Global Eco Fibers Market Size to Reach USD 93.64 Billion in 2030 | Emergen Research

Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) --  In 2021, the global Eco Fibers market attained a significant valuation of USD 46.30 Billion, and a promising trajectory continues to unfold with a projected compound annual growth rate (CAGR) of 8.1% during the forecast period, as per the latest comprehensive analysis conducted by Emergen Research. The ascendancy of environmental sustainability and the pervasive adoption of these fibers within a circular economy framework constitute compelling factors propelling the market's advancement. An evident surge is observed in the integration of eco fibers within the textile industry, reflective of a growing inclination toward environmentally-conscious practices. Furthermore, notable strides are being made in the domain of environmental fiber design, yielding variants endowed with hypoallergenic and antibacterial attributes. This convergence of drivers collectively contributes to the dynamic growth trajectory witnessed within the eco fibers market.

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A heightened focus on environmental sustainability and the integration of these fibers into the circular economy stands out as a pivotal driver propelling the robust growth of this sector. Across diverse industries, environmental sustainability has risen to prominence as a foundational principle. Particularly within the fashion and textile domains, the imperative of textile fiber regeneration assumes paramount significance, serving as a linchpin for achieving sustainability objectives and fostering circular economic paradigms. Noteworthy initiatives within the fashion industry include the incorporation of recycled fibers, a strategic endeavor aimed at elevating sustainability standards. This forward-thinking approach involves the creation of novel garments utilizing recycled materials, thereby effecting a partial closure of the resource loop. As a result, a promising avenue unfolds, presenting the prospect of embracing a circular economy within the fashion sector, thereby reshaping industry dynamics.

Key market participants and governmental bodies are actively engaging in significant strategic collaborations and initiatives aimed at advancing sustainable textiles and embedding environmental sustainability within the fiber sector. These concerted efforts constitute a driving force behind the notable revenue growth witnessed in the market. A prime illustration of such endeavors can be observed in the collaborative venture between Textile Exchange and the UN Fashion Industry Charter for Climate Action in 2021. Their establishment of the 2025 Recycled Polyester Challenge serves as a testament to the industry's commitment to enhancing the recycled polyester market.

Nonetheless, the industry confronts a pivotal challenge stemming from the escalating consumer preference for more economical alternatives, such as synthetic fibers. The allure of virgin fossil-based synthetic fibers persists due to their cost-effectiveness. As highlighted by the Textile Exchange Report 2021, polyester retains its dominant market share at 54%, with a mere 14.8% attributed to recycled content. This imbalance is primarily attributed to the cost competitiveness of fossil-based polyester.

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Scope of Research

Major Companies and Competitive Landscape

The global eco fibers market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective eco fibers solutions. Some major players included in the global eco fibers market report are:

• Lenzing AG
• Polyfibre Industries
• Shanghai Tenbro Bamboo Textile Co. Ltd.
• Teijin Limited
• The LYCRA Company
• Grasim Industries Limited.
• Foss Performance Materials
• China Bambro Textile Co Ltd.
• Pilipinas Ecofiber Corporation
• David C. Poole Company, Inc.

Strategic Development

• On 30 June 2022, Infinited Fiber Company announced a plan to construct its first commercial-scale regenerated textile fiber production in Stora Enso's Veitsiluoto industrial site in Kemi, Finland. The Finnish company wants to create a production line producing 30,000 tonnes of recovered textile fiber in a structure that is now home to a defunct paper mill. The Veitsiluoto industrial site is expected to gain 270 new employees as a result of the textile fiber mill, which is scheduled to open in 2024. 2025 is the target date for reaching capacity.
• On 6 April 2022, Pangaia, a leader in material science, and Infinited Fiber Company, a company dedicated to circular fashion and textile innovation, unveiled the first shirts ever produced by Infinna, a brand-new textile fiber made exclusively from textile waste. The recycled textile fiber resembles and feels like soft, natural cotton. The capsule will be sold via Pangaia Lab, the platform for discovery inside Pangaia that combines cutting-edge technology with consumer items. The capsule demonstrates that fabrics manufactured from 100% recycled fibers don't sacrifice look or feel in order to prevent textile waste from ending up in landfills and to make textile circularity a commonplace reality.

