Polyester is a synthetic polymer made from petroleum-derived materials through a condensation reaction between an acid and an alcohol. The most common polyester is polyethylene terephthalate (PET). In the 1920s, DuPont began researching synthetic fibers including nylon and polyester known as Terylene in the UK and Dacron in the US. Polyester fibers are hydrophobic, quick drying, wrinkle resistant, and durable, making them useful for clothing, home goods, and plastic bottles. The global polyester market was estimated at 5.8 million tonnes in 2012 with Europe and North America being the largest markets.