Industry Outlook and Trend Analysis
The Natural Fiber Composites (NFC) Market was worth USD 3.69 billion in 2014 and is expected to reach approximately USD 10.00 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 11.72% during the forecast period. Increasing demand for lightweight products from the automotive division and developing awareness with respect to green products are among the key patterns heightening business sector development. Nonetheless, moisture affectability of these composites is foreseen to hamper the development of the market. Natural fibers are bio-based materials produced using materials, for example, cotton, wood, hemp, flax, and kenaf. Raw materials used to fabricate characteristic fiber composites are condition agreeable and can possibly supplant engineered filaments over the coming years. Every one of these materials is less toxic to the earth and easily accessible. Raw materials used to fabricate characteristic fiber composites are condition agreeable and can possibly supplant engineered filaments over the coming years.
Raw Material Outlook and Trend Analysis
A portion of the main raw materials incorporate wood, flax, kenaf, cotton, and hemp. Wood commanded the market and spoke to 59.3% of the overall income in 2015. The trend is evaluated to proceed until the forecast period. Benefits of wood, for example, high quality and robustness are anticipated to boost its use over the coming years. Flax was a standout amongst the most generally used materials in 2015, with a share of 13.0%.
Matrix Outlook and Trend Analysis
The market, based on matrix, has been divided into synthetic polymer, inorganic compound, and natural polymer. The natural polymer matrix is expected to encounter the speediest development over the conjecture time frame. Rising interest for green products because of changing ways of life and developing pattern of become environmentally viable is anticipated to supplement the development of the portion.
Technology Outlook and Trend Analysis
Based on technology the Injection molding requires low atomic weight polymer to maintain low thickness. It is majorly used to create parts in vast volume. Developing demand for extensive volume creation from end-use businesses is ready to add to the development of the portion. Infusion shaping represented an income offer of 10.0% in 2015.
Application Outlook and Trend Analysis
NFC is significantly used as a part of construction and automotive ventures to make dash boards, door panels, seat backs, truck liners, decking, window, frames, headliners, and railing. Electronics and sporting goods are promising fragments in the market. Various products, for example, tennis racket, mobile cases, tennis racket, frames, bicycle, and snow boards are created using common fiber composites.
Regional Outlook and Trend Analysis
Rising demand for NFC produced from flax, developing prominence, and surging interest for consumer goods is expected to give a critical push toward the North America market. NAFILEAN process in the automotive business in the district has brought about supportable plan for instrument panels, door panels, and centre consoles. Broad research is being conducted by European auto producers to create natural polymer network for boot lines, front and rare door lines, and parcel shelves. Europe represented an offer of 15.4% regarding volume in 2015.
The major players in the market are UPM Biocomposites, Trex Company Inc, Kafus Bio-Composites Inc, Procotex, Advanced Environmental Recycling Technologies Inc, Taghleef Industries Llc, FlexForm Technologies and FIBERGRAN GMBH & CO KG. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Natural Fiber Composites (NFC) Market is segmented as follows-
By Raw Material:
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?