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Some Key Highlights From the Report

• Recycled fibers accounted for the largest revenue share in 2021. Recycled textile and garment materials have permeated the entire spectrum of textile and apparel production, extending from initial stages to post-consumer collection methods. This adoption of recycled raw materials aligns seamlessly with the global thrust toward a circular economic model, representing a shift away from linear processes and embracing a closed-loop approach to product cycles. The versatility of recycled materials is evident in their diverse origins, encompassing discarded clothing, fabric remnants, PET bottles, and a myriad of other sources. This initiative resonates profoundly with the United Nations' 12th Sustainable Development Goal, which underscores the imperative of responsible consumption and production practices. Emblematic of this commitment, numerous brands and corporations worldwide have embraced the integration of recycled fibers into their operations. This strategic adoption not only aligns with sustainability objectives but also significantly contributes to the expansion of the segment's revenue, further catalyzing growth within the industry.
• The industrial segment is expected to grow at a steady CAGR during the forecast period. The integration of eco-textiles is progressively permeating industrial domains, extending their influence into applications like composite material components and the automotive sector. Fueled by escalating demand and heightened environmental consciousness, researchers are diligently endeavoring to engineer efficacious and innovative materials. This concerted effort is especially pronounced in the realm of natural fiber-reinforced polymers, a burgeoning field that has garnered significant attention in the context of automotive applications. In this pursuit, the development and utilization of natural fiber-reinforced polymers are particularly noteworthy, especially within the automotive landscape. This endeavor involves the meticulous selection and incorporation of natural fibers in the creation of a hybrid bio-composite material for automotive components, such as anti-roll bars. This meticulous approach aims to strike an optimal balance between customer requirements and environmental considerations. Furthermore, the comparative analysis of natural fiber composites against counterparts like glass-reinforced or carbon-reinforced polymer composites unveils their environmentally conscious attributes. The application of natural fiber composites has emerged as a compelling alternative, marked by its favorable environmental footprint. This progressive shift underscores the industry's commitment to sustainable practices, thus aligning with the broader objective of reducing ecological impact and fostering more environmentally friendly solutions.
• Europe accounted for a significant revenue share in 2021. The escalating momentum in the adoption of eco-friendly fiber production, coupled with the strategic integration of recycled fibers within the fashion sector, underscores a pivotal driver propelling the region's market revenue growth. This burgeoning trend is complemented by a conducive regulatory landscape established by favorable government directives. Concurrently, a surge in Research and Development (R&D) undertakings and projects is further fueling this upward trajectory. An illustrative instance of such regulatory initiatives is showcased by the European Commission, the executive arm of the European Union (EU), which unveiled an ambitious agenda in March. This blueprint sets a transformative goal of rendering the phenomenon of 'fast fashion' obsolete by 2030. The term 'fast fashion' pertains to the prevalent practice of swiftly purchasing and subsequently discarding clothing within a short span. To counteract this trend, the EU has proposed stringent regulations that not only seek to curtail the wasteful destruction of unsold products but also necessitate the incorporation of recycled fibers, at the very least in a minimal capacity, by the target year of 2030. Collectively, these endeavors and regulatory strides underscore the commitment to a sustainable and environmentally conscious fashion ecosystem, ultimately contributing to the region's remarkable market revenue expansion.

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Emergen Research has segmented the global eco fibers market on the basis of product, application, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2030)

• • Natural Fibers
  • Regenerate/Manmade Fibers
  • Recycled Fibers
  • Organic Fibers

• Application Outlook (Revenue, USD Billion; 2019-2030)

• • Textile/Apparel
  • Industrial
  • Medical Purposes
  • Household & Furnishing
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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