Pune, India, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The global eco-fiber market size was valued at USD 45.76 billion in 2020. The market grew from USD 48.89 billion in 2021 and reached USD 86.62 billion by 2028, exhibiting a CAGR of 8.5% during the forecast period. The rising application of fiber in several industries and strong demand for sustainable fibers are expected to fuel the market growth. Fortune Business Insights™ presents this information in its report titled “Eco-Fiber Market, 2021-2028.”
Eco-friendly fiber is a sustainable fiber resistant to mildew, molds, and eliminates the adoption of chemicals and pesticides. The rising adoption of fiber in commercial, home, and apparels applications is expected to boost the adoption of the product. Furthermore, the rising demand for sustainable fibers leads to the adoption of environment-friendly techniques to manufacture effective fibers. Moreover, textile manufacturers invest heavily in developing natural and environment-friendly fibers to eliminate the issue of waste fabrics. These factors are expected to foster the market development in the coming years.
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COVID-19 Impact
Manufacturing Restraints to Impede Market Growth
This market is expected to be affected negatively during the COVID-19 pandemic because of the restrictions imposed on manufacturing. The rise in COVID-19 cases led to the imposition of stringent lockdown norms by governments. Further, restrictions on transport led to the lack of raw materials required to produce the fiber. However, lockdown relaxations and the adoption of production machinery, sanitization methods, social distancing, and reduced capacities enabled manufacturers to recover costs and boost their annual revenues.
List of Key Players Profiled in the Market 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.)
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments
Type, Application, and Region are Studied
By type, the market is segmented into regenerated fibers, recycled fibers, organic fibers, and others. Based on application, it is classified into medical, industrial, household & furnishing, clothing/textile, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Drivers and Restraints
Robust Demand for Sustainable Fibers from Emerging Economies to Boost Market Development
The rapid development of the medical, automotive, and textile/apparel industries is expected to boost the demand for eco-friendly fibers. The rapid adoption of sustainable fabrics from emerging economies is expected to boost its adoption. The rising disposable incomes and evolving buying preferences lead to the adoption of high-quality products and goods. Furthermore, the rising adoption of the fabric from interior designing, covering, and furnishing is expected to boost market development. Moreover, its rapid adoption in the medical industry to develop surgical masks, beddings, surgical uniforms, and others may boost the fiber’s sales. These factors may propel the eco-fiber market growth.
However, the high prices of fiber may hinder the market’s progress.
Regional Insights
Robust Demand for Eco-Fiber from Industrial Sector to Boost Market Growth in Asia Pacific
Asia Pacific is projected to dominate the eco-fiber market share due to the rising demand for fabric from the industrial and clothing sectors. The market in Asia Pacific stood at USD 17.27 billion in 2020 and is expected to gain a considerable share in the coming years. Furthermore, the rising adoption of the product from the construction, automotive, and textile industries may propel the market growth.
In North America, technological advancements in waste fiber disposal are expected to boost the product demand. In addition, rising demand for harmless disposable of fibers is expected to facilitate industry development.
In Europe, the rising production of automobiles is expected to boost the product demand. Its adoption in the production of seat covers, interiors, lining, and handle covers is expected to boost sales. These factors may boost market progress.
Competitive Landscape
Prominent Companies Launch Innovative Products to Boost Brand Image
The prominent companies operating in the market launch innovative products to boost sales and improve brand image. For example, Liva, a Birla Cellulose brand, announced its antimicrobial fibers in June 2020. It eliminates bacteria & viruses and maintains hygiene and freshness for a long time. This strategy may enable the company to boost its brand image. Further, the adoption of research and development, acquisitions, mergers, partnerships, and others may enable companies to boost their brand presence and establish a remarkable market position.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Eco Fiber Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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Key Industry Development
- June 2021: Södra and Lenzing entered into an agreement for the promotion of circular economy in the fashion sector. The companies developed OnceMore pulp as a raw material for TENCEL x REFIBRA brand’s Lenzing's specialty fibers production.
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