Ocean View, DE -- (SBWire) -- 06/29/2020 --Global Market Insights., Inc., anticipates that the global lyocell fiber market may exceed USD 1.5 billion by 2024.Technological advancements have played a pivotal role in accelerating global lyocell fiber market size. Fiber manufactures worldwide are levering technological innovations to develop superior quality products, while clothing brands are focusing on opting fibers that can be reused and reprocessed after the completion of its shelf life.
Lyocell fibers are also used to manufacture baby diapers, apparels, home textiles, surgical products, and automotive filters. Out of these, the apparels segment is expected to offer significant proceeds to the lyocell fiber industry.
In 2016, the apparels segment in North America accounted for over 40% of the overall market share. Strong presence of social media platforms and rising awareness regarding the product's environment friendly production process have augmented the apparels application sphere.
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Lyocell fiber is one such biodegradable fiber that is obtained from natural cellulose found in wood pulp. The product has a better moisture absorption capacity than cotton. It exhibits some anti-bacterial properties, encouraging customers to opt lyocell fiber materials, in turn creating prominent demand and opportunities for product manufacturers.
Lyocell fibers are costly as compared to their eco-friendly counterparts. These fiber materials require extra caring like hand washing, cold rinsing, and dry-cleaning, incurring added maintenance cost. Moreover, the product shrinks up to 3% after the first wash. These factors could restrain the adoption of lyocell fiber in the forthcoming years.
Asia pacific lyocell fiber market is expected to record prominent growth owing to strong presence of several baby diaper brands. Countries like India and China are anticipated to witness increasing demand for baby diapers on account of high birth rates and surging awareness regarding pediatric hygiene.
Moreover, expansion of the non-woven fabric market of Indonesia may impel APAC lyocell fiber market size. According to a report, it is estimated that the lyocell fiber industry of APAC may record 8% CAGR by 2024.
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Technological advancements are playing a pivotal role in accelerating the textile and clothing industry of Europe, creating prominent growth opportunities for lyocell fiber businesses. Lyocell fiber materials are gaining tremendous popularity in the apparels segment.
Increasing demand for non-woven fabrics in the automotive and medical sector of Europe may favor product demand. Meanwhile, estimates claim that the Europe lyocell fiber market may record 12% of total market share by 2024.
Lyocell Fiber Market Analysis by 2024: Lenzing AG, Acegreen Eco-Material Technology Co. Ltd., Aditya Birla Group, Baoding Swan Fiber Co. Ltd., Nien Foun Fiber
Lyocell fibers are also used to manufacture baby diapers, apparels, home textiles, surgical products, and automotive filters. Out of these, the apparels segment is expected to offer significant proceeds to the lyocell fiber industry.