According to a new research report by Global Market Insights Inc., Lyocell fiber market size is going to reach over USD 1.5 billion by 2024.
Figure 1: Lyocell Fiber Market worth over $1.5bn by 2024.
The Asia Pacific seized the highest share in both revenue and volume and would grow with the similar trend over the forecast timeframe. Growing textiles industry, coupled with enhanced consumer living standards in this region are triggering the lyocell fiber market size. In 2016, the regional industry was more than USD 550 million and will grow at a rapid pace by 2024.
Fashion trends have changed rapidly over the past few years and will continue to do so in the coming years, which will drive the industry growth. Modern technology and fibers have been developed which have escalated the use of better quality materials and has driven the lyocell fiber marker demand. Brands have started focusing on fibers that can be recycled and can be reused after the end of a product’s lifecycle.
Government initiatives have been taken to adopt sustainable fibers for textile and apparels industry. The apparels segment in North America accounted for a major chunk of the product share (over 40%) in 2016. The environment-friendly production process of the material also acts as a major driver to boost the lyocell fiber market. There has been a significant impact through social media on the apparel segment, which in turn has positively influenced the industry.
Figure 2: Industry background of Lyocell fiber.
According to the report, the petrochemical fibers have been substituted by cellulosic man-made fibers, which has spurred the product adoption in the manufacturing processes. The pressure on synthetic fiber manufacturers has increased due to the increasing demand for naturally derived fibers.
The product finds its application in various segments such as baby diapers, home textiles, apparels, automotive filters, surgical products and many more. The healthcare and wound care textiles segment is likely to grow at a robust pace, owing to the evolving technologies for recovery of surgical wounds, thus propelling the lyocell fiber market.