The long term scenario for global synthetic fibres market is good. A latest report published by IMARC Group, titled "Cellulose Fibers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on cellulose fibers market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global cellulose fibers market size reached US$ 32.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 63.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032. Cellulose fibers are natural or synthetic fibers derived from cellulose, a polysaccharide found in plant cell walls.

Manmade fibres are a key segment in textile sector. The overall scenario for the textile sector in India as supportive demographics will benefit demand trends. The government is keen on pushing up the capacity to meet this increased demand. The seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks are expected to attract Rs 70,000 crore in four-six years with 20 lakh direct and indirect employments while the PLI scheme is likely to attract investments worth Rs 25,000 crore with 2.5 lakh additional jobs, according to textiles secretary Rachna Shah. The PLI scheme for textiles sector is focused on man-made fibre (MMF), MMF apparel and technical textiles to improve large scale manufacturing and enhancing competitiveness in the local producers.

Commodities Buzz: Global Oil Demand Set To Rise By 1.1 Million Barrels Per Day Says IEA

The International Energy Agency or IEA stated in a latest monthly update for May 2024 that global oil demand is set to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month’s Report as weak deliveries, notably in Europe, shifted first-quarter OECD demand into contraction. The outlook for 2025 is comparatively unchanged, with the pace of growth now marginally surpassing 2024 at 1.2 mb/d.

World oil supply is projected to increase by 580 kb/d this year to a record 102.7 mb/d as non-OPEC+ output rises by 1.4 mb/d while OPEC+ production falls 840 kb/d, assuming that voluntary cuts are maintained. Global gains of 1.8 mb/d are expected in 2025 as non-OPEC+ add a further 1.4 mb/d. In April, world oil supply fell 200 kb/d to 102 mb/d.

Global oil inventories surged by 34.6 mb in March, as oil on water swelled to a fresh post-pandemic high. On land stocks fell by 5.1 mb to their lowest level since at least 2016, as total OECD stocks declined by 8.8 mb to a 20-year low while non-OECD inventories built for the first time since November. According to preliminary data, global oil stocks rose further in April. IEA noted that for next year, the oil market looks more balanced overall.

Outlook:

The sustained slide in crude oil prices in recent weeks could weigh on the domestic manmade fibers prices. WTI Crude oil prices fell below $73 per barrel, the lowest in four months at the start of June 2024, on fears of increased global supply. OPEC+ extended supply cuts into 2025 but may gradually unwind voluntary cuts from eight members starting in October.