Global Fiber Market - Forecasts from 2024 to 2029

The global fiber market is anticipated to grow at a CAGR of 6.1% during the projection period 2024-2029.

The term fiber is used to describe any material that has a long and thin structure, like a string or wire. Nonetheless, it is applied broadly to materials that consist of long, thin shapes that can be extruded into filaments that, when twisted or otherwise manipulated, may be used to assemble fabrics. There are various classifications of fibers concerning their origin, content, and properties. For instance, they can be animal fibers, such as wool or silk, obtained from animals; plant fibers, such as cotton, or synthetic fibers, like polyester or nylon, obtained through a chemical process. Fibers are used in various industries ranging from clothing, home textile industries, industrial applications, and the telecommunication sector.

Further, the mentioned drivers and opportunities are upsurging the market growth:

• The availability of various fibers caters to different consumer tastes and business requirements, promoting innovation and market expansion. There are natural fibers, such as cotton and wool, which provide the comfort and breathability that an ideal fabric should have, and synthetic fibers, such as polyester and nylon, boast durability and are normally associated with moisture-wicking characteristics. For example, dry molded fiber is a revolutionary fiber-forming technology that has emerged and been patented by PulPac, a Swedish packaging technology company, to replace single-use plastic at the global level. The technique also makes it possible to come up with an efficient packaging material that can be sustainable when it comes to natural resources, energy, and even cost. PulPac and Taiwanese turnkey partner Huarong Group are further developing a small and scalable dry-molded fiber machine platform.

This diversity enables the producers to produce goods that are assorted for specific purposes, such as clothing and textile products and automobile and construction products. This leads to increased demand and, in turn, promotes the fiber products industry. Overall, the variety of available fibers promotes competitiveness, technical innovation, and market expansion across industries.

• Increased consciousness regarding sustainability is anticipated to upsurge the fiber industry, shifting the demand towards the goods produced considering the environment and ethics. It increases the sale of natural fabrics such as organic cotton, hemp fabric, and bamboo fabric, as well as biodegradable fabrics. Sustainability-oriented brands have been found to have a strong market advantage, which in turn has caused advancement in fiber technologies and the development of sensitive environmental products. For instance, Avient unveiled new bio-filled polymer grades at Fakuma 2021, the world's biggest event for plastics. This new service can increase the company's capability to offer sustainable solutions besides catering to consumers' needs. The new generation of reSound NF bio-filled grades includes polymers like polypropylene with 15-20% required bio-filled content.

Additionally, BASF and Inditex continued their development efforts in February 2024 to enhance the textile recycling processes. BASF has further introduced loopamid, which is polyamide 6 (PA6, also called nylon 6), based fully on textile recycling. This is the first circular system of nylon clothing. Comprehensively, the focus on sustainability contributes to market development and stimulates innovation, leading to the shaping of the fiber industry's future in a more environmentally friendly and socially responsible way.

GLOBAL FIBER MARKET DRIVERS:

• The growing application of fiber in the textile industry.

The upsurge in the fiber market is anticipated to be propelled by the growth in the textile industry owing to various applications in the industry. As stated by the Ministry of Commerce and Industry, the domestic clothing and textile sector in India accounts for around 2% of the country's GDP and 7% of industry production in value terms in 2022. India accounts for 4% of the total world textile and clothing trade. Moreover, textiles and apparel accounted for 10.33% of India's entire export basket in 2021-22.

In addition, apparel manufacturers have been developing fabrics for performance wear that exhibit enhanced characteristics such as moisture management and bacterial breakdown. The LYCRA Company is one such company that designs and markets fiber and technology solutions for the garment and personal care industries and holds many leading consumer and trade brands, including Lycra, Lycra Hyfit, Lycra T400, Coolmax, Thermolite, Elaspan, Suplex, and Tactel Brand Names.

Sateri, on the other hand, is the largest producer of viscose fiber in the world. This eco-friendly, biodegradable substance is used in items people use daily, including cloth, wipes, and hygienic products. Five mills of the company are in China, and they produce approximately 1.8 million tonnes of viscose fiber per year.

• Growing utilization of natural fibers.

