitiveness, lack of expertise, skilled manpower, technology and investment are the hurdles to be overcome to achieve the ambitious target of $100 billion by 2023. Bangladesh must embrace polyester as a key factor for its future success in the global arena.
