Biofiber Market Size, Share, Growth, and Industry Growth, By Type (Bioenergy, Biosourced Chemicals, and Biosourced Materials), By Application (Energy & Transportation, Food, Beverages & Pharmaceuticals, Consumer Goods & Textiles and Packaging, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Biofiber Market REPORT OVERVIEW

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The global biofiber market size was USD 82410 million in 2021 and is projected to touch USD 176083.8 million by 2031, exhibiting a CAGR of 7.9% during the forecast period.

Biofiber is an artificial fiber used for implanting process of synthetic hair. It is a minimally invasive process and is only artificial materials where implant surgery can be reversed by removing the implants. It is a biological origin and can be produced naturally or artificially. Its classification can be broken down into a cell collection with a negligible diameter compared to the length, which is constant with the definition of man-made polymer. Biopolymer offers a possible waste-disposal solution linked with the traditional plastics derived from petroleum which are difficult to repurpose or recycle. 

Biofibers do not require chemicals and pesticides for their growth. It is resistant to mildew, disease-free, and mold. It majorly includes ramie, hemp, bamboo, and linen, which makes it eco-friendly and organic for use in apparel and textiles applications. Advanced technologies lead to product development that has UV resistance, microbe resistance, and breathable properties. Additionally, the higher investment by the textile industry in natural and organic eco fibers prevents the waste of clothes. 

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The unforeseen event of the pandemic prompted the execution of severe lockdown rules across various countries resulting in aggravations in the import and product exercises of the product. Nonetheless, the expansion sought after for excellent items in the market expanded the interest for biofiber market development during the pandemic. In any case, the market was principally hit by various impediments in the midst of the COVID-19 pandemic, for example, the absence of capable labor force accessibility and postponement or end of activities attributable to finish lockdown. Additionally, the flood in the execution of modern automation arrangements all around the world is expected to build up retinol market figures post-COVID-19. The epidemic additionally compelled the developing nations to employ natural and biofiber in medicinal applications. 

LATEST TRENDS

"Product Usage in Hair Implants to Foster Growth"

The rising geriatric population coupled with the increasing awareness of such newer procedures are projected to gain maximum growth in the market. The prevalence of hair fall is rising among youngsters due to pollution and an unhealthy diet. The young population is opting for hair implantation, which is forecasted to encourage growth in the market within the forecast period. Moreover, the geriatric population experiencing hair loss and hair fall are opting for fiber hair implantation. These factors are estimated to drive biofiber market growth.  Additionally, they are low density and give higher mechanical stiffness and strength when compared with glass fibers.  

Biofiber Market Segmentation

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• By Type Analysis

By type, the market is segmented into biosourced chemicals, bioenergy, and biosourced materials. 

• By Application Analysis

Based on application, the market is classified into food, beverages & pharmaceuticals, energy & transportation, consumer goods & textiles and packaging, and others. 

The textile segment is projected to dominate the market due to the rising fashion industry worldwide. The rise in demand for various outfits and textiles such as casual wear, formal wear, and designer outfits is forecasted to surge growth in this segment. 

DRIVING FACTORS

"Product Application in Various Industries to Foster Growth"

The automotive, medical industries, and textile/apparel are all expanding faster than the fashion industry. The consumption of fibers is rising as a result of the expansion of these industries. The market is driven by emerging economies such as India, China, Southeast Asia, and South Africa. Demand for textile and household & furnishing is consistently rising due to the high disposable income of the population. Additionally, the population grows coupled with the consumer demands for more homes, cars, and clothes. The demand for the product will increase as the fabric is increasingly used for a variety of purposes, including interior design, covering, and furnishing. 

"Expanding Textile Industry to Propel Product Demand"

The fashion industry is on a constant rise owing to the growth of the per capita income of the population. The rising economies such as India, Japan, and China are likely to increase the product demand. The demand for apparel and fashionable outfits is growing due to the high disposable income in developing countries. The rising population demands more textiles which is forecasted to aid biofiber market growth.

RESTRAINING FACTORS

"Higher Price of the Product to Impede Growth "

The farming of the product is expensive as it includes the overall cost of the high eco fiber. The product is expensive, which restricts the general population from adopting it. Additionally, the market has cheap substitutes such as rayon, polyester, nylon, and other such materials. The cheap substitutes available in the market may affect the market of biofibers.

Biofiber Market REGIONAL INSIGHTS

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"Europe to Lead the Market Due To Higher Product Demand in the Region"

Europe is anticipated to hold the maximum part of the biofiber market share owing to the higher demand for the product from the cosmetics and automotive industries. Additionally, the regional growth is also attributable to the increasing research and development of the product. 

Latin America is forecasted to show significant growth due to the increasing investment on research and development of the product.

North America is anticipated to show a sizable biofiber market share due to the rising advancements on the development of harmless disposing of medical waste. 

KEY INDUSTRY PLAYERS

"Companies to Emphasize On Long-Term Growth Strategies"

The market is fragmented into various sized industries, including regional and global industries. The market revenues and shares are likely to be driven by the constant investment on research and development of the product. Technological advancements are being adopted to gain steady growth in the market. The companies are focused on gaining mergers and acquisitions to enhance the product portfolio. Many companies also launched new products to gain the regional market share. Gaining a regional market will help the player’s further gain the global market. Organic and inorganic growth strategies are adopted by major companies to gain long-term growth. 

List of Market Players Profiled

• NatureWorks (U.S.)
• Dupont (U.S.)
• BASF (Germany)
• Cargill (U.S.)
• Novamont (Italy)
• Lenzing AG (Austria)
• Neste Oil Rotterdam (Netherlands)
• ADM (U.S.)
• Infinita Renovables (U.S.)
• Arkema (France)
• Braskem (Brazil)
• Kingfa (China)
• Mitsubishi (Japan)
• Sofiproteol (Diester Industries) (France)
• Medors (India)
• Marseglia Group (Italy)
• Glencore (Switzerland)
• Louis Dreyfus (Netherlands)
• Renewable Energy Group
• RBF Port Neches (U.S.)
• Ag Processing (U.S.)
• Elevance (U.S.)
• Marathon Petroleum Corporation (U.S.)
• Graanul Invest Group (Estonia)
• Enviva (U.S.)
• Pinnacle (U.S.)

REPORT COVERAGE

The report offers a comprehensive overview of the market, which includes various factors such as growth rate, COVID-19 impact, market drivers, and other such factors. The qualitative and quantitative insights of the market are represented in the report. The report also offers an elaborative analysis of the market and factors expected to surge or retard the growth of the market. Various market insights are covered in the report. Porter’s five force analysis and SWOT analysis are completed to gain market insights. The report also represents the information about the key market players. The trends driving growth in the industry are also shown in the report.