In 2019, the Lyocell Fiber Market was estimated to be worth USD 975.2 million, and it is expected to rise at a compound annual growth rate of over 7% during the forecast period. The rise is mostly attributable to increasing demand for sustainable fabrics. The sharp growth in the global population and the carefree use of natural resources have led to the concept of a circular economy, whereby a recycle-reuse-upcycle model replaces a make-use-dispose economic model. An increase in the number of such initiatives is making it difficult for market players to use non-toxic solvents to produce fibers in an environmental friendly way. Lyocell is a type of rayon fabric. It is made of cellulose fiber, which is created by dissolving pulp and spinning it dry jet-wet. The fabric was created for the first time in 1980s by Courtaulds Fibers, a fabric manufacturer. Lyocell rayon, unlike viscose rayon, does not contain hazardous carbon disulfide, which is harmful to both employees and the environment. The fabric is used in a wide range of industries, including the fashion, the fabric industry, the medical industry, the pulp industry and the paper industry. It is airy, absorbent, long-lasting, soft breathable fabric. The market has segmented on the basis of Type, Application and Regional Basis.
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Due to the increasing concern about environmental degradation, the Lyocell fiber market is increasing at a significant pace. People are turning to natural alternatives for their personal care needs as environmental awareness grows. As a result, many consumers are seeking natural product substitutes. The growing influence of Western lifestyles as people’s per capita incomes rise is fueling the global trend of Western fashion. This in turn has enhanced casual wear in developing countries such as India and China, such as denims, clothing shirts and casual shirts. The properties of lyocell fibers, such as the capacity to retain high water, convenience and enhanced breathing are estimated to boost lyocell fiber demand. On the other hand, presence of three major obstacles; high cost of production, lack of awareness about advanced technology and undeveloped sales channel; can hamper the growth of Lyocell Fiber Market. The fiber itself can be very expensive to produce. The processing of lyocell fibers takes time and energy which can’t be combined with an eye towards profit making.
Lyocell Fiber market is experiencing phenomenal growth owing to increasing disposable income of Asian people. With a market share of more than 50%, Asia-Pacific led the global market. Lyocell Fibers are becoming more popular in the area, owing to the rising population and urbanization in nations like China and India. The advent of new labels in non-metro regions has also made branded clothes more accessible to a growing number of consumers. As a result, demand for garments is increasing, boosting the market for lyocell fibers. In terms of growth, North America is expected to grow at the quickest rate, with a compound annual growth rate of over 7% between 2021 and 2026 owing to increased sales volume for Lyocell fiber products. In terms of production, Europe is a significant region in the global lyocell fibers market owing to the presence of highly advanced textile industries. Manufacturers are striving to make fabric from green materials like lyocell. They are focusing on Research and developmental activities as well to produce economical lyocell fibers. Germany is expected to be a highly profitable market for lyocell fibers in Europe.
Major players of Lyocell fiber Market are Lenzing AG, Acegreen Eco-Material Technology Co. Ltd., Aditya Birla Group, Baoding Swan Fiber Co. Ltd.China Populus Textile Ltd., Acelon Chemicals & Fiber Corp and Smartfiber AG. Lenzing AG, situated in Germany, is a major producer of lyocell fibers. Other players are Zhejiang Yaojiang Industrial Group Limited, Chonbang Co. Ltd, Great Duksan Corp. TENCEL and VEOCEL are two of the company’s lyocell fiber brands.
Market Segmentation of the Lyocell Fiber Market :
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|Global Impact of Covid-19 Segment (2020-2021; US$ Mn)|
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