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.
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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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- 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.