PUNE, India, April 18, 2016 /PRNewswire/ --
The report, "Natural Fiber Composites Market by Type (Wood Fiber and Non-Wood Fiber), Manufacturing Process (Compression Molding, Injection Molding, and Others), Application (Building & Construction, Automotive, and Electrical & Electronics), and Region- Global Forecasts to 2021," published by MarketsandMarkets, The market size is projected to reach USD 6.50 Billion by 2021, at a CAGR of 11.68%, between 2016 and 2021.
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Browse 41 market data Tables and 42 Figures spread through 128 Pages and in-depth TOC on "Natural Fiber Composites Market"
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This growth is attributed to the high demand for NFCs in the construction and automotive industry, driven by the regulatory norms, and superior performance. Lightweight, high stiffness-to-weight ratio, consumer awareness regarding recyclable, and biodegradable materials, are advantages of the use of NFCs in the composites market.
Manufacturing process: Compression molding comprises a major share in the NFCs market
Compression molding is the most widely used manufacturing process of NFCs. Automotive and construction industries are the key users of compression molded NFCs due to their benefits, such as cost effectiveness, high reproducibility, low cycle time, homogenous distribution of long fibers in fleece, lesser wastage of raw material and lower tooling costs. Heavy and intricate complex parts with good surface finish can be made with the help of compression molding, which make it suitable in the construction industry. In the automotive industry, it is used to produce interior parts of automobiles with higher strength and stiffness.
Construction & Automotive industry is at the forefront and driving the NFCs market
The demand for NFCs in the construction industry for outdoor deck floors, railings, fences, landscaping timbers, park benches, window and door frames, and indoor furniture has grown remarkably on the global platform. This is due to their superior strength-to weight ratio, recyclability, and low cost. Further, NFCs are becoming popular and essential for making automotive components such as seatbacks, parcel shelves, boot linens, front and rear door linens, truck linens, and door-trim panels due to their lightweight and increased fuel efficiency.
North America accounts for a major market share of NFCs market
The North America region accounts for the largest market of Natural Fiber Composites Market, globally, due to the high demand from the construction industry and regulatory norms requiring the use of ecofriendly materials. Along with the existing capacities, several NFCs manufacturers are expanding their production capacities. According to the Department of Environment Food & Rural Affairs (DEFRA) report, almost 1.5 million vehicles included applications for natural fibers such as kenaf, jute, flax, hemp and sisal in combination with thermoplastic polymers such as polypropylene and polyester. The demand for NFCs in North America is projected to continuously increase in the near future on account of significant performance at lower prices of NFCs in automotive and construction applications driven by regulatory standards recommending the use of lightweight and recyclable materials.
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Some of the key global players prevailing in the NFCs market are Trex Company, Inc., Advanced Engineering recycling technologies, Inc. (AERT), Fiberon LLC (U.S.), UPM Biocomposites (Finland), FlexForm Technologies (U.S.), among others. These players have adopted various organic and inorganic developmental strategies in the past five years. For instance, FlexForm Technologies formed FlexForm Korea Ltd. for the acquisition and operation of factories and production lines in Jeonju City and Cheonan, South Korea.
This report covers the market of NFCs and forecasts the market size till 2021. The report includes the market segmentation by type, by manufacturing process, application, and region. It also provides company profiles and competitive strategies adopted by the major market players in the NFCs market.
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