Lyocell Fibers Market: Key Highlights
- The global lyocell fibers market was valued at ~US$ 818 Mn in 2018, and is anticipated to expand at a CAGR of ~12% from 2019 to 2027.
- The global lyocell fibers market is driven by the growth of the apparel industry.
- In terms of value, the lyocell fibers market in Asia Pacific is expected to expand at a high CAGR during the forecast period. China held a major share of the lyocell fibers market in Asia Pacific in terms of consumption in 2018.
Key Drivers of Lyocell Fibers Market
- Rapid expansion of the apparel industry and increase in awareness about health and fitness across the globe are boosting the demand for sportswear. Additionally, rise in the participation of people in sports and fitness activities in developed and developing nations is projected to propel the demand for sportswear in the near future. These factors are anticipated to drive the global lyocell fibers market.
- The properties of lyocell fibers such as high tensile strength, high absorbency, and antimicrobial activity are estimated to boost the usage of these fibers in the production of apparel and home textiles. This, in turn, is projected to augment the lyocell fibers market during the forecast period.
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Apparel Application to Offer Lucrative Opportunities
- According to the World Trade Statistical Review 2018, the value of world apparel exports stood at US$ 454.5 Bn in 2017. The exports of apparel increased by 2.8% as compared to 2016. China, the European Union, Bangladesh, and Vietnam were the top four exporters in the world in 2017. These cumulatively held 75.8% share of the world exports of apparel in the year.
- Expansion of the global apparel sector, especially in developing regions, is expected to drive the demand for denim-wear, thereby propelling the lyocell fibers market. Lyocell fibers are employed extensively in the manufacture of denim-wear, as lyocell fibers provide natural comfort, smoothness, and versatility.
- Manufacturers of denim-wear such as 3×1 NYC, LLC, DL1961 Premium Denim, Inc., LYMI, Inc., dba Reformation, Mavi, Inc., and LEVI STRAUSS & CO. are entering into sustainable fashion through partnerships with lyocell fiber manufacturers such as Lenzing AG for the production of denim-wear. This is augmenting the lyocell fibers market.
Asia Pacific to Lead Lyocell Fibers Market
- Based on region, the global lyocell fibers market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of consumption, Asia Pacific holds a major share of the global lyocell fibers market, as key consuming countries such as China, India, and Japan are based in the region.
- The demand for luxury clothing has been rising in Asia Pacific, led by the increase in per capita income and rise in spending power of the people in the region. This, in turn, is boosting the demand for high-quality apparel and home textiles, thereby propelling the lyocell fibers market.
- The establishment of Asia Pacific as a global hub for textile and apparel industries due to its proximity to raw materials and cheap labor is driving the apparel industry in the region. This is anticipated to boost the lyocell fibers market in Asia Pacific.
Market Share of Prominent Players
- Key players operating in the lyocell fibers market include Lenzing AG, Grasim Industries Limited, Baoding Swan Chemical Fiber Group Co. ltd., Shanghai Lyocell Fibre Development Co., Ltd, and smartfiber AG.
- Lenzing AG is the leading global manufacturer of lyocell fibers for a wide range of industries, including agriculture, apparel, footwear, and automotive. The company focuses on investing in the acquisition of process technologies in its respective business domains in order to drive growth in its business and increase the productivity of its existing assets.