The scope of our recent study on the "Natural Fiber Composites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material, Technology, and End-User" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
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% from 2022 to 2028.
Natural fibers are materials made from natural fibers sisal, banana, jute, oil palm, kenaf, and coir. High strength, no rough surfaces, lightweight, renewability, specific modulus properties, ability to reduce pollution, biodegradability, low-energy production process, and low cost are the major benefits that make them ideal for the reinforcement of composites. Natural fiber composites are used in the manufacturing of components for the automotive and building & construction industries owing to these properties. Auto parts such as seats and roofs are made of various natural fibers that work together to create a strong and lightweight product. In the building & construction sector, natural fiber composites are used to make windows, doors, frames, wall panels, durable roofing elements, exterior constructions, and composite panels.
Based on raw material, the natural fiber composites market is segmented into wood, cotton, flax, kenaf, hemp, and others. The wood segment is expected to register the highest CAGR during the forecast period. Wood fiber is extensively used to produce automotive, electric & electronics, and sporting goods composites. Other promising applications for wood-fiber composites include packaging materials, furniture, and non-structural building components. The use of wood fiber-plastic composites in building products also provides an opportunity to move away from conventional frame and panel building systems. Moreover, owing to the use of thermoplastics, various molded products can be developed to provide material efficiency in architectural design.
The natural fiber composites market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe held the largest market share in 2022, and Asia Pacific is expected to register the highest CAGR during the forecast period. The proliferation of building & construction, automotive, and other end-use industries drives the demand for natural fiber composites across Asia Pacific. There has been an increase in the production of lightweight vehicles in countries such as China and India, which propels the demand for natural fiber composites in such countries. In addition, the increased preference for sustainable building materials across various countries in Asia Pacific favors the natural fiber composites market growth.
Impact of COVID-19 Pandemic on Natural Fiber Composites Market
The onset of the COVID-19 pandemic forced the shutdown of vehicle manufacturing plants in 2020, which hampered the demand for natural fiber composites. Moreover, politically enforced measures to contain the disease, such as implementing curfews; closing factories, offices, and dealerships; and laying off short-time workers, led to stagnancy in automotive, building and construction, and other labor-intensive industries, thus resulting in the decreased sales of natural fiber composites. Furthermore, disrupted global supply chains hampered the availability of raw materials at manufacturing plants, in turn impacting manufacturing activities, delivery schedules, and essential and nonessential product sales. All these factors hindered various industries in 2020 and early 2021, thus, restraining the natural fiber composites market growth.
However, in 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gaps and other repercussions. Resurgence in the operations of automotive and building & construction industries is expected to provide the impetus for the natural fiber composites market growth during the forecast period.
The report segments the natural fiber composites market as follows:
On the basis of raw material, the natural fiber composites market is categorized into wood, cotton, flax, kenaf, hemp, and others. By technology, the market is segmented into injection molding, compression molding, pultrusion, and others. Based on end-user, the market is segmented into automotive & aerospace, building & construction, electrical & electronics, sporting goods, and others. 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.
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