The global eco fiber market is expected to reach $93.27 billion by 2025, growing at a CAGR of 12.1 percent, according to a new report by Grand View Research Inc. This market includes bamboo fibers, organic cotton and other products that strive to create environmentally friendly textiles, as well as safe environments and fair wages for workers.
A generally rapid expansion of the textiles industry in emerging nations, including India and China, has been credited as a major factor driving market growth in eco fibers. Increasing environmental concerns coupled with volatile prices of conventional fabrics has also spurred the adoption of eco fibers in the global market.
Key findings from the report include the following:
- The global eco fiber demand exceeded 9,570 kilotons in 2016 and is expected to grow at a compound annual growth rate of 7.3 percent from 2017 to 2025.
- The organic eco fibers segment is projected to generate revenue worth $14.4 billion by 2025.
- Increasing emphasis on sustainable disposal of textile and industrial waste has boosted the demand for regenerated fibers.
- Regenerated eco fibers emerged as the dominant segment in 2016, with over 55 percent volume share.
- Modest growth is expected for medical applications in the eco fibers industry, notably due to the use of textiles as nanofibers in areas such as wound healing, bone regeneration and drug delivery.
Key market participants include Lenzing AG, US Fibers, Polyfibre Industries Pvt. Ltd., Grasim Industries Ltd., Wellman Advanced Materials, Teijin Ltd., Pilipinas Ecofiber Corp. and China Bambro Textile (Group) Co. Ltd.
Grand View Research Inc., a market research and consulting company headquartered in San Francisco, provides syndicated research reports, customized research reports and consulting services.