The Lyocell Fabric Market is estimated to be valued at US$ 1.26 Bn or Billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lyocell fabric is a sustainable and eco-friendly fabric made from wood pulp through solvent spinning process. It provides excellent breathability, absorbency and soft hand-feel like cotton. Key applications of lyocell fabric includes clothing, home textiles and medical areas due to its hypoallergenic properties. The rising concerns regarding deforestation has boosted the demand for lyocell fabrics as it does not involve cutting down of trees and can be produced sustainably from renewable wood sources or agricultural waste such as bamboo.
Market Dynamics:
Two key drivers of Global Lyocell Fabric Market are growing emphasis on sustainability and stringent regulations. Firstly, the increasing awareness about environment protection among consumers has propelled the demand for sustainable fabrics like lyocell. Secondly, stringent regulations like REACH in Europe regarding harmful chemicals in textiles have compelled manufacturers to look for eco-friendly options like lyocell fabric for clothing and other textile applications. Furthermore, lyocell provides excellent moisture management properties which makes it a suitable fabric for activewear and medical apparel. This has further stimulated market growth over the forecast period.
Segment Analysis
Content: The lyocell fabric market is dominated by home textile segment which accounted for more than 35% of the global market share in 2022. Within the home textile segment, bed linen sub-segment dominated due to high demand for lyocell fabric products like bedsheets and pillowcovers due to properties like hypoallergenic, moisture wicking and breathability. These properties make lyocell fabric ideal for bed linen and hence this sub-segment is dominating the overall home textile segment.
PEST Analysis
Content: Political: There are no significant trade restrictions impacting the lyocell fabric market globally. However, volatile global trade policies can impact the sourcing and supply chain of lyocell fabric producers.
Economic: The growth of textile industry along with rising disposable income is expected to drive the demand for lyocell fabric market during the forecast period.
Social: Increasing health awareness and changing consumer preferences towards organic, sustainable and eco-friendly fabrics are expected to favor the adoption of lyocell fabric in coming years.
Technological: Manufacturers are focusing on developing advanced production technologies to reduce production cost and time while enhancing fabric properties. Continuous innovation in fabric developing new applications is also expected.
Key Takeaways
Content: The global lyocell fabric market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period of 2023 to 2030, due to increasing adoption of sustainable fabrics. The market size for lyocell fabric is projected to reach US$ 2.13 bn by 2030 from US$ 1.26 Bn in 2023.
Regional analysis related content comprises Asia Pacific region is expected to dominate the global lyocell fabric market during the forecast period. China and India are projected to be the fastest growing regional markets due to rising textile industry.
Key players related content comprises Key players operating in the lyocell fabric market include Lenzing A.G., Aditya Birla Group, AkzoNobel N.V., Smartfiber AG, Nien Foun Fiber Co., Ltd., Invista , Baoding Swan Fiber Co. Ltd., Qingdao Textiles Group Fiber Technology Co., Ltd., China Bambro Textile (Group) Co., Ltd., Acegreen Eco-Material Technology Co. Ltd., China Populus Textile Ltd., and Acelon Chemicals & Fiber Corp. These players are focused on product development and expansion strategies to strengthen their market share.
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