The global eco fibers market is expected to register a CAGR of more than 9% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time. The textile industry was one of the industries to be worst affected by the pandemic, with business orders of garments dropping by double-digit numbers in the global market. Owing to this, the government of most countries initiated various schemes to revive the sector, which later led to substantial growth and improvement in the sector. For instance, in Europe, the European Union (EU) and Better Work, a program to improve working conditions in the garment industry, decided to join efforts to improve the garment industry working conditions in countries, such as Bangladesh and Vietnam. Such initiatives are expected to revive the sector and boost demand for eco fibers through the years to come.
- Over the long run, growing demand for daily and fashion wear and increasing use of eco fiber in household applications are expected to drive the market studied.
- The high cost of final products is expected to hinder the market growth of eco fibers through the coming years.
- Growing demand for natural fibers in various applications is expected to create opportunities for the market in the coming years.
- Asia Pacific is expected to dominate the global eco fibers market, and it is also expected to register the fastest growth through the forecast period.
Key Market Trends
Growing Demand from Textile Industry
- Eco fibers are environmentally friendly and hence have been increasingly used in textile fabrics.
- Eco fibers are usually made of different substances, such as hemp, flax, organic cotton, and bamboo, which are used in the production of fabrics. Products, such as organic cotton, are gaining traction and serve as a sustainable alternative to conventional cotton in the global market.
- Organic cotton production initially started in Turkey, and the organic cotton industry currently occupies the place backbone in the textile industry of many developing countries. The sector has also played an important role in boosting the economies of a few developing countries.
- Bamboo fiber works naturally as anti-bacterial material and has properties of bacteriostatic and deodorant. Additionally, bamboo fibers offer permeability, a soft feel, and easiness to straighten and have excellent dye and pigmentation color effect properties to fabrics.
- Increasing demand for comfort in daily wear, technological advancements in fashion fabrics, and government regulations on textile chemicals in developed regions are driving the demand for innovations in the textile industry, which, in turn, is expected to drive the market for eco fibers through the years to come.
- India is the second-largest textile producer in the global market. The country’s textile industry’s contribution accounts for more than 7% of industrial output and about 2% of its GDP.
- Furthermore, as per the Ministry of Textiles in India, the textile industry is expected to reach USD 223 billion by 2023.
- Thus, all such factors are expected to drive the market through the years to come.
Asia Pacific to Dominate the Market
- Asia Pacific is expected to dominate the global market, largely driven by the highly developed textile industry in China and India. Moreover, manufacturers prefer to set up manufacturing units in countries, like China, India, Bangladesh, and Pakistan, owing to high cotton production and low labor costs.
- Growing environmental issues because of various chemicals used in textiles and a large proportion of the population getting affected by various diseases are increasing the demand for eco fibers in different applications. Eco fibers are human-friendly and cause no damage to the environment even during the production phase.
- Eco fibers have also been used for household applications, such as tarpaulins, geotextiles, bags, carpets, and furniture materials. China majorly exports its household materials to other countries, like India, Pakistan, Europe, etc.
- Packaging is another sector where demand for eco-friendly fibers is recently gaining momentum. Packaging is considered the fifth largest sector in the Indian economy and is growing around 22-25% per annum, according to the Packing Industry Association of India (PIAI).
- Furthermore, India’s goal of making the country free of single-use plastic by 2022 is expected to act as an opportunity for eco-fibers in the packaging sector.
- Additionally, according to World Trade Organization (WTO) data, China leads the global eco fiber textile market.
- Overall, such factors are expected to drive market growth through the years to come.
The global eco fibers market is partially consolidated in nature, with few players having a significant share in the global market. Some of the major players in the global market include SATERI, Aditya Birla Management Corporation Pvt. Ltd (Grasim Industries Limited), Universal Fibers Inc., LENZING AG (ECOVERO), and Tangshan Sanyou Group Xingda Chemical Fibre Co. Ltd, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1.2 Scope of the Study
4.1.1 Growing Demand from Daily and Fashion Wear
4.1.2 Increasing Household Applications
4.2.1 High Cost of Final Products
4.2.2 Unfavorable Conditions Arising due to the COVID-19 Impact
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5.1.1 Organic Fibers
5.1.2 Recycled Fibers
5.1.3 Other Types
5.2 By Application
5.2.3 Household and Furnishing
5.2.4 Other Applications
5.3 By Geography
5.3.1 Asia Pacific
188.8.131.52 South Korea
184.108.40.206 ASEAN Countries
220.127.116.11 Rest of Asia Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6.2 Market Share(%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 LENZING AG (ECOVERO)
6.4.2 Foss Performance Materials
6.4.3 Aditya Birla Management Corporation Pvt. Ltd (Grasim Industries Limited)
6.4.4 Pilipinas Ecofiber Corp.
6.4.5 Polyfibre Industries
6.4.7 Shanghai Tenbro Bamboo Textile Co. Ltd
6.4.8 Tangshan Sanyou Group Xingda Chemical Fibre Co. Ltd
6.4.9 TEIJIN LIMITED (TEIJIN FRONTIER CO. LTD)
6.4.10 Universal Fibers Inc.
6.4.11 Wellman Advanced Materials
7.2 Other Opportunities
A selection of companies mentioned in this report includes:
- LENZING AG (ECOVERO)
- Foss Performance Materials
- Aditya Birla Management Corporation Pvt. Ltd (Grasim Industries Limited)
- Pilipinas Ecofiber Corp.
- Polyfibre Industries
- Shanghai Tenbro Bamboo Textile Co. Ltd
- Tangshan Sanyou Group Xingda Chemical Fibre Co. Ltd
- TEIJIN LIMITED (TEIJIN FRONTIER CO. LTD)
- Universal Fibers Inc.
- Wellman Advanced Materials