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Global Biodegradable Fabrics Market is Estimated to Witness High Growth Owing to Opportunity of Better Sustainability

Lucy Kart
Global Biodegradable Fabrics Market is Estimated to Witness High Growth Owing to Opportunity of Better Sustainability

Biodegradable fabrics are manufactured using plant and renewable sources such as bamboo, soy, hemp and other plant-based fibers that break down naturally without harming the environment. These fabrics are known for their comfort, durability and eco-friendly nature. The global biodegradable fabrics market has gained huge traction due to the rising demand for sustainable fabrics across various applications including clothing, home textiles and medical supplies.

The global biodegradable fabrics market is estimated to be valued at US$ 6.76 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of better sustainability is driving the global biodegradable fabrics market. Traditional fabrics are made from petroleum-based fibers that are not eco-friendly and their production and disposal harms the environment. However, biodegradable fabrics decompose completely without harming landfills or polluting waterways and soil. They reduce environmental impact and carbon footprint as compared to conventional fabrics. As consumers becoming more aware about environment protection, the demand for sustainable fabrics is increasing rapidly. The biodegradable nature of these fabrics helps in alleviating environmental concerns regarding fabric waste. Hence, the better sustainability offered by biodegradable fabrics as compared to regular fabrics is estimated to foster the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and lack of proprietary technologies result in low barriers for new entrants. However, established brands possess scale advantages and customer loyalty that makes it difficult for new players to gain market share.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various fabric options from different suppliers. However, stringent regulations favor larger buyers.

Bargaining power of suppliers: Fabric suppliers have low-to-moderate bargaining power since raw materials are commoditized and widely available. Established fabric producers possess stronger bargaining abilities.

Threat of new substitutes: Low threat as biodegradable fabrics are differentiated through eco-friendly attributes with no direct synthetic substitutes. Alternative natural fibers offer some substitution.

Competitive rivalry: Intense as major players compete on sustainability & performance. Innovation, certifications and collaborations are key differentiators in the consolidated market.

SWOT Analysis

Strengths: Growing eco-consciousness and stringent regulations favor adoption. Biodegradability improves sustainability.

Weaknesses: High prices compared to synthetics limit widespread use. Limited durability is a concern in some applications.

Opportunities: Rising disposable incomes in developing nations boost markets. New applications in packaging and agriculture present scope.

Threats: Subsidies for synthetic fibers in countries favor their use. Fluctuating raw material costs impact margins.

Key Takeaways

Global Biodegradable Fabrics Market Demand is expected to witness high growth over the forecast period supported by rapid urbanization, rising environmental concerns and favorable regulations mandating green alternatives.

Regional analysis indicates Asia Pacific dominates currently driven by population growth, improving economies and the textile hub of China, India, Bangladesh and Indonesia rapidly adopting sustainable solutions. North America and Europe are also major biodegradable fabric markets backed by strong policy support and developed textile industries.

Key players operating in the global biodegradable fabrics market are Eaton Corporation PLC, Trilux Lighting Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Hubbell Incorporated, Herbert Waldmann GmbH & Co. KG, General Electric Company, Cree Inc., Koninklijke Philips N.V. Major players are focusing on new product development, partnerships and mergers for geographic and application expansions to strengthen their positions in this rapidly emerging space.

Get More Insights on this Topic- https://www.rapidwebwire.com/biodegradable-fabrics-market-forecast-overview-and-value/ 

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Lucy Kart
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