Market Overview:
The global eco fiber market size was USD 45.76 billion in 2020 and is projected to grow from USD 48.89 billion in 2021 to USD 86.62 billion in 2028 at a CAGR of 8.5% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 2.9% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Market Growth:
The Eco Fiber Market is experiencing robust growth globally, driven by increasing environmental awareness and a growing demand for sustainable products. As consumers and industries seek alternatives to traditional fibers, eco-friendly options such as organic cotton, bamboo, hemp, and recycled fibers are gaining traction. Government regulations promoting sustainability and eco-conscious practices further propel market expansion. Additionally, heightened concerns about climate change and carbon footprint reduction drive the adoption of eco fibers in various applications, including textiles, apparel, automotive, construction, and packaging. Technological advancements in fiber production and processing enhance the quality and versatility of eco fibers, broadening their usage across industries. With rising consumer preference for environmentally friendly products, the Eco Fiber Market is poised for continued growth in the foreseeable future.
Market Driver:
The eco fiber market is flourishing due to a convergence of environmental and consumer-driven trends:
· Rising Environmental Concerns: Consumers are increasingly conscious of the environmental impact of synthetic fibers and textile production. Eco fibers, including organic cotton, recycled materials, and regenerated cellulose, offer a more sustainable alternative.
· Demand for Sustainable Products: Growing awareness of eco-friendly practices is driving a shift towards sustainable clothing, furniture, and other applications. Eco fibers cater to this demand by offering eco-conscious consumers a responsible choice.
· Government Regulations: Stringent regulations on textile chemicals and production practices are pushing manufacturers towards eco-friendly materials like eco fibers.
· Technological Advancements: Innovations in processing techniques and fiber blends are making eco fibers more comfortable, durable, and versatile, increasing their appeal to manufacturers and consumers.
· Economic Growth in Developing Nations: Rising disposable incomes in developing countries are leading to increased demand for apparel and furnishings, creating a larger market for eco fibers.
These factors are expected to propel the eco fiber market towards significant growth in the coming years.
Regional Analysis:
The market in Asia Pacific stood at USD 17.27 billion in 2020. The region accounted for the highest value in the global market due to rapid economic growth supported by the rising population. The rise in demand for fiber from clothing and industrial application is driving the market in the region. Industries, such as textile, automotive, and construction, are on the rise, surging the consumption of the product.
Source: https://www.fortunebusinessinsights.com/eco-fiber-market-106356
Key Development:
At the Lenzing location, the Lenzing Group developed and successfully commissioned an air purification and sulfur recycling plant. The system lowers 15,000 tons of CO2 emissions, and the corporation invested more than USD 55 million in it.
LIST OF KEY PLAYERS PROFILED IN ECO FIBER MARKET:
· 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.)