The global eco fiber market size is expected to reach USD 77.17 billion by 2030, expanding at a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the rise in concern regarding the harmful environmental impacts of using synthetic fibers, which has been the major factor contributing to the increased demand for organic eco fiber for the past few years.
Eco Fiber Market Report Highlights
· Regenerated fibers product segment of eco fiber market is expected to expand at a CAGR of 7.4% over the forecast period. The product is an integral part of Man-made fibers and is produced artificially by using either proteins or cellulose. Soy, corn, peanuts, and milk are some of the commonly used proteins in the production of regenerated fibers, commonly known as Azlons. Regenerated fibers made from cellulose comprise rayon and viscose. The rapidly growing medical textiles industry in India and China is expected to create ample growth opportunities for the product in the market.
· Medical textile application segment in eco fiber market accounted for revenue of USD 8.06 billion in 2022. The industry is one of the significant consumers of the eco fiber market. In medical textile application, eco fibers find application in baby diapers, incontinence products, sanitary napkins, surgical sutures, surgical dressing, artificial implants, and disposables. Technological advancements in medical & healthcare sector have resulted in increased use of medical textiles (as nanofibers) in wound healing, bone regeneration, and drug delivery applications.
· Central & South America eco fiber market is expected to grow at a CAGR of 8.3% in the forecast period owing to the growing textile industry in the region. The availability of raw materials, such as cotton and polyester, coupled with the presence of textile manufacturing units in the region has made Central & South America one of the largest producers of textiles including apparels. Additionally, free trade agreements, abundant availability of raw materials, upcoming events including sports & carnivals, and government initiatives to promote the textile industry are some of the key factors anticipated to drive market growth in the region over the forecast period.
· The eco fiber industry is highly fragmented in nature owing to rising awareness regarding products in fashion, industrial, and household applications. Industry participants are taking advantage of low-cost feed stock availability in India to compete with competitors in China and Middle East. However, despite the obstacles, new entrants are expected to increase spending on developing new products focusing towards eco-friendly smart textiles.
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The increasing dependence on chemicals and pesticides to increase crop production has led to the mass degradation of the environment. This, in turn, has prompted governments and other regulatory bodies to follow numerous regulations. These regulations have been imposed on the manufacturing as well as disposal of synthetic sources of fiber production. This trend has further led to a shift in preference toward bio-based alternatives such as organic cotton, hemp, and other sources of eco fibers.
Eco fibers are also rapidly gaining popularity in designer garments and apparel. Continuous advancement in terms of the development of eco fiber textiles offering antimicrobial, hypoallergenic, insulating, UV resistant, highly breathable, and absorbent characteristics are expected to promote the importance of eco fibers in the clothing market over the forecast period.
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