The global Lyocell Fabric market is estimated to be valued at US$ 1.1 billion in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Lyocell fabric, also known as Tencel, is a type of cellulosic fiber made from dissolving wood pulp. It is known for its softness, breathability, and environmental sustainability. Lyocell fabric offers several advantages, including the ability to blend well with other fabrics, moisture absorption properties, and resistance to wrinkles. The growing demand for sustainable and eco-friendly fabrics is driving the market for Lyocell fabric. With an increasing focus on sustainability in the fashion industry, Lyocell fabric is gaining popularity among consumers and textile manufacturers.
Market Key Trends:
One key trend driving the growth of the Lyocell fabric market is the increasing demand for sustainable textiles. Consumers are becoming more conscious of the environmental impact of their clothing choices and are opting for fabrics made from renewable sources. Lyocell fabric offers a sustainable alternative to traditional cotton and synthetic fabrics. It is produced using a closed-loop production process that minimizes waste and emissions. Additionally, Lyocell fabric is biodegradable and does not contribute to microplastic pollution. This trend is expected to drive the demand for Lyocell fabric in the coming years.
PEST Analysis:
Political: Governments across the globe are implementing regulations and policies to promote sustainable practices in the textile industry. This includes initiatives to reduce water consumption, limit waste generation, and encourage the use of eco-friendly materials. Such regulations create opportunities for the growth of the Lyocell fabric market.
Economic: The demand for sustainable textiles is on the rise, driven by changing consumer preferences and growing environmental concerns. Lyocell fabric provides a sustainable solution without compromising on quality and performance. This economic trend is expected to fuel the growth of the Lyocell fabric market.
Social: The increasing awareness about sustainability and the harmful effects of fast fashion on the environment and society are driving the demand for eco-friendly fabrics. Consumers are willing to pay a premium for sustainable products, including Lyocell fabric, which offers superior comfort and durability.
Technological: Continuous advancements in manufacturing technologies have enabled the production of Lyocell fabric on a larger scale, making it more cost-effective. Innovations in fiber spinning techniques and dyeing processes have further improved the quality and versatility of Lyocell fabric.
Key Takeaways:
- The Global Lyocell Fabric Market Demand is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand for sustainable textiles.
- In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the Lyocell fabric market. The region is home to key textile manufacturing countries such as China, India, and South Korea, where there is a significant demand for eco-friendly fabrics.
- Key players operating in the global Lyocell fabric market include Lenzing AG (Austria), Aditya Birla Management Corporation Pvt. Ltd. (India), Nien Foun Fiber Co., Ltd. (Taiwan), CHONBANG Co., LTD. (South Korea), Weiqiao Textile Company Limited (China), Acelon Chemicals & Fiber (China), smartfiber AG (Germany), Shangtex Holding Co., Ltd (China), and others. These players are focusing on product innovation and expanding their production capacities to meet the growing demand for Lyocell fabric.
In conclusion, the growing demand for sustainable textiles is driving the global Lyocell fabric market. Consumers are increasingly choosing eco-friendly options, and Lyocell fabric provides a sustainable and high-quality alternative to traditional fabrics. With supportive government regulations and technological advancements, the market is expected to witness significant growth in the coming years. As key players continue to invest in product development and expansion, the Lyocell fabric market is poised for a promising future.
