The global Natural Fiber Composites Market size was USD 5.2 billion in 2022 and is expected to reach USD 15.01 billion in 2032, and register a revenue CAGR of 12.5% during the forecast period. Market revenue growth is primarily driven by factors such as rising demand for sustainable materials in various end-use industries such as automotive, building construction, and packaging. The use of natural fiber composites provides advantages such as lightweight, high strength, low cost, and eco-friendliness. These composites are made from various natural fibers such as jute, flax, hemp, and kenaf.
Natural Fiber Composites Market Growth:
The growing awareness about the negative impact of synthetic fibers on the environment is expected to drive the demand for natural fiber composites. The increasing demand for lightweight and high-strength materials in various end-use industries, such as automotive, construction, and packaging, is also expected to drive market growth. Additionally, the growing popularity of bioplastics, which are derived from natural fibers, is expected to provide new growth opportunities for the market. However, the high cost of natural fiber composites compared to synthetic fiber composites and the limited availability of high-quality natural fibers may act as a restraint to the market's growth.
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Top Leading Players: FlexForm Technologies LLC, Procotex Corp SA, Tecnaro GmbH, Kafus Bio-Composites Inc., FiberGran GmbH Corp. KG, UPM Biocomposites, Tagleef Industries, Polyvlies Franz Beyer GmbH Co. Kg, Trex Company, Inc, and Advanced Environmental Recycling Technologies, Inc. among others.
Further Key Finding from the Report Suggestion:
- The weak bonding with polymer matrices and moisture sensitivity of these products is anticipated to hamper growth prospects. They absorb moisture, which leads to swelling of fibers. Therefore, in the automotive industry, they can only be applied in car interiors.
- Among the type segment of the natural fiber composite market, the wood-based NFCs are anticipated to be the fastest-growing raw with a CAGR of 11.8% over the forecasted period, owing to their high demand in the construction and building industry, globally.
- The North American region accounts for a major share of wood natural fiber composites because of the high demand for wood-plastic composites in the construction industry.
- The automotive application is projected to be the fastest-growing segment in the natural fiber composites market with a CAGR of 11.9% over the forecasted period owing to the growing need for safer, lighter, and fuel-efficient vehicles.
- Some factors act as a tailback in its growth of the natural fiber composites market. The fluctuation in the cost of natural fiber, a lack of awareness among end-users in emerging economies, and relatively weak strength are major restraints in the growth of the NFCs market.
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The global Natural Fiber Composites market is segmented into:
Type Outlook (Revenue, USD Million; 2017-2027)
- Wood
- Non-wood
Manufacturing Process Outlook (Revenue, USD Million; 2017-2027)
- Injection Molding
- Compression Molding
- Pultrusion
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Automotive
- Electronics
- Sporting Goods
- Construction
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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