According to estimates, the global market for eco fiber was worth USD 37.24 billion in 2018. From 2019 to 2025, it is expected to increase at a CAGR of 9.2 percent. But because of the pandemic, production decreased massively in 2020.
Even though it is unclear how the pandemic and other variables could affect future development, it was stated that if the sector can go back to business as normal, production will increase by 34% to 146 MT by 2030.
Natural and man-made both are the most important raw materials for the textile industry. Yarn is an essential material for the cloth-making industry and this yarn is made from these fibers. Since the introduction of polyester over a decade ago, the consumption pattern of fiber has undergone tremendous change.
And it represents almost 54% of sales in the year 2019. Cotton, silk, wool, nylon, acrylic, cellulosic, and polypropylene are some of the other important fibers covered in this research in addition to polyester.
Despite the difficulties brought on by Covid-19, the prospects were promising in the middle of 2021 because of the rapid rise in immunization rates worldwide. Pent-up demand was released, leading to an increase in so-called “revenge buying” that resulted in a growth boom. For returning to work and special events, fashions topped customers’ shopping lists.
Executives in the worldwide fiber and yarn sector are cautiously hopeful about the upcoming year, but in certain circles, the optimism is starting to dwindle. With the help of booming e-commerce implementation and domestic programs, some world markets are beginning to recover after 18 to 20 months of pandemic-related turmoil.
However, issues with supply chain slowdowns and irregular customer needs continue to plague the entire fashion industry, such as the fiber and yarn sectors, subverting growth prospects.
Global market overview
Potential benefits of the global fiber market are anticipated to encourage and support the industry’s expansion. The growth of the new market is also a result of these variables. When developing a business strategy for increasing profits and economic expansion, market drivers are a key component.
The elements that are projected to impede the industry’s development include market restrictions. These elements are seen as a barrier to the expansion and advancement of the industry. Market participants must concentrate on chances to increase their market share.
Fiber consumption is another significant worldwide growth driver for the MMF, with per capita consumption increasing. Fast-evolving fashion trends, expanding urbanization, and rising disposable money are other significant drivers.
With a CAGR of 2.1 percent, per capita consumption worldwide increased from 3.5 kilograms in 1960 to 10.2 kilograms in 2015, while urban populations, which now make up almost 52 percent of the world’s population, increased by about 2.2 percent between 2008 and 2015. By 2020, two-thirds of the world’s population is anticipated to live in urban areas, according to the UN.
Things to look forward to in this industry
Digital and sustainability will be the two main development drivers for the fiber and yarn sector in 2022. Supply chain constraints can still be a significant obstacle, though.
Global supply systems are under unparalleled amounts of stress and instability. Companies must develop a strong supply chain strategy in light of the present logistical challenges, which include growing shipping prices, a shortage of materials, and port backlog.
The fashion industry participants will start making up all the money they lost over the two years of turbulence as soon as the pandemic’s end is in sight. However, given the continued strain on the supply chain, the ambiguity surrounding the new virus varieties, and the downturn in the economy, care and wisdom should be used.
The trends that will be changing the industry in the next years will be-
1. Sustainable fashion
Specifically, in the fashion sector, the production and use of goods and services are very rapid and nearly habitual. The development of the circular economy is currently more of a necessity than a choice. There should be less manufacturing of new raw materials, and textile wastage should be minimized. The three R’s of reduce, recycle, and reuse must be ingrained into business practices.
Attacks on computers and poor data handling are increasing quickly. Brands must step up their digital security efforts if they want to protect their company from such threats.
3. Availability, affordability, and a broader range of applications
Natural fiber production is dependent on the availability of arable land and conducive water conditions, which are changing more quickly than ever due to the consequences of global warming in the 21st century. While man-made fibers are produced from organic raw resources, which are predicted to be nearly limitless in the next decades, they will be far less expensive than natural fiber.
The opportunities that are presented by the global fiber market are-
1. Economic expansion in Asia and other developing nations
The world population is expected to reach 8.1 billion people by 2020, and it is expected to increase up the food chain, contributing to approximately 35% of the increase in demand for food goods. Demand for natural and synthetic textile fibers is anticipated to rise by 60% as manufacturing increases.
Due to its advantageous characteristics, viscose staple fiber is the only alternative to cotton that is now accessible, and it is predicted that cellulosic fiber will still make up between 30% and 33% of all consumed fiber. Since several characteristics of cellulosic fiber, particularly their physiological performance, make it challenging to replace synthetic fibers made from petroleum,
2. MMF is increasingly being used in industrial sectors and is replacing natural fiber in clothing
For the MMF, the increasing demand for technological fabrics is anticipated to present both short- and long-term opportunities for exponential growth. MMF producers are putting their efforts into creating non-woven technologies for a range of uses, including filtration, roofing, geotextiles, and automobiles.
MMF is utilized extensively in the building, medical, and packaging industries in addition to the automotive sector in technical textiles. Due to its qualities like energy efficiency, heat retention, and soundproofing,
As emerging nations dominate the market for textile fiber, synthetic fiber is becoming increasingly prevalent in textile fabrics as a result of rising synthetic fiber usage in industrial applications. Moreover, the fashion industry should understand the fabric trends already and start to make them sustainable.