Wilmington, Delaware, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Natural Fiber Composites Market by Fiber Type (Wood, Cotton, Flax, Kenaf, Hemp, Others), by Technology (Injection Molding, Compression Molding, Others), by Application (Automotive, Electronics, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." The report indicates that the global natural fiber composite market is expected to generate $8.3 billion by 2032, having experienced the value of $4.2 billion in 2022, with a notable CAGR of 7.3% throughout the forecast timeframe of 2023 to 2032.
Prime determinants of growth:
The global natural fiber composites market is expanding rapidly due to the increase in use of natural composites in the construction sector and surge in demand for fuel-sufficient, safer, lighter, and electric vehicles. Moreover, high cost and various drawbacks such as poor consistency with polymeric or cement matrices, concrete cracks due to swelling and volume change, solvent absorption, and reduced toughness caused by high humidity hinder market growth to some extent. Nevertheless, the implementation of strict norms on the usage of synthetic fibers, owing to their hazardous effects on the climate, will provide remunerative growth opportunities to the market in upcoming years.
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The wood segment to continue its lead position by 2032
By fiber type, the wood segment garnered the major share in 2022, contributing to nearly two-fifths of the total market revenue and will continue its supremacy in terms of revenue with 7.65% CAGR from 2023 to 2032. Wood natural composites are cost effective than traditional materials such as metal, which makes them a great option for manufacturers. The integration of wood fibers into polymer matrix improves the mechanical and thermal qualities of material. It makes them more resistant to deterioration and weathering.
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The automotive segment to garner the major share during the forecast period
In terms of application, the automotive segment held the highest market share of more than half of the total market revenue in 2022 and is projected to retain its dominance throughout the forecast timeframe. The same segment is estimated to portray the highest CAGR of 7.55% during the forecast period. Automotive NFCs represent lightweight materials that yield substantial reductions in weight when compared to traditional materials. This weight reduction has the potential to enhance fuel efficiency and reduce emissions, both of which are essential components in meeting governmental regulations.
Asia-Pacific to grab the lion’s share by 2032
The regional analysis states that, the market across the Asia-Pacific was largest in 2022, contributing to more than two-fifths of the global natural composite market share and is estimated to cite the fastest growth with 7.59% CAGR from 2023 to 2032. The growth of the market is driven by the rapid industrialization of the region, which is accelerating demand for high performance and lightweight materials.
Key Market Players:
- TECNARO GMBH
- Polyvlies
- Lingrove Inc
- Green Dot Bioplastics Inc.
- Bcomp Ltd.
- UPM
- Procotex
- Plasthill Oy
- JELU-WERK J. Ehrler GmbH & Co. KG
- DuPont
The report examines the prominent participants in the global natural fiber composites market. These companies have implemented a range of strategies, including expansion, the introduction of new products, partnerships, and other initiatives to enhance their market presence and solidify their standing within the industry. The report is valuable in assessing the business performance, operational segments, advancements, and product portfolios of each market player.
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