Bio-Based Fibre Market Size 2024-2028

The bio-based fibre market is projected to grow by USD 18.6 billion at a CAGR of 7.7% between 2023 and 2028, driven by several key factors that reflect a shift toward more sustainable and eco-friendly alternatives in various industries.

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Market Segmentation

The bio-based fibre market is segmented into applications, types, and geographical regions. The segments are as follows:

• Application:

  • Textiles and Apparel
  • Home Furnishings
  • Automotive
  • Others

• Type:

  • Synthetic Fibres
  • Natural Fibres

• Geography:

  • APAC
    • China
    • India
  • Europe
    • Germany
  • North America
    • US
  • Middle East and Africa
  • South America

Market Dynamics - Drivers, Trends, and Challenges

• Drivers:

  • The shift toward diverse feedstock utilization for bio-based fibre production is a key driver. This includes the use of underutilized biomass feedstocks such as hemp hurd, forest residues, nettle, and seagrasses, which promote sustainability and reduce competition with food production.

• Trends:

  • Eco-friendly textiles are becoming a dominant trend. The demand for plant fibres like Nien Foun Fiber and Hemp-based products, along with innovations in Mycelium composites and algae-based textiles, is driving the growth of the textiles and apparel sector.

• Challenges:

  • A key challenge faced by the market is the variability in costs of raw materials, especially cotton. In late 2023, the Cotton Corporation of India procured cotton at the Minimum Support Price due to a sharp decline in prices driven by weak demand.

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Key Players

The following key players are active in the bio-based fibre market:

1. Acegreen Eco-Material Technology Co., Ltd.
2. AMSilk GmbH
3. Bambooder Biobased Fibers B.V.
4. Baoding Swan New Fiber Manufacturing Co., Ltd.
5. BPREG Composites
6. China Bambro Textile Co. Ltd.
7. China Populus Textile Ltd.
8. David C. Poole Co., Inc.
9. Grasim Industries Ltd.
10. Lenzing AG
11. Qingdao Textiles Group Fiber Technology Co. Ltd.
12. Sateri Shanghai Ltd.
13. SCALE Advanced Biocomposites
14. Shanghai Tenbro Bamboo Textile Co. Ltd.
15. Smartfiber AG
16. Teijin Ltd.
17. USFibers

Recent Developments

• Late 2023: The Cotton Corporation of India (CCI) procured 2.5 lakh bales of cotton at the Minimum Support Price (MSP) due to a sharp drop in cotton prices, impacting bio-based fibre raw materials.

Application Insights

The Textiles and Apparel sector is estimated to witness significant growth. The increasing preference for eco-friendly textiles and alternatives to synthetic fibres is evident, with mycelium leather and algae-based textiles gaining momentum. Moreover, bio-based fibres like hemp and green steel are increasingly utilized for their sustainability advantages.