The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for natural fiber-reinforced composites is expected to register a CAGR of around 11% during the forecast period. A major factor driving the natural fiber reinforced composites market is the increasing demand for bio-based composites. On the contrary, the hydrophilic nature of natural fiber reinforced composites are expected to hinder the market growth, due to poor dimensional stability, processability, and porous nature.
- Buildings & construction dominated the market and is expected to grow during the forecast period.
- Flame retardancy of the natural fiber reinforced polymer composites is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, due to the increasing construction activities.
Key Market Trends
Increasing Demand from the Construction Industry
- There is always a continuous requirement for eco-friendly materials in the building materials industry.
- Wood fiber-reinforced composites can be used for decking, fencing, molding, trim, etc. Owing to their low maintenance costs and resistance to weathering, stains, and warping, wood fiber-reinforced composites are the desirable alternates for wood in these applications.
- Wood fiber-reinforced composites are costlier than processed wood. However, they are relatively cheaper than other natural fiber-reinforced composite materials for the construction industry.
- Non-wood natural fibers can be used as a substitute for many of the wood-fiber composites that are being used as building materials. There are several other opportunities to use non-wood natural fibers in the construction industry.
- Owing to the ongoing growth and investments in the construction industry in the region, the market for natural fiber-reinforced composite materials is expected to grow significantly during the forecast period, especially in the Asia-Pacific region.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With growing construction activities and rising demand from the automotive industry in countries, such as China, India, and Japan, the usage of natural fiber reinforced composites is increasing in the region.
- The consumption of natural fiber reinforced composites is high in the construction industry. Furthermore, the automotive industry is one of the most prominent consumers of bio-based composites.
- Factors, such as increasing automotive production and sales in the region, and an increasing number of automotive OEM manufacturers, are expected to drive the market in Asia-Pacific.
- The aforementioned factors are contributing to the increasing demand for the consumption of natural fiber reinforced composites in the region, during the forecast period.
The market studied is fragmented, with the top five companies accounting for around one-fourth share of the market. The major companies include Trex Company Inc., Fiberon, FlexForm Technologies, UPM, and Azek Building Products, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support