The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global eco fiber market is expected to reach USD 93.27 billion by 2025, growing at a CAGR of 12.1%, according to a new report by Grand View Research, Inc. Rapidly expanding textiles industry in emerging nations, including India and China has been a major factor driving market growth. In addition, increasing environmental concerns coupled with volatile prices associated with conventional fabrics has also spurred their adoption in the global market.
The revolution regarding usage of sustainable products in the textiles industry started in early 1990’s, when the companies and communities across the globe started taking interest in green movement. Key garments manufacturers started developing environmental-friendly products such as bamboo fibers, biodegradable detergents and paper as well as organic cotton, produced from controlled usage of chemicals and pesticides; and fertilizers.
Organic cotton farming does not utilize any toxic chemicals or GMOs and is certified to organic agricultural standards. The production of such fibers uses over 70% less water and 62% less energy in comparison to the conventional fiber production while improving the soil quality and having less impact on the air. Additionally, it also promotes safe work environment and better livelihoods.
Further key findings from the report suggest:
- The global eco fiber demand exceeded 9,570 kilo Tons in 2016 and is expected to grow at a CAGR of 7.3% from 2017 to 2025
- Organic eco fibers segment is estimated to generate revenue worth USD 14.4 billion by 2025
- The rising emphasis on sustainable disposal of textile and industrial waste in order to minimize the harm to people and environment has spurred the demand of regenerated fibers.
- Regenerated eco fibers emerged as the dominant segment in 2016, with over 55% volume share
- Regenerated fibers, an integral part of manmade fibers, are created artificially by using either proteins or cellulose. The usage of chemicals is avoided during processing of such natural fibers to produce regenerated fibers to make them entirely eco-friendly.
- Key market participants include Lenzing AG, US Fibers, Polyfibre Industries Pvt Ltd, Grasim Industries Ltd., Wellman Advanced Materials, Teijin Limited, Pilipinas Ecofiber Corporation and China Bambro Textile (Group) Co., Ltd. Among others
- Eco fibers industry is projected to witness modest growth rate in medical applications since owing to the technological advancement in the medical & healthcare sector, which has resulted in use of textiles as nanofibers in areas such as wound healing, bone regeneration, and drug delivery
- The government’s initiatives towards developing a relatively more favorable textiles trade environment across Asia Pacific is anticipated to positively influence the industry growth over the forecast period. Asia Pacific is projected to grow at a CAGR of 9.5% from 2017 to 2025