Key Insights into the Market:
The global eco fibers market was valued at USD 45.76 billion in 2020 and is anticipated to reach USD 86.62 billion by 2028, growing at a CAGR of 8.5% during 2024-2028. The COVID-19 pandemic caused a significant negative impact on global demand, resulting in a 2.9% decline in 2020 compared to the average year-on-year growth from 2017 to 2019. However, the market is expected to rebound to pre-pandemic levels post-pandemic. Fortune Business Insights™ shares this information in its report titled “Eco Fiber Market, 2024-2028.”
Eco fibers are characterized by their pesticide-free cultivation and resistance to mold and disease. Major products in this market include linen, ramie, bamboo, and hemp, which are utilized in textile and apparel applications. Technological advancements have led to the development of eco fibers with additional properties such as microbe and UV resistance. The market is witnessing growth due to increased adoption of organic fibers by textile manufacturers to address clothing waste and comply with government regulations restricting the use of synthetic fibers.
Market Trends:
Increased awareness of environmental sustainability has driven rapid advancements in fiber technology, leading to the creation of more sustainable fibers. This trend aims to alleviate the environmental burden caused by fabric waste. Natural fibers, such as cotton, are experiencing high demand due to their comfort properties and affordability. Fashion brands are also shifting towards eco-friendly fibers to promote sustainability in the fashion industry. Additionally, there is a growing trend of reducing the use of synthetic fibers, providing growth opportunities for the eco fiber market.
Factors Driving Market Growth:
Emerging economies, particularly in Asia Pacific, are experiencing rapid growth in the fashion, textile/apparel, automotive, and medical industries, driving the demand for eco fibers. Increased consumer spending on apparel, household furnishings, and medical products is further fueling market growth. The COVID-19 pandemic has accelerated the adoption of eco fibers in medical applications to meet the demand for PPE kits and masks, thereby supporting market growth.
Challenges Hindering Market Growth:
High prices of eco fibers and the availability of cheaper substitutes, such as synthetic fibers, pose challenges to market growth. The farming and manufacturing processes of eco fibers are expensive, contributing to their higher cost. Synthetic fibers are also easier to manufacture and process, leading to a higher preference among consumers. These factors collectively restrain the growth of the eco fiber market.
Market Segmentation Analysis:
The market is segmented into organic fibers, recycled fibers, regenerated fibers, and others. Organic fibers are expected to witness the fastest growth, driven by changing consumer preferences towards eco-sustainable products. Recycled fibers are gaining traction due to their environmental benefits and recyclable properties. The application segment is dominated by clothing/textile, followed by household & furnishings, industrial, medical, and others.
Information Source: https://www.fortunebusinessinsights.com/eco-fiber-market-106356
Regional Analysis:
Asia Pacific leads the global market, driven by rapid economic growth and increasing demand from industries such as textile, automotive, and construction. North America and Europe are witnessing growth in the medical and automotive industries, respectively, contributing to market expansion. Latin America and the Middle East & Africa present significant growth opportunities, with countries like Brazil and South Africa being major exporters of cotton and wool.
Industry Developments:
Lenzing Group commissioned an air purification and sulfur recycling plant to reduce CO2 emissions, showcasing its commitment to sustainability. Liva, a brand from Birla Cellulose, launched antimicrobial fibers that inhibit the growth of viruses and bacteria, addressing the need for hygienic fabrics.
Report Coverage:
The report offers a comprehensive analysis of the eco fiber market, focusing on leading companies, applications, types, trends, and industry developments. It provides insights into market dynamics and factors contributing to market growth. The report also includes a detailed segmentation analysis based on type, application, and geography, covering major regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in the Report
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.)
David C. Poole Company, Inc. (U.S.)