Cellulose Fiber Market is expected to grow with the CAGR 5.45 % of more than from 2016 to 2023.
Cellulose fibers are high-performing fibers that have properties such as abrasion resistance, moisture absorbency, and so on. These unique properties enable cellulose fibers to find usage in application such as textile, packaging, automotive among others.
Globally, the market for cellulose fibers has been increasing tremendously, specifically in Asia pacific, owing to rise in the populations in this region resulting to increasing in demand for apparel sector and textile sector among others. On the other hand, India is world’s second largest producer of textiles specially in cotton and cellulose fiber, abundant availability of raw materials such as cotton, jute, silk, skilled workforce have made a country sourcing hub. In-addition, According to, Government of India, ministry of agriculture has mentioned there is tremendous demand for bamboo in national and international markets. Therefore government is taking necessary steps in to fill –up the gap between supply and demand in this sector.
Global Cellulose Fiber Market will cross USD 37,284 Million by 2023
The key players in market includes Lenzing AG, Grasim Industries Limited, Sateri Holdings Limited, Kelheim Fibres, Tangshan Sanyou Xingda Chemical Fiber Co., Ltd, International paper, and Eastman Chemical Company
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Globally, cellulose fiber market has been changing constantly in terms of applications, technologies, innovation and performance Along with the product innovations and developments the demand for technical textiles is also growing with newer applications and growth of end user industries. A large part of demand for technical textiles comes from various end-use industries such as automotive, sports equipment and sportswear, environmental protection, construction, healthcare, packaging, clothing, and agriculture. The global cellulose fiber market is led by the developed regions like US and EU, while emerging markets like China, India are showing high growth potential.
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US is the largest market for consumption of cellulose fiber products accounting for a share of23% followed by China Japan and Western Europe with a share of 22%, 13% and 7%, respectively. The rest of the world accounts for 35% share in the consumption of cellulose fiber. Emerging regions such as Asia Pacific and Latin America are presumed to witness rapid growth in multiple segments of cellulose fiber. Countries such as China, India and Brazil are projected to lead their respective regional markets and are expected to witness brisk growth in the cellulose fiber market. Favorable government initiatives and policies encouraging infrastructure spending, manufacturing, medical etc. are expected to play a key role in shaping these countries. As the market for cellulose fiber consumption is increasing, many country fulfill their demand by importing these advanced textiles from United States. Major export markets for U.S.companies are Vietnam, India, Taiwan and Brazil. Korea and Taiwan are also emerging as a strong competitor to US, with their focus on innovation.
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