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Asia Pacific Cellulose Fiber Market to grow at 9.5% CAGR up to 2024
Middle East and Africa cellulose fiber market worth USD 1.5 billion in 2015, is projected to reach USD 3.5 billion by 2024, owing to cost effective workforce and resourceful areas in several countries. The growing manufacturing base of the textile industries in the African region will further propel the industry growth. The MEA cellulose fiber market is expected to register a CAGR of 9% over the period of 2016-2024.
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Cellulose fiber market is poised to witness interesting developments as the industry is consolidated with top six players sharing more than 50% of the overall industry share. The top market players include Lenzing SA, Grasim Industries, Shandong Helon Polytex Chemical Fiber Co., Ltd., Fulida, Aoyang, and Tangshan Sanyou.
Advanced consumerism, rising fashion awareness and increasing disposable income of the consumers is promoting the Cellulose Fiber Market growth. Global textile and apparel market recorded over USD 1 trillion in 2015 and is anticipated to boom with the increasing GDPs of the emerging regions such as India, China, Brazil, and Africa. Presence of numerous manufactures providing competitive prices in these demanding regions will further accelerate the growth of the cellulose fiber industry. According to Global Market Insights, Inc. “Cellulose Fiber Market is estimated to witness a CAGR of 9% over the period of 2016-2023.”
Cellulose fiber is processed from dissolving pulp of cellulose rich plants such as bamboo, cotton, jute, flax, hemp, etc. Biodegradable and eco-friendly nature of these fibers, unlike the petrochemical based products are boosting the penetration of cellulose fiber over the globe. Moreover, stringent government norms regarding the emission of Volatile Organic Compounds (VOCs) will also complement the growth of cellulose fiber industry share in the coming seven years.
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Clothing application is anticipated to be the fastest growing segment.
The application landscape of the global cellulose fiber market is segmented into three main categories including fabrics, clothing, and spun yarn. Artificially manufactured fibers find extensive use in the apparel and textile manufacturing. The global clothing and apparel industry is projected to witness significant growth, owing to changing fashion trends and increasing consumer spending capacities. Moreover, low cost replacements of polyester and nylon fibers with abilities such as light weight and recyclability will fuel the cellulose fiber industry demand in clothing and apparel applications. Clothing application will hold the leading position over the global cellulose fiber industry share registering a CAGR of 9.5% over the period of 2016-2024.
Furthermore, the spun yarn application generated revenue worth USD 2 billion, accounted for 13% of the overall cellulose fiber industry in 2015. The spun yard is widely used in the knitting and embroidery application and will support the product market growth in the Asia Pacific region. The regional market is estimated to record a CAGR over 9.5% from 2016-2024.
Source Report@ https://www.gminsights.com/industry-analysis/cellulose-fiber-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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