Eco Fiber Market
Growth Factors of Eco Fiber Market
The eco fiber market size was valued at USD 56.81 billion in 2023, and the market is now projected to grow from USD 61.78 billion in 2024 to USD 120.99 billion by 2032, exhibiting a CAGR of 8.8% during the forecast period of 2023-2030.
The restrictions over import and export of products have severely affected the textile industry due to temporary lockdown of manufacturing facilities. It has caused a fall in production and decreased product demand. Conversely, the pandemic has increased the demand for PPE kits and masks, which propelled the product consumption. Besides, the rise in demand amongst consumers to maintain health and hygiene has amplified the demand for the material during the pandemic. Thus, the COVID-19 pandemic has held back the eco fiber market growth.
The eco fiber market share globally has been contributed by the rising demand for the fiber from emerging economies to support market growth. The rapid growth of the fashion industry is due to escalation in apparel, automotive, and medical industries. The development in these sectors is pushing to increased utilization of these fibers. Rising economies of the developing countries act as a driving factor for the market growth. The ascending disposable income within these developing nations is encouraging customers to purchase the product.
Furthermore, there’s been a notable trend, the development in product due to awareness of environmental sustainability to create opportunities. The vast amount of fabric waste created because of increasing fashion has led to rapid development of more sustainable fibers. This factor is expected to reduce the trouble in the environment and offer growing options to the market. The majority of the natural fibers offer comfort properties and are available at cheaper prices, resulting in high demand for the product.
Comprehensive Analysis of Eco Fiber Market
The eco fiber market and chemicals & advanced materials industry is rising at an exponential rate because of its market segmentation. This market expansion well provides a detailed regional assessment taking into consideration the dominant supply and demand forces that impact the advanced materials industry. These segmentations are methodically segregated by types of type and application. The types include organic fibers, recycled fibers, regenerated fibers, and others. However, the applications are such as clothing/textile, household & furnishings, industrial, medical, and others.
The Asia Pacific region is conducive to the global eco fiber market leading to a recall of USD 22.35 billion because of speedy monetary growth supported by the growing population. The rise in demand for fiber from clothing and industrial application is enhancing the market in the region.
The top players in the market play a critical role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include Lenzing AG (Austria), US Fibers (U.S.), Polyfibre Industries (India), Grasim Industries Ltd. (India), Shanghai Tenbro Bamboo Textile Co. Ltd. (China), China Bambro Textile (Group) Co., Ltd. (China), Pilipinas Ecofiber Corporation (Philippines), Teijin Limited (Japan), Foss Performance Materials (U.S.), and David C. Poole Company, Inc. (U.S.), these market players present a level-playing competitive landscape.
In May 2021, the Lenzing Group successfully completed and commissioned air purification. It is a sulfur recycling plant at the Lenzing site. They have invested more than USD 55 million to save 15,000 tons of CO2 emissions through the system.
Segmentation Table
Global Eco Fiber Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 8.8% from 2024 to 2032
Unit Value (USD Billion), Volume (Million Ton)
Segmentation By Type
- Organic Fibers
- Recycled Fibers
- Regenerated Fibers
- Others
By Application
- Clothing/Textile
- Household & Furnishings
- Industrial
- Medical
- Others
By Geography
- North America (By Type, By Application)
- U.S. (By Type)
- Canada (By Type)
- Europe (By Type, By Application)
- Germany (By Type)
- France (By Type)
- U.K. (By Type)
- Turkey (By Type)
- Rest of Europe (By Type)
- Asia Pacific (By Type, By Application)
- China (By Type)
- Japan (By Type)
- India (By Type)
- Rest of Asia Pacific (By Type)
- Latin America (By Type, By Application)
- Brazil (By Type)
- Rest of Latin America (By Type)
- Middle East & Africa (By Type, By Application)
- South Africa (By Type)
- Rest of Middle East & Africa (By Type)
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