Cellulose Fiber Market to grow at over 9% CAGR up to 2024

According to Global Market Insights, Inc., “Cellulose fiber industry revenue is slated to surpass USD 39 billion by 2024, growing at an annual rate of 9% over 2016-2024.”

Escalating demand for textiles and apparels attributed to rising disposable incomes and changing consumer lifestyles will soar Cellulose Fiber Market size. Global apparel sector, which was estimated at over USD 1 trillion in 2015, is projected to grow significantly over the next few years, which will augment the growth of cellulose fiber market.

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An increase in the GDP of countries such as Brazil, China, and India leading to shift in the consumer lifestyles has attracted many manufacturers & new entrants to make heavy capital investments in the business, thereby spurring cellulose fiber market expansion.

In 2015, the global production of dissolving pulp was over 7 million tons, and China accounted for nearly 20% of the share. The environment friendly nature of cellulose fibers as compared to other fibers such as nylon and polyester will further catalyze cellulose fiber industry demand.

Cellulose fibers find extensive applications in the spun yarn, fabrics, filtration process, and clothing. Cellulose fiber industry size in the clothing sector, which was estimated at USD 10.5 billion in 2015, is expected to grow at an annual rate of 9.5% during the period from 2016 to 2024.

Increasing awareness regarding fashion trends coupled with the rise in the per capita income is forecast to boost the revenue. The thriving clothing and apparel sector will also contribute significantly toward cellulose fiber market growth.

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Spurn yarn applications, which contributed over 13% of cellulose fiber market share in 2015, are expected to make notable contributions to the industry size in the future. The growth can be attributed to the extensive use of these yarns in knitting and embroidery.

Taking into consideration the regional trends, Asia Pacific cellulose fiber industry, which had collected a revenue of USD 7 billion in 2015, is projected to record a CAGR of 9.5% over the period of 2016-2024. The large presence of textile industries in Asia Pacific is forecast to boost the expansion.

Middle East and Africa cellulose fiber market, which gathered a revenue of USD 1.5 billion in 2015, is foreseen to hit USD 3.5 billion by 2024. Easy availability of workforce at lower costs along with the discovery of ample natural resources in the region is anticipated to support the industry expansion. Rise in the textile production in Africa as a result of large-scale shifting of textile manufacturing firms in the region will further drive cellulose fiber industry revenue.MEA cellulose fiber market is likely to grow from over USD 1.5 billion in 2015 to close to USD 3.5 billion in 2024 by CAGR over 9.0%.

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Lenzing SA, Shandong Helon Company Limited, Sateri, Kelheim Fibres GmbH, Grasim Industries Limited, Daicel Corporation, Thai Rayon Public Company Limited, Tangshan Sanyou Chemical Fiber Company Limited, Fulida Group Holding Company Limited, and Aoyang Group Company Limited are the key players of cellulose fiber industry.

About Global Market Insights, Inc.:
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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This release was published on openPR.