The Global Eco Fiber Market - Growth, COVID-19 impact and Forecast (2021-2025)
The Eco Fiber market is segmented by Product type (Manmade/Regenerated, Natural, Organic and Recycled); Application (Textiles, Household and Furnishing, Industrial, Medical and Others); Geography (APAC, North America, Europe and ROW).
Introduction
Eco fiber is a thin long natural thread or a strand with flexible texture. This material is widely used in the textile industry, due to its natural and ecologically friendly properties.
Eco fibers are made of different substances such as hemp, flax, organic cotton, and bamboo, are used in the production of fabrics. In addition, organic cotton is the gaining traction as it is a sustainable alternative to conventional cotton in the market.
Increasing demand for high quality environmental friendly product with good durability and strength is driving the market growth. However, high price of fibers and the availability of raw materials are based on environmental conditions are likely to hinder the markets growth.
In addition, the recovering manufacturing activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global eco fiber market is expected to have incremental growth of $12.60 billion during 2020-2025.
Growth momentum is expected to accelerate during the forecast period with 5.22% CAGR.
Growing textile industry and fluctuations in prices of conventional fabrics are some of the major factors fuelling growth of the eco fiber market.
APAC dominated the market in 2020 owing to the growing demand for apparels and sustainable textiles in the economies, including India, China, Indonesia, and South Korea
Key Trends
Technological advancements in terms of the development of eco fiber textiles offering antimicrobial, hypoallergenic, insulating, are likely to create opportunities for the market in the coming years.
Many companies are shifting their focus on sustainability mainly to reduce waste, carbon emission, and energy is expected to fuel the market growth
Key Market Players
Some of the key players in the market are Lenzing, US Fibers, Polyfibre Industries, Wellman Advanced Materials, Shanghai Tenbro Bamboo Textile, Grasim Industries.
The eco fiber market is fragmented in nature with key players are rigorously competing and offering custom solutions. Major players focus on mergers & acquisitions, expansion of their manufacturing facilities, infrastructural development, investments in R&D facilities, and are seeking opportunities to vertically integrate across the value chain. Innovation and extensive marketing strategies are the key factors for new entrants owing to high competition in the market.
Growth Drivers and Challenges
Growing demand for eco-textiles in daily and fashion wear and increasing household applications are driving the market growth
Favorable government policies for producing bio-based products along with strict sanctions focused synthetic polymers are positively impacting the market growth
The development of eco fiber is capital intensive and R&D cost involved is high which is restraining the market growth
High cost of these eco fiber is the key factor hampering the demand for eco fibers.
Availability of low-cost substitutes is hindering the market growth