The global eco fibers market is driven by the rising demand for eco fibers from textile industry coupled with surge in use of eco-fiber in household applications.
PORTLAND, Ore., Aug. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Eco Fibers Market by Type (Organic, Regenerated, Recycled), By End-Use (Textile, Industrial, Medical, Household and Furnishing, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global eco fibers industry generated $52.8 billion in 2022, and is anticipated to generate $108.6 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
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Prime determinants of growth
The global eco fibers market is driven by the growing demand for eco fibers from textile industry along with rising use of eco-fiber in household applications. However, high price of eco fiber is hindering the growth of the global eco fibers market. Nevertheless, the innovation and technological advancement is expected to offer lucrative opportunities for market growth in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $52.8 billion |
Market Size in 2032 | $108.6 billion |
CAGR | 7.5 % |
No. of Pages in Report | 287 |
Segments covered | Type, End-Use, Region |
Drivers | Rising demand for eco fiber in textile industry. Surge in use of eco-fiber in household applications |
Opportunities | Innovation and technological advancement |
Restraints | High price of eco fiber |
Russia-Ukraine war impact analysis on the eco fibers market
- The Russia-Ukraine war has led to disruptions in transportation and logistics, affecting the supply chain of eco fibers. Ukraine is a significant producer of natural fibers such as hemp and flax, which are used in eco fiber production. The conflict can disrupt the cultivation, harvesting, and processing of these fibers, leading to reduced supply and potential price fluctuations.
- Trade relations between Russia and Ukraine have been strained due to the conflict. Trade restrictions, embargoes, or tariffs imposed between the two countries can hinder the export and import of eco fibers and related products. This can impact the availability and affordability of eco fibers in the market.
- The geopolitical situation and uncertainties surrounding the war may prompt manufacturers to reconsider their sourcing strategies for eco fibers. They may seek alternative suppliers or shift their production to other regions to mitigate risks associated with the conflict. This could result in changes in the supply chain dynamics of eco fibers in the market.
- Geopolitical tensions and conflicts can impact consumer sentiment and confidence, which can influence the demand for eco fibers. Uncertainty and economic instability may lead to reduced consumer spending and a shift toward more affordable or conventional fibers, potentially affecting the growth of the eco fibers market.
- The Russia-Ukraine war and its aftermath may impact investments and innovation in the eco fiber sector. Economic instability and geopolitical risks can deter investments in research and development of new eco fiber technologies or expansion of eco fiber production facilities. This can slow down the pace of innovation and limit the market's growth potential.
- The war and related geopolitical tensions can have broader implications for international relations, affecting export markets for eco fibers. Trade disputes, sanctions, or political alliances may impact the export opportunities for eco fiber producers in Russia, Ukraine, and neighboring countries, potentially reshaping the competitive landscape of the global eco fibers market.
The regenerated segment to maintain its lead position during the forecast period
Based on type, the regenerated segment accounted for the largest share in 2022, contributing to more than three-fifths of the global eco fibers market revenue, and is projected to maintain its lead position during the forecast period. Regenerated eco fibers help conserve natural resources by utilizing waste materials or by-products from various industries. Recycling post-consumer waste or repurposing industrial waste into fibers reduces the need for virgin materials, thereby reducing the pressure on natural resources. The focus on resource efficiency and circular economy principles drives the growth of man-made regenerated eco fibers. The organic segment is projected to grow at a CAGR of 7.8% from 2023 to 2032.
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The textile segment to maintain its lead position during the forecast period
Based on end-use, the textile segment accounted for the largest share in 2022, contributing to more than two-fifths of the global eco fibers market revenue, and is projected to maintain its lead position during the forecast period. Eco fiber such as organic cotton, hemp fibers, bamboo fibers, recycled polyester are widely used in textile industry. Organic cotton is grown without the use of synthetic fertilizers or pesticides. Fabrics made from organic cotton are soft, breathable, and biodegradable. They are used in a wide range of textile applications, including clothing, beddings, towels, and home furnishings. The industrial segment is projected to grow at a CAGR of 8.1% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global eco fibers market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 7.7% from 2023 to 2032. The eco fibers market in the Asia-Pacific region has been witnessing significant growth in recent years. Eco fibers, also known as sustainable fibers or green fibers, are derived from renewable resources and have a lower environmental impact compared to conventional synthetic fibers.
Leading Market Players: -
- GRASIM INDUSTRIES LTD.
- TEIJIN LIMITED
- LENZING AG
- SHANGHAI TENBRO BAMBOO TEXTILE CO., LTD.
- PILIPINAS ECOFIBER CORPORATION
- DAVID C. POOLE COMPANY, INC.
- CHINA BAMBRO TEXTILE CO., LTD.
- SATERI
- UNIVERSAL FIBERS INC.
- TANGSHAN SANYOU GROUP XINGDA CHEMICAL FIBRE CO. LTD
The report provides a detailed analysis of these key players in the global eco fibers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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