Environment friendly nature of fibers will also be a contributing factor for the global Cellulose Fiber Market in coming years. Compared to other petrochemical based fibers like polyester and nylon, cellulose fibers are eco-friendly and easily bio-degradable as they are made from natural sources like wood, leaves, barks, etc. These properties make it a better and safer alternative to conventionally used fibers and is expected to augment the global market during the forecast timeframe.
Cellulose Fiber Market Asia Pacific is the fastest growing market with a CAGR of 9.5% and its market worth will likely exceed USD 15 billion by 2024. Presence of many of apparel and textiles manufacturers in the region coupled with high raw material production will drive the industry growth in this region. Europe is also a significant market and its value will likely increase to USD 10 billion by 2024. The region is expected to witness a growth rate of 9% CAGR.
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Global cellulose fiber market will be chiefly driven by high growth in the textiles & apparel industry as these fibers are extensively used in apparel and textile production. Growing world population and rising income levels have led to a robust demand for apparels by a fashion-conscious consumer base. This trend is increasingly visible in developing countries of Asia Pacific and Latin America where economic development has resulted in a notable increase in disposable income among its citizens.
Many governments have formulated laws and regulations to protect forest reserves in the wake of rapid deforestation and global warming. These regulations, controlling and limiting the number of trees being cut for wood and other resources, may hamper the global cellulose fiber market in future as it will likely lead to a steep increase in the price of raw materials for the product.
Global cellulose fiber market is consolidated with six major players contributing as much as 50% of the total share. Many companies have integrated along the value chain while engaging in manufacture of processing chemicals, production of fibers along with textiles, yarns and fabrics. Top manufacturers in market include:
- Grasim Industries
- Lenzing SA
- Tangshan Sanyou
- Shandong Helon
- Thai Rayon
- Daicel Corporation
- Indo-Bharat Rayon
- Kelheim Fibres GmbH
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Frequently evolving fashion trends coupled with competitive pricing has resulted in a noteworthy growth in the apparels industry and in 2015 this sector earned a revenue above USD 1 trillion. Textiles and apparels industry is expected to grow further during the forecast timeframe and will propel the global market growth.
Spun yarn, clothing and fabrics are the three application segments in the global cellulose fiber market. Clothing is the most significant application segment occupying above 60% of the overall share. This segment will likely grow by a CAGR of more than 9.5% during the forecast timeframe owing to rising demand for apparel and clothing from a new generation customers who are increasingly fashion savvy and are willing and able to spend more on their outfits. Fabrics segment also has a substantial share of the global market and its share of the overall market will likely reach USD 5 billion in 2024.
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