NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global vegetal natural fiber market value is forecast to increase from US$ 12,043 million in 2023 to US$ 25,510 million by 2033. Over the assessment period, global demand for vegetal natural fiber is projected to surge at a CAGR of 7.8%.
Growing demand for sustainable products and eco-friendly textile materials is fueling up the demand for vegetal natural fiber. Similarly, increasing government initiatives for vegetal natural fiber and the awareness of climate change have also played a certain role in accelerating this growth.
Vegetal natural markets are witnessing higher demand from diverse sectors, and the trend is expected to continue through 2033. This is due to their several properties like high strength, producing lightweight materials, etc. Growing usage of vegetal natural markets in the Geotextile and Technical Textile industries is another key factor expected to boost the target market.
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The automotive segment is expected to dominate the global vegetal natural market industry through 2033. It is likely to hold a share of 23.2% in 2023. On the other hand, the Construction and Material segment is set to thrive at a robust CAGR of 7.5% through 2033.
Key Takeaways from the Vegetal Natural Fiber Market Analysis Report
- The United States vegetal natural fiber industry share value is anticipated to reach US$ 2,044.2 million by 2033.
- By end use, the geotextile is set to register a CAGR of 9.2% through 2033.
- South Asia Pacific is expected to account for a significant share of about 41.6% in 2023.
- China is projected to attain a valuation of US$ 2,951.9 million by 2033, rising at a CAGR of 9.5% through 2033.
- Demand for vegetal natural fiber in India is predicted to rise at a 8.6% CAGR through 2033.
- Japan is witnessing a rise in vegetal natural fiber textiles sales at a 10.1% CAGR through 2033.
“The vegetal natural fiber market is poised to witness healthy growth due to escalating environmental regulations, expanding industrial sectors, and increasing emphasis on sustainability and eco-friendly products across several applications.” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape for Vegetal Natural Fiber Market Players
Key players are focusing on the expansion of domestic production and technology areas of vegetal natural markets to provide cost-efficient solutions to consumers. They are also investing in developing new products and further innovation in the existing ones to meet end-user demand.
Recent developments-
- In Feb 2022, Bast Fibre Technologies Inc. completed the acquisition of Lumberton Cellulose from Georgia-Pacific.
- In September 2022, Safilin expanded its operations by opening its third spinning mill in Béthune, France. This new facility is located in the Hauts de France region and will help to meet the growing demand for Safilin's high-quality linen and hemp yarns.
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Vegetal Natural Fiber Market Report Scope
| Attribute | Details | ||
| Estimated Market Size (2023) | US$ 12,043 million | ||
| Projected Market Size (2033) | US$ 25,510 million | ||
| Anticipated Growth Rate (2023 to 2033) | 7.8% | ||
| Historical Data | 2018 to 2022 | ||
| Forecast Period | 2023 to 2033 | ||
| Quantitative Units | Value (US$ million) and Volume (Th. Tons) | ||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | ||
| Market Segments Covered |
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| Regions Covered |
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| Key Countries Covered |
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| Key Companies Profiled |
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Key Segmentation of the Vegetal Natural Fiber Market
By Product Type:
- Hemp
- Flax
- Jute
- Sisal
- Bamboo
- Coir
By End Use:
- Technical Textile
- Automotive Industry
- Construction and Building Materials
- Packaging Materials
- Oil and Gas Industry
- Geotextiles
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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