Selbyville, Delaware, United States, November 5 2020 (Wiredrelease) Global Market Insights, Inc –:Global cellulose fiber market size will reach a yearly valuation of USD 39.8 billion by 2024. Robust use in manufacturing apparel and textiles, considering the expansion of the clothing sector, will augment the development of cellulose fibers. Factors like rising world population and increasing household incomes due to economic growth in emerging economies of Asia Pacific and Latin America are leading to a consistent demand for apparels across fashion-conscious consumers.
Another prominent driver for the global cellulose fiber market is the environment friendly and bio-degradable benefits derived from the fibers in comparison to other petrochemical fibers including polyester and nylon. The cellulose fiber components are produced from natural sources like wood, leaves, and barks among others, making it a healthier and safer alternative to conventionally used fibers.
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Catalyst in the production of garments
The apparels sector contributed to a revenue share of up to USD 1 trillion in 2015 and is projected to grow significantly in the coming years. This can be attributed to the constant evolution in fashion trends along with the competitive pricing of the products, enhancing the market value for the textiles. Based on applications, the use of cellulose fibers can be distributed across spun yarn, clothing, and fabrics.
Product consumption from the clothing application accounted for 60% of the global share and is pegged to reach a CAGR of over 9.5% in the coming years. The growth can be attributed towards the augmenting consumption of apparel and clothing among new generation fashion savvy users who have high expenditure capacities, besides the expanding e-commerce sector.
Key markets across Asia Pacific and Europe
Asia Pacific can be considered a rapidly emerging regional market for cellulose fibers and is anticipated to see a CAGR of 9.5%, valued at USD 15 billion in remuneration, through 2024. Presence of a large number of apparel and textile manufacturers as well as increasing raw material production across the region are factors escalating the growth.
Europe cellulose fiber market share is estimated to record an annual consideration of more than USD 10 billion by 2024, while its growth rate is projected to strike a 9% CAGR, with the growing product consumption across the continent.
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Restrictive competitive landscape worldwide
Global cellulose fiber suppliers mainly comprise of six prominent leaders accounting for over 50% of the overall business share. The firms are focused on effective production and supply of processed chemicals, fibers as well as textiles, yarns, and fabrics.
They are also keen on strategic associations and increasing investments. Tangshan Sanyou, Indo-Bharat Rayon, Fulida, Aoyang, Kelheim Fibres GmbH, Lenzing SA, Sateri, Daicel Corporation, and Thai Rayon are some of the other brands functioning in the business landscape.
Stringent norms and regulations have been framed by several governments to protect forest reserves, considering the surge in deforestation and global warming. This, along with the controlled and limited cutting of trees for wood and other resources is resulting in a stir in the costs of raw materials, which may negatively influence the demand for the cellulose fiber. Also, the COVID-19 pandemic in 2020 has stalled the progress of the industry to a certain extent due to restrained production and supply.
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