Wilmington, Delaware, United States, April 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global lignocellulosic fibers market stood at US$ 10.4 Bn in 2022, and is projected to reach US$ 19.2 Bn by 2031.
Rise in adoption of lignocellulosic fibers made from renewable resources is anticipated to open up new avenues for companies in the market. Extensive research in the development of low-cost and high-performance cellulosic fiber composites is expected to propel market value in the near future. For instance, adoption of low-cost and environment-friendly pulping methods in development of sustainable lignocellulosic resource is likely to boost the market.
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Advancement in mechanical and chemical properties, especially tensile strength and thermal conductivity, of lignocellulosic fibers is expected to accelerate market development in the near future. Rapidly increasing global trend of supplanting synthetic fiber composites with natural fiber-reinforced composites, including those based on lignocellulosic fiber, is likely to bolster the global market. Rise in awareness about environmental and economic benefits of lignocellulosic fiber-reinforced composites is poised to augment market size.
Key Findings of Study
- Rise in Lignocellulosic Fiber-reinforced Bioplastics: In terms of application, bioplastics is a lucrative segment of the lignocellulosic fibers market. Government regulations in several countries are promoting usage of sustainable biomaterials for green composites to reduce carbon footprint and reliance on synthetic feedstock. Surge in demand for lignocellulosic fiber reinforced polymer composites in the manufacture of bioplastics offers lucrative opportunities to companies. Increase in preference for bioplastics over traditional plastics is likely to spur usage of lignocellulosic fiber in plastic composites. These fibers are likely to gain significant traction among manufacturers of bioplastics, as these have versatile properties, are biodegradable, and are abundant in nature.
- Increase in Preference for Wood-based Lignocellulosic Fiber Owing to Renewable Nature: Based on source, the wood segment accounted for leading share in 2022. Ease of availability, low cost, and unique properties of lignocellulosic fibers derived from wood are expected to propel the segment. Moreover, wood-based lignocellulosic fibers exhibit high mechanical strength and usually need less energy for processing.
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Key Drivers
- Surge in consumer awareness about environmental impact of usage of synthetic polymer feedstock in several industries and rise in government initiatives to promote bio-based industries are key factors expected to drive the lignocellulosic fibers industry
- Considerable research in natural fiber-reinforced composites, particularly fiber extraction and manufacturing methods, is likely to broaden the lignocellulosic fibers market outlook. Significant research efforts in developing bioplastics from sustainable resources are expected to accelerate market development.
- Increase in trend of usage of renewable and biodegradable materials in multiple industries, such as construction and packaging, is likely to bolster the market. Surge in applications of natural fiber-based composites in these industries is likely to offer lucrative opportunities to companies in the next few years.
Regional Growth Dynamics
North America is anticipated to offer significant opportunities to companies in the global lignocellulosic fibers industry. The region held leading market share in 2022. Rise in R&D in lignocellulosic fiber reinforced-bioplastics is expected to drive the market in North America. Rise in demand for bioplastics is expected to propel the market from 2023 to 2031. Surge in utilization of natural fiber-reinforced composites in bioproducts, especially bioplastics, in the U.S. and Canada is expected to bolster the market. Rise in industry efforts to promote bio-based economy in these countries is a key trend likely to accelerate market growth in North America. Focus of the governments in these countries to bolster sustainable utilization of bioresources is expected to augment the market.
Competition Landscape
Leading players accounted for 45% to 50% market share in 2021. The business landscape is fragmented due to presence of small number of medium- and large-scale companies in the lignocellulosic fibers market.
Prominent companies in the market are BASF SE, JELU-WERK, Bharatiya Natural Fibres, Barnhardt Manufacturing Company, The Natural Fiber Company, OECO Textiles, TECNARO GMBH, BAST Fiber Technologies, Inc., and Coastgrass ApS.
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Lignocellulosic Fibers Market Segmentation
By Source
- Wood
- Non-wood
- Agriculture and Forestry Residue
- Others
Application
- Bioplastics
- Textile
- Insulation
- Packaging
- Wipes
- Others
Regions Covered
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
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