Natural Fiber Composites Market to Garner $8.3 Billion, Globally, By 2032 at 7.3% CAGR, Says Allied Market Research

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May 04, 2023, 10:10 ET

The growth of the natural fiber composite market is driven by several factors including, rise in demand for electric, lighter, safer, and more fuel-efficient vehicles, surge in usage of natural fiber composites in the construction industry. By region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the global natural fiber composites market revenue.

PORTLAND, Ore., May 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Natural Fiber Composites Market by Fiber Type (Wood, Cotton, Flax, Kenaf, Hemp, Others), by Technology (Injection Molding, Compression Molding, Others), by Application (Automotive, Electronics, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global natural fiber composites industry generated $4.2 billion in 2022 and is projected to reach $8.3 billion by 2032, witnessing a CAGR of 7.3% from 2023 to 2032.

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Drivers, restraints, and opportunities:

The growth of the natural fiber composite market is driven by several factors such as a rise in demand for electric, lighter, safer, and more fuel-efficient vehicles and the surge in usage of natural fiber composites in the construction industry. However, the growth of the natural fiber composites market is restrained by its high cost and several drawbacks, like reduced toughness caused by high humidity, solvent absorption, concrete cracks caused by swelling and volume changes, and poor consistency with polymeric or cement matrices. Furthermore, the implementation of stringent regulations on the use of synthetic fibers due to their detrimental effects on the environment is expected to create new avenues for growth in the natural fiber composites industry in the future.

COVID-19 Scenario:

The COVID-19 outbreak had a positive impact on the global natural fiber composites market as the pandemic led to a greater focus on sustainability and the circular economy as more people realized the importance of preserving natural resources and reducing waste.
The pandemic forced many industries to improve their production processes to adapt to changing market conditions. This led to the development of new and more efficient methods for producing natural fiber composites, which can help reduce costs and increase production capacity.
The pandemic created new opportunities for the use of natural fiber composites in products such as personal protective equipment (PPE), which caused a surge in demand during the pandemic. This trend helped to increase the visibility and market share of natural fiber composites and opened new avenues for growth and innovation in the industry.

The wood segment to rule the roost throughout the forecast timeframe

Based on fiber type, the wood segment held the highest market share in 2022, accounting for nearly two-fifths of the global natural fiber composites market revenue and is projected to rule the roost in terms of revenue during the forecast period. Also, the same segment is projected to manifest the highest CAGR of 7.65% from 2023 to 2032. This is because wood natural composites are cheaper than traditional materials like metal, which makes them an attractive option for manufacturers. The incorporation of wood fibers into the polymer matrix increases the material's mechanical and thermal qualities, making it more resistant to weathering and deterioration

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The automotive segment to maintain its dominance throughout the forecast period

On the basis of application, the automotive segment accounted for the largest share in 2022, contributing to more than half of the global natural fiber composites market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is also expected to portray the largest CAGR of 7.55% from 2023 to 2032. Automotive NFCs are lightweight materials that provide significant weight reductions over traditional materials. This weight reduction can lead to increased fuel efficiency and lower emissions, both of which are key elements in achieving government restrictions.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global natural fiber composites market revenue. The same region is expected to witness the fastest CAGR of 7.59% during the forecast period. The growth of the market is attributed to the rapid industrialization of the region, which is propelling demand for lightweight and high-performance materials.

Leading Market Players:

DuPont
JELU-WERK J. Ehrler GmbH & Co. KG
Plasthill Oy
Procotex
UPM
Bcomp Ltd.
Green Dot Bioplastics Inc.
Lingrove Inc
Polyvlies
TECNARO GMBH

The report analyzes these key players in the global natural fiber composites market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Want to Access the Statistical Data and Graphs, Key Players' Strategies:
https://www.alliedmarketresearch.com/natural-fiber-composites-market/purchase-options

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