The increase in the consumption of natural fibers is a result of the growing consciousness in society of the need to adopt sustainable products. Organic fibers, including cotton, wool, jute, and hemp, are bio-degradable; they are renewable and not harmful to the skin; hence, environmentally conscious consumers are attracted to them. Owing to this, more than a century ago, a company known as Aspinwall entered the manufacturing area of natural fibre products. The company initially established plants in Alleppey that produced the handloom items and a power loom to manufacture the runners and the mats. The inspiring hundred years of experience of the Group, along with the heritage of generations of great artists and craftsmen implemented in its successes, are harmoniously embodied in the company's masterpieces.

Furthermore, natural fibers are rapidly being used in textiles, clothes, home furnishings, and packaging to meet customer demand for sustainable products. The government's commitment to sustainable agriculture and rural development initiatives also supports the manufacturing and processing of natural fibers.

GLOBAL FIBER MARKET - GEOGRAPHICAL OUTLOOK

• The Asia Pacific region will dominate the fiber market during the forecast period.

The Asia Pacific fiber market is anticipated to grow, fueled by various factors. Fabrics and garments are widely required in the current progressing world, particularly in Asian countries. China, India, Bangladesh, Vietnam, and Indonesia have the potential to grow the regional fiber market as they are the prominent sourcing destinations of textile and industrial goods.

According to the data presented by TexProcil, in January 2023, the import of clothes and accessories to Japan went up by 21.6% to 3,08,847 million yen (US$ 2301.96 million). Combined, the two accounted for 1% of total imports of US$10,047,783 million during the review period based on the provisional trade statistics from the Far Eastern country's Ministry of Finance.

Apart from this, Government statistics disclosed that the overall revenues of China's textile giants rose by 7.2 % from year on year in 2023. These enterprises, as reported by the Ministry of Industry and Information Technology, produced 180.2 billion yuan (approximately US$25.38 billion) in earnings in 2022. However, the total operation income of these enterprises was 4.70 trillion yuan, continuing its decline from 0.8 percent in 2022, as revealed by the ministry.

The current growth rate of cotton production in India has been estimated to reach 7.2 million tonnes by 2030, as stated by the Indian Brand Equity Foundation, mainly due to the increase in consumer demand. The market size of Indian textiles and apparel for both domestic consumption and exports is expected to grow at a CAGR of 10% to US$ 350 billion by 2030. The government also sanctioned R&D projects of US$7.4 million in June 2023 in the textile sector.

Furthermore, as per USDA, although Bangladesh has many problems in its economy, Post plans to import 7.5 million bales of cotton in 2023/24 by reducing yarn and fabric imports. Thus, during the first seven months of MY 2023/24, West African cotton had the largest market share (35%), while India occupied 22%, Brazil 14%, and the United States 11%. In addition, technological advancements, along with changes in consumer preferences and positive government policies, are driving the Asia Pacific market expansion.

Global Fiber Market Key Developments:

• In March 2024, Oerlikon Neumag's new staple fiber technology center was established. This will allow customers to test continuous inline pilot lines for polymer processing. The cutting-edge technological center initially concentrated on the advancement of polyester fibers.
• In February 2024, Metsa Group conducted a preliminary study for the first commercial mill producing Kuura textile fiber. Kuura is one of the key initiatives of Metsa Group's innovation firm, Metsa Spring. The objective is to enhance pulp refining while being sustainable and efficient.
• In November 2023, the LYCRA Company, a global pioneer in providing innovative and sustainable fiber and technology solutions for the garment and personal care sectors, launched the new LYCRA FiT400 fiber for knits. The company's most recent EcoMade product is a novel bicomponent fiber designed to improve the performance and comfort of knits. Fabrics benefit from a long-lasting soft hand, minimal shrinkage, and good uniformity. LYCRA FiT400 fiber is GRS-certified and contains 60% recycled PET and 14.4% bio-derived resources.
• In July 2022, Sateri, the world's biggest viscose fiber maker, started offering three zero-carbon fiber products: EcoCosy, Lyocell, and FINEX. All three products have received PAS2060 evaluation certification for carbon neutrality and have been released into their respective markets. The unveiling represents a milestone in Sateri's drive towards green and low-carbon sustainability.

The global fiber market is segmented and analyzed as follows:

By Type

• Natural Fibers
• Synthetic Fibers
• Regenerated Fibers
• Specialty Fibers
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Rest of South America
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East and Africa
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Rest of Asia-Pacific