Rayon Fibers Market is forecast to reach $28 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Rayon is a regenerated fiber made from purified cellulose. Because of its strength, rayon has also been used as a primary component in vehicle tires, which results in a product which is less expensive than nylon tires and boost the growth of rayon fibers market. Surging demand for rayon fibers in medical applications drives the growth of the market. In addition, rayon fibers are moisture absorbent, breathable and comfortable to wear which escalates its use in textile industry.
Rayon Fibers Market Segment Analysis – By Type
Viscose rayon fiber has dominated the rayon fibers market with a share of more than 35% in 2019. Viscose fibers have properties similar to that of cotton, thereby substituting cotton fibers in various end-use industries. They are produced by reacting cellulose with sodium hydroxide to form alkali cellulose, which in turn, is reacted with carbon disulfide (CS2) to convert it to cellulose xanthate. It is then dissolved in dilute sodium hydroxide and then extruded through spinnerets into an acid bath (wet spinning). Viscose rayon are soft and non-insulating fibers, and are used for making dresses, ribbons, and trims. Surging use of viscose rayon in apparels, upholstery fabric is likely to aid the growth of the market. According to the International Trade Centre, global import of viscose rayon filament increased from 90,489 Tons in 2017 to 101,633 Tons in 2019.
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Rayon Fibers Market Segment Analysis – By Application
Personal care segment is projected to grow with the highest CAGR of 8% in the rayon fiber market during the forecast period. This growth is attributed to the surging uses of rayon fiber in the hygiene products such as sanitary towels, sanitary napkins, tampons, baby diapers, and napkin liners. As, use of rayon fiber provides quick liquid absorption and also provides an excellent dry surface. According to International Trade Centre (ITC), the world export of sanitary towels and tampons increased from 15,784,370 to 16,301,138 in 2018. China held the largest export market constituting export value of 1, 80,586 in 2018. Rayon fibers are affordable alternatives to traditional fabrics as they can be disposed of after each use, which is anticipated to drive the rayon fibers market during the forecast period.
Rayon Fibers Market Segment Analysis – By Geography
Asia Pacific region holds the largest share of more than 45% in the rayon fibers market in 2019. The growing infrastructural development, rising per capita income of the individuals, increasing birth rate, and higher domestic demand along with the availability of low-cost labor is expected to drive the demand for rayon fibers in the region. Rising production of baby diaper influenced by increasing birth rate in Asia Pacific is one of the key factors driving the demand for rayon fibers in the region. Whereas, the increasing healthcare investments in various regions of the APAC drive the demand of surgical apparels, which further increase the demand for rayon fibers in the market. In 2019, the government of Malaysia allocated a sum of US$ 7 billion to the public health sector, an increase of 7.8 per cent from 2018. Moreover, increasing demand for apparel and expansion of textile industries across the country is also aiding the market growth. According to Indian Brand Equity Foundation (IBEF), India’s textile and apparel exports accounted for US$ 38.70 billion in 2019 and is expected to increase to US$ 82.00 billion by 2021 driving the growth of rayon fiber market.
Rayon Fibers Market Drivers
Growing demand from automotive and industrial sector
The growing demand for environment friendly vehicles globally drives the growth of this market. As, high tenacity rayon fibers are used as a reinforcement in tire cords and hoses in automotive industries. According to the International Energy Agency (IEA), global stock of electric passenger cars increased by 63% reaching 5 million in 2018. Thus, flourishing automotive sector drive the growth of the rayon fibers market. Furthermore, rayon fibers are also used in industrial apparels due to its high strength and durability. Stringent labor laws coupled with the presence of governing bodies such as the Occupational Safety and Health Administration (OSHA) is expected to increase the demand of rayon fibers for industrial clothing.
Growing fashion industry and changing life style
Increasing disposable income and adoption of western culture in emerging nations has boosted the growth of fashion industry. Additionally, surging demand of rayon fiber for clothing and home-ware, such as blankets, sheets and curtains are augmenting the growth of rayon fibers market. According to Trade Map, global spending on import of apparels and clothing accessories increased by 9% accounting for $ 4,741,531 in 2018. Huge spending of youth on apparels fashion products is augmenting the market. Also, according to the China Luxury Report, Chinese consumers at home and abroad spent 115 billion on luxury fashion items in 2018 which equivalents to a third of the global spend.
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Rayon Fibers Market Challenges
High processing cost and availability of other alternatives
Although rayon is made from wood cellulose, a relatively inexpensive and environmentally friendly resource, its processing requires high water and energy use, which contribute to air and water pollution. Rayon fibers are easily damaged by strong concentrated bleaches as they are manufactured from natural polymers. They catch fire easily and the prolong exposure to sunlight leads to reduced strength of rayon fiber. Furthermore, presence of alternatives such as nylon, polyester, or acrylic with better durability and strength compared to rayon fibers also hampers the growth of the market.
Emergence of COVID-19
COVID-19 proved to be a major challenge for the rayon fiber manufacturers due to disruptive supply chain and declining demand from consumers worldwide. Many industries are shuttered due to lack of manpower. The apparel industry body Clothing Manufacturers Association of India (CMAI) has estimated that if no assistance comes from government either in terms of wage subsidy or revival packages there could be loss of almost 1 crore jobs in the entire textile chain. Due to the coronavirus, purchasing capital of people decreased which has direct impact on automotive, and textile industries, subsequently affecting the rayon fibers market. Also, according to the China Passenger Car Association (CPCA), the first two-month of year 2020 sales declined by 40 percent or more compared to the same period in 2019, impacting the rayon fibers market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the rayon fibers market report. In 2019, the market of rayon fibers has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the rayon fibers market are Asahi Kasei Corporation, Tangshan Sanyou Chemical Industry Co. Ltd., Toray Industries, Inc., Fulida Group, Shandong Yamei, Aditya Birla Group, Lenzing AG, Mitsubishi Rayon Co. Ltd., Aoyang Technology Co. Ltd., among others.
In April 2019, Sateri has acquired Jiangsu Xiangsheng Viscose Fiber Co., Ltd. (“Xiangsheng”). With this acquisition, Sateri operates four viscose mills in China, making it the world’s largest viscose producer with a total annual production capacity of 1.1 million metric tons.
Rayon is made from wood pulp which give it several environmental benefits over crude oil derived fibers such as polyester and nylon. In addition, volatility in oil prices also boosts the growth of the rayon fibers market.
The growing demand for trendy apparels is expected to fuel the demand for rayon fibers in the market.
The outbreak of coronavirus has hampered the market growth due to shutdown of manufacturing units and disruption of supply chain.
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