Global Biodegradable Fabrics Market is Estimated To Witness High Growth Owing To Environmental Consciousness

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Global Biodegradable Fabrics Market is Estimated To Witness High Growth Owing To Environmental Consciousness
Global Biodegradable Fabrics Market

The Global Biodegradable Fabrics Market is estimated to be valued at US$ 5.86 Bn in 2023 and is expected to exhibit a CAGR of 12.6% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biodegradable fabrics are made from natural fibers such as cotton, hemp, bamboo, and banana fiber which decompose back into nature without polluting the environment. These fabrics offer advantages like breathability, moisture-wicking properties, soil resistance, and UV protection. With rising environmental concerns, biodegradable fabrics have gained popularity as an eco-friendly alternative to conventional non-biodegradable synthetic fabrics.

Market key trends:
One key trend driving the growth of the biodegradable fabrics market is the growing environmental consciousness among consumers. There is a rising demand for sustainable clothing options which do not pollute the land and water bodies. Biodegradable fabrics offer a solution as they break down in soil or compost without leaving behind microplastic pollution. Another factor is the implementation of stringent regulations regarding the use of plastic and non-biodegradable materials in various countries. This is expected to boost the adoption of eco-friendly biodegradable fabrics in various industries like fashion, automotive and medical over the forecast period.

Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the global biodegradable fabrics market due to high capital requirements and established presence of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives in the market and price sensitivity.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of substitutes and dominance of few key players in the supply base.
Threat of new substitutes: Threat from new substitutes is low as biodegradable fabrics offer unique properties compared to synthetic fabrics.
Competitive rivalry: High due to presence of established players and innovation driving the market.

SWOT Analysis
Strength: Biodegradable fabrics are eco-friendly and help reduce pollution. They are made from renewable resources like cotton, jute, etc.
Weakness: High production costs and limited availability compared to synthetic fabrics. Processing technologies need further improvement.
Opportunity: Growing consumer demand for sustainable fabrics and initiatives by governments and brand owners to use green materials present opportunities.
Threats: Economic slowdowns and lower commodity prices can reduce demand. Strict environment regulations increase compliance costs.

Key Takeaways
The global Global Biodegradable Fabrics Market Demand is expected to witness high growth, exhibiting CAGR of 12.6% over the forecast period, due to increasing consumer awareness about eco-friendly products. The market was valued at US$ 5.86 Bn in 2023.

Regional analysis: Asia Pacific dominates the global market and is expected to grow at fastest rate due to large textile industry, growing disposable incomes and improving technologies. China is the leading producer while India is emerging as major exporter of biodegradable fabrics.

Key players: Key players operating in the biodegradable fabrics market are Ecologic Fiber, Enka Textile, Hemp Inc, David C. Poole, Eco Textile, Propex, Greenfibres, EnviroTextiles, Vestagen Protective Technologies, W.L. Gore & Associates, Taiwan Singtex Industrial Company, Tengri, Bcomp, Flexform Technologies, Aquafi, Eucarpe, Toad&Co, Amadou Naturals, Back Beat Co., SynZenta.

Read more @ https://www.newsstatix.com/global-biodegradable-fabrics-market-is-estimated-to-witness-high-growth-owing-to-increased-sustainability-measures-manufacturing-capacity-expansion/

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