Press release
Global Lyocell Fibers Market Valued at US$ 1.0 Trillion in 2021, Expected to Surpass US$ 2.7 Trillion by 2031 with a CAGR of 11.8%
Market Overview
In 2021, the global lyocell fibers market reached a valuation of US$ 1.0 trillion, signaling its immense potential in the textile industry. With a projected compound annual growth rate (CAGR) of 11.8% from 2022 to 2031, the market is anticipated to surpass US$ 2.7 trillion by the end of 2031.
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Key Developments in the Global Lyocell Fibers Market
Expansion of Sustainable Offering by Lenzing AG: In October 2021, Lenzing AG announced the expansion of its sustainable offering for the denim industry with the introduction of matte TENCEL branded lyocell fibers. This innovation enhances the versatility of indigo-dyed denim fabrics by reducing sheen.
Acquisition by Grasim Industries Limited: In March 2019, Grasim Industries Limited acquired Soktas India Private Limited, a subsidiary of SÖKTAS Tekstil Sanayi ve Ticaret A.S. This strategic move aimed to strengthen Grasim's position in the global textiles market.
Market Segmentation
The lyocell fibers market is segmented based on various factors:
Type: Staple Fibers, Filament Fibers
Application: Apparel (Sportswear, Denims, Others), Home Textiles (Curtains, Carpets & Upholstery, Beddings, Towels, Others), Medical, Footwear, Others
Regional Analysis
The market is analyzed across key regions including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Each region presents unique market dynamics influenced by factors such as consumer preferences, regulatory frameworks, and economic conditions.
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Market Drivers and Challenges
Market Drivers:
Increasing Demand for Sustainable and Eco-friendly Fibers
Growing Awareness Regarding the Advantages of Lyocell Fibers
Rising Demand for Comfortable and Breathable Textiles
Technological Advancements in Fiber Manufacturing Processes
Market Challenges:
High Production Costs Associated with Lyocell Fiber Manufacturing
Competition from Other Natural and Synthetic Fibers
Regulatory Compliance and Environmental Concerns
Market Trends
Rising Adoption of Lyocell Fibers in Apparel: Lyocell fibers are increasingly being used in the apparel industry, especially in sportswear and denim, due to their softness, breathability, and moisture-wicking properties.
Growing Emphasis on Sustainable Textiles: With increasing environmental consciousness among consumers, there is a growing trend towards sustainable textiles, driving the demand for lyocell fibers.
Future Outlook
The lyocell fibers market is poised for significant growth driven by factors such as increasing consumer awareness, sustainability initiatives by industry players, and technological advancements in fiber manufacturing.
Key Market Study Points
Market Size and Growth Projections Across Segments
Consumer Preferences and Buying Behavior Analysis
Regulatory Landscape and Environmental Standards
Competitive Landscape and Strategic Initiatives by Key Players
Competitive Landscape
Key players in the lyocell fibers market include Lenzing AG, Grasim Industries Limited, Baoding Swan Chemical Fiber Group Co. Ltd., Shanghai Lyocell Fibre Development Co., Ltd., Smartfiber AG.S., and SI Group, Inc., among others.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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