BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global eco fibers market size at USD 51.92 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global eco fibers market size to grow at a significant CAGR of 8.77% reaching a value of USD 92.79 million by 2029. Major growth factors for global eco fibers market include increasing concerns regarding the harmful impacts of using synthetic fibers on the environment and rising online fashion market. Eco fibers are becoming increasingly popular in designer clothes and outfits. Technology advancements in the creation of eco fiber fabrics with antimicrobial, hypoallergenic, insulating, UV resistant, highly breathable, and absorbent properties are projected to increase their importance in the apparel industry during the forecast period. The market in the United States is predicted to increase significantly as the country's textile companies focus on building effective work processes, reorganizing their businesses, and investing in specialty goods and markets. This, in turn, has shown to be beneficial to the industry's growth. The rapidly expanding online fashion sector, increased disposable income, and the creation of high-quality novel textiles are propelling the global textile business. The government's severe environmental rules have spurred local clothing producers to use greener raw materials and environmentally friendly processes. Across the economies, regulations have been put on the manufacturing and disposal of synthetic sources of fiber production. This tendency has resulted in a shift in preference toward bio-based alternatives, such as organic cotton, hemp, and other eco fiber sources, which is expected to drive market expansion during the forecast period. However, stringent government regulations are anticipated to restrain the overall market expansion.
Global Eco Fibers Market – Overview
Eco fiber is a flexible, thin, long natural thread or strand. Due to its natural and environmentally beneficial characteristics, this material is frequently employed in the textile industry. Textile-based goods are typically made with a wide variety of chemical agents, such as scouring agents, wetting agents, soaping agents, and coloring chemicals. The overuse of these agents has prompted various concerns about environmental contamination, which is contributing to global warming. This, in turn, increases demand for eco fibers in the textile industry, promoting market growth. Due to their properties, these fibers are very resistant to mold, mildew, and disease. As a result, clothing/textile, domestic furnishings, medical, and other sectors are in great demand. It is in high demand in the textile industry because to its organic and environmentally friendly character. The worldwide eco fiber market is being driven by the increased acceptance of eco fibers in various applications as a result of growing environmental concerns. Furthermore, favorable government policies and technological innovation for new applications will drive the eco-fiber market during the period in analysis.
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Impact of COVID-19 on Global Eco Fibers Market
COVID-19 had a detrimental impact on the global eco fiber market. The COVID-19 pandemic slowed economic growth in practically every emerging country, altering consumer spending patterns. This pandemic had a particularly negative impact on the textile industry. Garment business orders are falling by double digits in the global market. The European Union (EU) and Better Work, for example, launched a campaign to improve working conditions in the clothing industry. They decided to improve working conditions in the garment industry in nations, such as Vietnam and Bangladesh. Such measures are expected to revitalize the sector and boost demand for eco fibers during the forecast period.
Global Eco Fibers Market– By Application
Based on application, global eco fibers Market is divided into Textile/Apparel, Industrial, Medical, and Household & Furnishing segments. The textile/apparel segment held the highest market share during the forecast period because of the surging demand for casual wear, formal wear, and attractive clothing among all age groups. Rising product demand in many apparel products is expected to help category growth. Another key aspect driving the market is the increased use of luxury and trendy fashionable clothing, particularly among the young and adult population. Furthermore, expanding the availability of varied clothing options for infants and children is predicted to have a beneficial impact on overall textile consumption by 2027, fueling sector growth.
Competitive Landscape
Major players operating in global eco fibers market include Lenzing AG, US Fibers, Polyfibre Industries, Grasim Industries Ltd., Wellman Advanced Materials, Shanghai Tenbro Bamboo Textile Co. Ltd., China Bambro Textile (Group) Co., Ltd., Pilipinas Ecofiber Corporation, Teijin Limited, David C. Poole Company, Inc., and Foss Performance Materials. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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