The global natural fiber composites market is projected to grow from USD 328 million in 2023 to USD 424 million by 2028, at a CAGR of 5.3% during the forecast period. The natural fiber composites market is mainly driven by growing demand for environment friendly products, various government initiatives related to CO2 emission in the developed regions and rising environmental awareness across the world.
’’Kenaf type segment accounted for the second-largest share, in terms of value & volume, of the overall natural fiber composites market.’’
The kenaf fiber composites can be manufactured sustainably, offer better resistance against moisture and microbial activities than wood fibers, and have the ability to provide cost-effective solutions. Kenaf fibers are becoming a widely preferred non-wood fiber type in the production of natural fiber composites for the automotive industry. Kenaf composites possess good resistance and high thermal insulation properties.
“PE Resin type to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period.”
PE is a high-performance engineering thermoplastic with excellent toughness, great thermal stability, and remarkable dimensional stability. PE offers superior wet-out of reinforcements and is processed through resin infusion, injection molding, and compression molding. This thermoplastic material has poor resistance to nitric acids, hydrofluoric, sulfuric, and other mineral acids. Nevertheless, it has high chemical resistance and a rapid crystallization rate, making it suitable for applications in the automotive, marine, medical, electronics, and aerospace industries.
“Injection molding process to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period.”
Injection molding is preferred for processing high-end three-dimensional parts of various consumer and sporting goods. It is used to produce complex structures and precise dimensions through a single operation. It requires minimal post-processing, which reduces labor costs, and ultimately, the cost of the end product. However, the injection molding process includes high tooling costs and is incompatible with long fibers.
“Building & construction industry is expected to grow at a second-highest CAGR, in terms of both value and volume.”
The building & construction segment contributed significant market share of the total natural fiber composites market in 2022. The benefits of natural fiber composites, such as high stiffness-to-weight ratio and light weight, make them suitable for different applications in the building & construction industry. The main application of natural fiber composites is non-load-bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make permanent decks, long-span roofing elements, windows, exterior constructions, composite panels, door frames, furniture, structural beams, and others.
“North America is the second-largest natural fiber composites market in terms of both value and volume.”
North America accounted for the second largest share in the natural fiber composites market. The major players in North America are involved in activities, such as distribution agreements, product development, and capacity expansion, to increase their market shares and cater to the rising demand for natural fiber composites. Natural fiber composites in North America are extensively used in the building & construction industry. Along with this, automotive manufacturers prefer these composites over glass fiber ones due to their light weight and stringent government regulations emphasizing the use of environment-friendly materials.
Breakdown of Profiles of Primary Interviews:
- By Company Type- Tier 1- 60%, Tier 2- 20%, and Tier 3- 20%
- By Designation- C Level- 33%, Director Level- 33%, and Managers- 34%
- By Region- North America- 20%, Europe- 25%, Asia Pacific (APAC) - 25%, Latin America-10%, Middle East & Africa (MEA)-20%,
The report provides a comprehensive analysis of company profiles listed below:
- Procotex SA Corporation NV (Belgium)
- Polyvlies Franz Beyer GMBH & Co. KG (Germany)
- cnaro GmbH (Germany)
- FlexForm Technologies (US)
- GreenCore Composites Inc. (Canada)
- Jelu-werk Josef Ehrler GmbH Co & Co. KG (Germany)
This report covers the global natural fiber composites market and forecasts the market size until 2028. It includes the following market segmentation –Type (Flax, Kenaf, Hemp, Others), Resin type (PP, PE, PA, Others), Manufacturing Process (Injection Molding, Compression Molding, Others), End-use Industry (Automotive Building & Construction, and others), and Region (Europe, North America, Asia Pacific, and Rest of the World). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global natural fiber composites market.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall natural fiber composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Increased use of natural fiber composites in automotive and construction industry), restraints (Relatively low strength compared to synthetic fiber composites), opportunities (Possibilities of price reduction with economies of scale), and challenges (High production cost) influencing the growth of the natural fiber composites market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the natural fiber composites market
- Market Development: Comprehensive information about lucrative markets – the report analyses the natural fiber composites market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the natural fiber composites market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like include Procotex SA Corporation NV (Belgium), Polyvlies Franz Beyer GMBH & Co. KG (Germany), Tecnaro GmbH (Germany), FlexForm Technologies (US), Meshlin Composites Zrt (Hungary), GreenCore Composites Inc. (Canada), GreenGran B.V. (Netherlands), and Jelu-werk Josef Ehrler GmbH Co & Co. KG (Germany) and others in the natural fiber composites market.