Natural Fiber Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material, Technology, and End User

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Natural Fiber Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Wood, Cotton, Flax, Kenaf, Hemp, and Others), Technology (Injection Molding, Compression Molding, Pultrusion, and Others), and End User (Automotive & Aerospace, Building & Construction, Electrical & Electronics, Sporting Goods, and Others).

New York, March 21, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Natural Fiber Composites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material, Technology, and End User" -

The natural fiber composites market is expected to grow from US$ 4,438.83 million in 2022 to US$ 6,910.46 million by 2028; it is estimated to register a CAGR of 7.7% during the forecast period.

Natural fiber composites are made from wood fibers, flax, jute, and hemp.The materials are reinforced in a polymeric resin matrix.

The matrix helps provide a shape to the composite, and protects the fibers from mechanical damage and environmental degradation.Natural fiber composites are eco-friendly, low-cost, bio-based, and sustainable materials.

Owing to the rising concern and awareness about the environmental and social impacts of conventional building materials, composite manufacturers are shifting toward environment-friendly raw materials.Moreover, the increasing stringency of regulations, legislation, and policies in the European construction industry concerning environment protection, energy efficiency, and economic quality has encouraged a shift toward green construction, in turn, bolstering the demand for sustainable building materials.

These factors are driving the natural fiber composites market growth.

On the basis of raw material, the natural fiber composites market is categorized as wood, cotton, flax, kenaf, hemp, and others.In 2022, the wood segment held the largest market share.

Wood has long been used as a construction material due to its strength and natural aesthetics.The method of producing wood fiber that is used to manufacture hardboard and insulation board is similar to that of MDF fiber.

Softwoods are coniferous or evergreen trees that produce wood with a low density, e.g., spruce and pine. In contrast, hardwoods are deciduous trees that have broad leaves with high-density wood, such as maple, mahogany, and oak. Wood contains polymers such as cellulose, lignin, and various hemicelluloses that have very different properties than synthetic polymers with which they are most often combined. Wood is stiffer, less expensive, and stronger than these synthetic polymers, making it a useful filler or reinforcement.

Based on end user, the global natural fiber composites market is segmented into automotive & aerospace, building & construction, electrical & electronics, sporting goods, and others.In 2022, the automotive segment led the market.

The market for the automotive segment is expected to grow at the fastest pace during the forecast period.Natural fiber composites are used in the interior and nonstructural components of vehicles.

They are generally lightweight materials, and hence, they help reduce fuel consumption and greenhouse gas emissions from vehicles. Compared to composites of nonrenewable origin, natural fiber composites have excellent acoustic and thermal properties, which makes them ideal for vehicle interior parts.

Based on geography, the natural fiber composites market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.In 2022, Europe held the largest share of the market, and Asia Pacific is estimated to register the highest CAGR from 2022 to 2028.

Economic growth and infrastructure development are among the major factors driving the growth of the market across Asia Pacific.Moreover, increasing automobile production, coupled with expanding automotive industry, in China, India, Japan, and South Korea are propelling the demand for natural fiber composites.

According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. Thus, the growing construction industry also contributes to the growth of the natural fiber composites market in Asia Pacific.

UPM-Kymmene Corp, Flexform Technologies LLC, Polyvlies Franz Beyer GmbH, Amorim Cork Composites SA, Tecnaro GmbH, Lanxess AG, Bcomp Ltd, Cobra Advanced Composites Co Ltd, Plasthill Oy Ltd, and Lingrove Inc are among the key players operating in the global natural fiber composites market. These players engage in developing affordable and innovative products to meet rising customer demands.

The overall natural fiber composites market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include VPs; business development managers; market intelligence managers; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the natural fiber composites market.
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