A new industry growth report by Global Market Insights Inc. says the lyocell fiber market is set to exceed $1.5 billion by 2024. Current applications for lyocell fibers include baby diapers, home textiles, apparel, automotive filters, surgical products and others.
The antibacterial and moisture-management properties of cellulose are expected to add new growth to the lyocell fiber market. The market is projected to benefit from healthcare and wound care textiles growth due to evolving technologies for recovery of surgical wounds.
The report says that rising disposable income in the Asia-Pacific has led to a growing demand for baby diapers. The region is expected to grow at a compound annual growth rate (CAGR) of about 8 percent by 2024. The market for baby diapers in India and China, too, is expected to grow.
Growth in European production of nonwoven fabrics for the automotive industry and medical sector is expected to support growth in the lyocell fiber market. Europe is projected to account for more than 12 percent of the market share in 2024.
According to the report, this market will face its share of challenges due to its expense. Extra care needed for delicate fabrics, such as cold rinse, hand washing and dry cleaning, can also influence consumers.