Press release
MEA Cellulose Fiber Market to cross USD 3.5 billion by 2024
Enhancing textile and apparel market will likely be the principal driving factor for global cellulose fiber market growth. Artificial cellulose fibers derived from plant based pulps are heavily used in textile industries for apparel manufacturing. Growing GDP and increasing expendable income coupled with rapidly increasing population, regularly upgrading fashion style, and better quality and cost efficient textiles will have a positive effect on the global textile and apparel market in the upcoming years.
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Global textile and apparel market recorded over USD 1 trillion in 2015 and is projected to grow substantially up to 2024. Emerging economies such as India, China, and certain African countries will witness a steady growth in demand owing to availability of economical labor force for the large number of textile manufacturing industries, hence propelling the overall cellulose fiber market growth.
Cellulose fibers are manufactured from dissolving pulp from cellulose rich plants such as cotton, jute, bamboo, flax, hemp, etc. Abundant availability of these plants shall influence the global cellulose fiber market size significantly in the next eight years. Cotton plants have around 90% cellulose content and world cotton production was over 20 million tons in 2015 with India and China producing over 10 million tons. High number of pulp industries are present in the product value chain for supply of raw materials. Over 7 million tons dissolving pulp was produced from various sources all over the globe in 2015 and China had around 20% of the overall share.
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Ecofriendly nature of cellulose fibers over petrochemical based alternatives such as nylon and polyester will likely be another propelling factor for the market growth. These fibers are produced out of pulp from barks, woods, and leaves of cellulose rich crops and are biodegradable unlike nylon or polyester fibers. Also, stringent volatile organic compounds (VOCs) norms will support the growth of the global cellulose fiber market in the next eight years.
Spun yarn applications generated revenue over USD 2 billion in 2015 and will witness a decent growth owing to rising knitting and embroidery demand. Large number of textile manufacturers in Asia Pacific will support the product market growth in the region in the next eight years. The regional market size was beyond USD 7 billion in 2015 and will grow by over 9.5% CAGR up to 2024.
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Strict forest laws against deforestation may restrain the market growth in the forecast timespan. Global pulp industry is gradually shifting towards Asia Pacific and African countries due to the mandatory regulations in North America and Europe. Inconsistent wood pulp prices on account of the norms may affect the cellulose fiber market negatively. Cost effective labor force for textile industries in African countries may enhance the MEA cellulose fiber market notably in the projected forecast timespan.
Competitive landscape is moderately consolidated and the top market players include Lenzing SA, Tangshan Sanyou, Grasim Industries, Shandong Helon, Fulida, and Aoyang.
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