Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Cellulose Fiber Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The cellulose fiber market is evaluated at US$33.003 billion for the year 2019 and is projected to grow at a CAGR of 5.53% to reach the market size of US$48.088 billion by the year 2026.
Due to the rising concerns regarding environmental degradation and climate change around the world, the companies are looking out as an alternative for petrochemical sourced fibers and are shifting towards environment-friendly and biodegradable fibers, which is increasing the demand for cellulose fibers around the world and is anticipated to propel the growth of cellulose fiber market during the forecast period.
Also, as cellulose fibers are widely used in the textile and apparel industry, the growth in the textile and apparel industry around the world is providing a boost to the demand for cellulose fiber and is projected to surge the growth of the cellulose fiber market in the coming years.
The recent outbreak of the novel coronavirus disease harmed the cellulose fiber market. The pandemic led to a decline in the textile and apparel industry which negatively impacted the growth of the cellulose fiber market.
Also, due to lockdowns around the world, the industries were shut down, and even where the industries were opened, there was a shortage of labor. The retail sales declined and the focus of consumers for the short-term shifted to essential items only. This led to a decline in the cellulose fiber market during the pandemic.
However, the lockdown has been lifted in most parts of the world, trade restrictions have been eased, and the textile and apparel demand has increased, but the complete recovery of the cellulose fiber market is not expected to be achieved before the year 2022.
The rise in demand for environment-friendly fiber.
One of the key factors supplementing the cellulose fiber market growth is the increased focus of the world towards finding an environment-friendly and biodegradable fiber.
As the issue of climate change, environmental pollution and sustainability have taken a storm, more and more companies are trying to shift towards a green option for fibers from the traditionally used petrochemical sourced fibers which lead to large amounts of carbon emissions in the environment. As a result, cellulose fibers are gaining demand, which is anticipated to grow further during the forecast period providing a surge to the growth of the cellulose fiber market.
The recyclability of cellulose fibers provides it with an advantage over other materials. Also, cellulose fibers, due to their green properties, are being increasingly considered to reinforce and replace plastics in many applications.
Cellulose nanofiber is one such material that exhibits similar properties as plastic, such as being lightweight, strong, transparent, with high barrier properties to water and gas, which is the reason why it is being seen as an alternative to plastics not just in the food industry, but also in various others industries like medicine, cosmetics, and electronics.
The hunt for a biodegradable and environment-friendly fiber has prompted the increase in research and development on cellulose fibers and new fibers are being produced as an alternative to previously-used fibers.
For instance, while working on finding an alternative for glass-fiber-reinforced plastics, German Institutes for Textile and Fiber Research Denkendorf (DITF) developed a material named PURCELL.
The material is made up of pure cellulose and hence is fully recyclable. The constant development in researches is providing increased opportunities to replace environment-degrading fibers with environment-friendly ones, which is anticipated to propel the growth of the cellulose fiber market in the coming years.
Growth of textile and apparel industry around the world.
The world is witnessing significant growth in the textile and apparel industry, which is anticipated to be one of the prominent factors driving the growth of cellulose fibers during the forecast period.
According to World Statistical Review 2019 by World Trade Organization (WTO), the total value of world textile exports amounted to $315 billion and apparel exports totaled $505 billion in 2018. There was an annual rise of 6.4% in textiles and 11.1% in apparel. WTO stated that it was the fastest growth seen for six years.
With the rise in urbanization and the high purchasing power of consumers, there is a shift from need-based purchase to aspiration-based purchase which is surging the demand for textile and apparel.
The rise in per capita income and the increase in consumer spending around the world are driving the growth of the textile and apparel industry, which is anticipated to surge the growth of the cellulose fiber market during the forecast period, as cellulose fibers are widely used in the textile industry.
The textile industry has been growing rapidly in Southeast Asian countries like India, Vietnam, Bangladesh, among others, which is filling the supply gap for the increased demand for textile and apparels around the world, leading to a boost in the growth of cellulose fiber market which is projected to continue proliferating during the forecast period.
The Asia Pacific to hold a significant market share.
Geographically, the Asia Pacific region is anticipated to hold a significant market share due to the region being the leading manufacturer of textiles in the world. Furthermore, the North American region is anticipated to witness substantial market growth owing to the rise in research and development in the region to make new innovative fibers with cellulose.
Competitive Insights
Prominent/major key market players in the cellulose fiber market include Lenzing AG, Birla Cellulose, Kelheim Fibres GmbH, among others. The players in the cellulose fiber market are implementing various growth strategies to gain a competitive advantage over their competitors in this market.
Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years.
The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the cellulose fiber market.
Companies Mentioned
- Lenzing AG
- Birla Cellulose
- Sateri
- Kelheim Fibres GmbH
- Tangshan Sanyou Xingda Chemical Fiber Co., Ltd.
- International Paper
- Eastman Chemical Company
- Fulida Group Holding Co., Ltd
- CFF GmbH & Co. KG
- Sappi Limited
For more information about this report visit https://www.researchandmarkets.com/r/bbajro
