By Types – Segment Analysis
The Regenerated Eco fiber segment held the largest share in the Eco Fibers Market in 2019. The demand for Regenerated textile fiber is rising as they are free from pesticides and herbicides. Regenerated fibers are an integral part of manmade fibers and are produced artificially by using either proteins or cellulose. Natural eco fiber is the second largest segment and is expected to witness significant growth over the forecast period, as these fibers are naturally obtained from mineral, animal, and vegetable sources and are converted into nonwoven fabrics.
By End use Industry – Segment Analysis
The textile industry is the primary market for Eco Fibers. Steel in 2019 growing at a CAGR of 12.2%. The demand for textile will rise due to rise in global population which will touch approx. 8.1 billion by 2025. The rise in population will augment the global apparel market to $2.1 trillion by 2025 according to National Council of Textile Organizations. In the global textile industry, China is the world’s leading producer and exporter of both raw textile and finished garments, followed by India and the United States. China exports of textile to US is $45.95 billion and to India is $4.39 billion in the year 2019. According to the India Brand Equity Foundation, India’s overall textile exports during financial year 2017-18 stood at US$ 39.2 billion and is expected to increase by US$ 82.00 billion in financial year 2021. The upsurging use of trending and luxury fashionable clothes among all the age groups is a key factor in the growth of Textile Industry which is also a key aspect to the growth of global Eco Fiber Market. Household & furnishings segment emerge as the second fastest growing market for Eco Fibers. Rising consumer preference for soft feel, smooth texture, and shape-retaining fabrics is expected to positively influence the consumption of household textiles.
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Geography – Segment Analysis
APAC dominates the Eco Fiber market with a share of more than 35%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in Textile and Pharmaceutical industries. According to the China National Textile and Apparel Council the government of China has undertaken initiatives such as subsidies to textile manufacturers and “Going Out” strategy in its 12th five-year plan for textile industry. This scenario is likely to boost the domestic consumption as well as the consumption of textiles, thereby positively influencing the market growth over the forecast period. Whereas, the Government of India is implementing various schemes and has taken several policy initiatives to promote textiles industry and help it becoming globally competitive.
Drivers – Eco Fibers Market
- Mass consumption of Eco Fibers in Textile and Fashion Industries
The increase in global textile production is a major factor which influence the growth of Eco Fiber Market across the globe. Countries such as India and China has higher demand for textile which can be accomplished by, mass production of textile is done. The fashion industry is one of the largest industrial sectors in the world. According to United Nations Environmental Program, the fashion sector comprising textile creation and production, is the second largest global economic activity in terms of trade. The global sector of fashion industry is valued at $1.44 trillion. According to the official statement of U.K Parliament, the fashion industry in U.K is worth $36.14 billion (£32 billion) in 2017. The Joint Economic Committee of US says that, more than $250 million spent annually on fashion and apparel.
- Increasing demand in Pharmaceutical industries
With increase in demand for Pharmaceutical products such as sanitary pads, bandages and others is likely aid the market growth of Eco-Fiber. Asia has become the fastest-growing pharmaceutical market in the world and offers tremendous market potential. As economic prosperity impacts the way people live, chronic and lifestyle diseases, such as diabetes and heart disease, are slowly beginning to replace infectious diseases in the majority. Coupled with the population’s increasing ability to spend more on healthcare, these factors have all helped attract pharmaceutical Industry.
Challenges – Eco Fibers Market
- Ascending demand for synthetic fibers
Ascending demand for synthetic fibers that are cheaper than eco fiber, is emerged as a restraining factor for eco fiber-based textile. Due to technological advances in production methods and superior physical, chemical, and mechanical characteristics, synthetic fibers are not only well recognized for their use in general textile, but also play crucial role in key end user industries such as healthcare, aerospace, food packaging, water purification, electronics, automotive, air filters, and others. Furthermore, subsidies to synthetic fiber plants from Governments’ will affect the market of eco fiber.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Advanced High-strength steel market. In 2019, the market of Eco fibers has been consolidated by the top five players accounting for xx% of the share. Major players in the Eco Fibers Market are Aldi South Group, Stanley & Stella, AB Lindex, Boll & Branch and H&M and others.
Acquisitions/Technology Launches/ Product Launches
- In May 2019, Aditya Birla Group’s Grasim Industries announced the expansion of its specialty fiber business, which is expected to increase the company capacity by 40% in the next two years. This expansion is further expected to help the company in catering its customers increasing demand.
- In April 2014, Flex Form Technologies announced the formation of Flex Form Korea Ltd. for acquiring and production lines in Jeanju City and in Cheaon in South Korea. This expansion helped the company in fulfilling the customer’s demands in South Korea in a shorter span of time.
- Asia-Pacific dominates the Eco Fiber market owning to increasing demand from the end users such as Textiles, Pharmaceutical and Automotive industries. Ascending demand for synthetic fibers that are cheaper than organic cotton is likely to emerge as a restraining factor for eco fiber in the coming year.
- The growing environmental awareness along with volatile prices associated with conventional fabrics has also fueled the Eco Fibers Market.
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