Eco Fibre Market Provide In-Depth and Visionary Insights Research, Recent Trends and Growth Forecast by 2029 | How the Russia-Ukraine Conflict is Affecting the Eco Fibre Industry
The increasing favorable regulations for manufacturing bio-based products is expected to create opportunities for the market, states Fortune Business Insights, in a report, titled “Eco Fibre Market Size, Share & Industry Analysis, By Type (Organic, Manmade/regenerated, Recycled, Natural), By Application (Textiles/Apparel, Industrial, Medical, Household & furnishing, Others) and Regional Forecast, 2019-2026.” The rising environmental concerns are expected to fuel demand of the market during the forecast period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Eco Fibre Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Eco Fibre Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Stringent Environmental Regulations to Enable Expansion
The implementation of several laws pertaining to the increase of bio-based products is likely to aid the expansion of the market in the forthcoming years. Similarly, the expansion of bio-based products by major companies can further promote the growth of the market. For instance, in June 2018, Ecofibre announced the extension of its manufacturing activities, including the production of its high-tech silk fiber, Hemp Black. The funding will be used by US Nutraceutical company Ananda Hemp, which will help the company to expand in terms of revenue and patients in the US. The funds will also speed up Australia’s Hemp Food company while promoting Hemp Black growth.
However, the high costs associated with the production, manufacturing, and development of eco-fibers can dampen its adoption, thus inhibiting the growth of the market.
Increasing Industrialization to Influence Growth in Asia Pacific
The market in Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to the rising industrialization India, and China. The growing popularity of renewable textile fibers like, bamboo, flax, hemp, organic cotton, jute, sisal, and abaca in the textile industry is expected to enable speedy expansion of the market. The market in North America is expected to experience substantial growth in the forthcoming years owing to the heavy demand for advanced antimicrobial, antistatic, and antibacterial treated materials. The demand for sports apparel is expected to aid growth in the region. Strict policies regarding product quality and distribution of synthetic fabrics are expected to favor the growth of the market in Europe. Latin America is predicted to grow steadily due to the growing awareness about the effects of synthetic fibers.
Jan 2020: Flexform introduced the first line of outdoor furniture designed with the aid of architect Antonio Citterio. The outdoor furniture comprises of sofas, armchairs, tables, chairs, and other accessories.
The Report Lists the Key Companies in the Eco Fibre Market:
- Enkev Bv
- Flexform Technologies
- Foss Manufacturing
- Hayleys Fibers
- Aditya Birla Management
- Ecological Fibers inc.
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