New York, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Global Natural Fiber Composites Market Size is to Grow from USD 334 Million in 2022 to USD 589 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 5.84% during the projected period.
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A form of composite material that produces reinforcing fibers from carbon-neutral, renewable resources like wood or plants is referred to as "natural fiber composite" (NFC). Because of their acceptable form and chemical composition, NFCs can replace glass fiber and carbon fiber. They also have a long shelf life and are suitable for the environment. NFCs can also be employed in furniture and car components because of their lightweight. The demand for lighter, safer, more fuel-efficient, and electric vehicles is driving growth in the market for natural fiber composites. The enhanced strength, stiffness, fracture resistance, and thermal & acoustic insulation characteristics that these fibers exhibit support this. Additionally, the low cost of components for automotive applications is a result of the widespread use of NFCs. Making automotive parts using composite manufacturing is increasingly replacing traditional processes as the more economical choice. This ecological idea is aided by the use of plant-based fibers including bamboo, kenaf, hemp, jute, flax, coir, sisal, and banana.
NFCs are also quickly produced and have a high strength-to-weight ratio, making them reusable. Additionally, they are suitable for usage in-car applications due to their lightweight nature. Up to 46% less weight may be carried by the vehicle. Since their many benefits, NFCs are therefore perfect for use in the production of automobiles. For instance, Bcomp Ltd. and BMW M Motorsport collaborated to add an eco-friendly touch to the new BMW M4 GT4.
COVID 19 Impact
The COVID-19 pandemic is having some beneficial effects on the market for natural fiber composites, such as increasing attention to sustainability and the circular economy as more people understand the value of protecting natural resources and minimizing waste. Companies that make natural fiber composites are in a good position to profit from the growing demand for sustainable products since they provide traditional materials with a more ecologically friendly alternative. Numerous businesses have been compelled by the epidemic to enhance their manufacturing methods in order to cope with the shifting market dynamics. As a result, new and more effective techniques for creating natural fiber composites have been created, which may assist in lowering prices and boosting output. Natural fiber composite now has new applications in items like personal protective equipment (PPE), which have witnessed a rise in demand as a result of the epidemic. This has improved the market share and visibility of natural fiber composites and created new opportunities for the sector's development.
Browse key industry insights spread across 200 pages with 140 market data tables and figures & charts from the report on the "Global Natural Fiber Composites Market Size, Share, and COVID-19 Impact Analysis, By Fiber Type (Wood, Cotton, Flax, Kenaf, Hemp), By Matrix (Inorganic compound, Natural Polymer, Synthetic Polymer), By Technology (Injection Molding, Compression Molding), By Application (Automotive, Electronics, Construction), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The wood segment is dominating the market with the largest revenue share over the forecast period.
Based on fiber type, the global natural fiber composites market is segmented into wood, cotton, flax, kenaf, and hemp. Among these, the wood segment is dominating the market with the largest revenue share of 63% over the forecast period. Since wood is more rigid, less expensive, and more robust than synthetic polymers, it becomes an ideal filler material or supplement. These factors contribute to the wood segment's dominance of the natural fiber composites market.
The natural polymers segment is witnessing significant CAGR growth over the forecast period.
Based on the matrix, the global natural fiber composites market is segmented into inorganic compounds, natural polymers, and synthetic polymers. Among these, the natural polymers segment is witnessing significant CAGR growth over the forecast period. Demand from consumers for renewable and biodegradable products is rising, and examples of natural polymers include starch, rubber, and synthetic ones like PLA and PHB (polyhydroxy butyrate).
The injection molding segment is expected to hold the largest share of the global natural fiber composites market during the forecast period.
Based on the technology, the global natural fiber composites market is classified into injection molding and compression molding. Among these, the injection molding segment is expected to hold the largest share of the global natural fiber composites market during the forecast period. Injection molding is a popular mass-production manufacturing technology. Despite the fact that the enhancing fiber degrades during the process, the popularity of injection molding is partly because of its excellent processability.
The automotive segment accounted for the largest revenue share of more than 53% over the forecast period.
On the basis of application, the global natural fiber composites market is segmented into automotive, electronics, and construction. Among these, the automotive segment dominates the market with the largest revenue share of 53% over the forecast period. In addition to its excellent strength-to-weight ratio, fiber-based composites are an ideal material to create a number of automotive components, including dashboards, seat backs, and door panels. The improved acoustic and thermal insulation properties of natural fiber composites improve the comfort of the car's occupants.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 56% market share over the forecast. The demand for environmentally friendly and sustainable materials is increasing from a range of end-use industries, including the automotive, construction, and packaging sectors, which is driving the market for natural fiber composites in this region. The United States is the largest market for natural fiber composites in North America as a result of the growing need for lightweight materials in the vehicle sector.
Europe, on the contrary, is expected to grow the fastest during the forecast period. Rising demands for lightweight and ecologically friendly materials in the production of vehicle exterior as well as interior components is the factor that is driving the demand for natural fiber composites in the European market.
Asia-Pacific market is expected to register a substantial CAGR growth rate during the forecast period. The increasing manufacturing and urbanization of developing countries like China and India are what are driving the need for natural fiber composites in the building sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global natural fiber composites market include Toray Industries, Inc., Solvay S.A., BASF SE, Lanxess AG, UFP Technologies, Inc., JNC Corporation Industries, Inc., Owens Corning, Fibre Extrusion Technology Ltd. Teijin Limited and other key vendors.
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Recent Developments
- In June 2022, ARBOTRADE GmbH was created by Tecnaro and JOMA-POLYTEC. For the purpose of replanting forests, the joint venture offers goods composed of bioplastics. This merger establishes a link with a significant amount of additional value. Customers may obtain everything from the raw material to the finished product from a single source thanks to TECNARO's role as a material developer and producer and Joma-Polytec's role as a material processor. The market sales of the ground-breaking internal developments are then handled by the joint firm, ARBOTRADE GmbH.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global natural fiber composites market based on the below-mentioned segments:
Natural Fiber Composites Market, Fiber Type Analysis
- Wood
- Cotton
- Flax
- Kenaf
- hemp
Natural Fiber Composites Market, Matrix Analysis
- Inorganic Compounds
- Natural Polymers
- Synthetic Polymers
Natural Fiber Composites Market, Technology Analysis
- Injection Molding
- Compression Molding
Natural Fiber Composites Market, Application Analysis
- Automotive
- Electronics
- construction
Natural Fiber Composites Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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