PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648507
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648507
The natural fiber composites market is estimated at USD 0.35 billion in 2024 and is projected to reach USD 0.46 billion by 2029, at a CAGR of 5.3% from 2024 to 2029. Flax fiber is a lustrous and flexible natural fiber that possess advanced mechanical properties such as high strength and stiffness, low density, durability, biodegradability, and have the ability to absorb moisture and dry quickly which makes them particularly useful for application in automotive, building & construction, and other end-use industries.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Kiloton) |
Segments | By Type, By Resin Type, By Manufacturing Process, By End-Use Industry, and By Region |
Regions covered | Europe, North America, Asia Pacific, and Rest of the World |
''In terms of value, PP resin type accounted for the largest share of the overall natural fiber composites market.''
In 2023, PP resin type in natural fiber composites market have the largest market share due to their ability to produce natural fiber reinforced composites. As compared to other resin types, PP possess advanced mechanical properties such as high heat distortion temperature, transparency, flame resistance, and excellent dimensional stability, so it is widely used for fabrication of composites. PP is becoming increasingly in demand due to its increasing consumption in various end-use industries including automotive, building & construction, electrical & electronics, consumer goods, and packaging.
''In terms of value, compression molding segment accounted for the largest share of the overall natural fiber composites market.''
Compression molding manufacturing process is projected to be the fastest-growing segment in natural fiber composites market, due to its advantages over other manufacturing process. This manufacturing technique is mostly used for low volume production due to its cost effectiveness, lesser wastage of raw materials, lower tooling cost, shorter cycle rates, and the ability to produce larger parts. It can produce heavy and intricate complex parts with good surface finish and is highly suitable for high-performance applications in automotive, and building & construction industry. Natural fiber composites are produced under specific temperatures and pressure in compression molding process.
"During the forecast period, the natural fiber composites market in automotive industry is projected to be the fastest growing end-use industry."
During the forecast period from 2024 to 2029, the automotive industry is expected to be the fastest-growing end-use industry in the natural fiber composites market. The demand for natural composites is rising in automotive industry due to growing government rules & regulations to adopt natural fiber composites to reduce carbon footprint and promote sustainability. Top leading automobile manufactures have already adopted natural fiber composites for designing interior and exterior parts of vehicles mainly in seat backs, parcel shelves, boot linens, front & rear door linens, truck linens, and door-trim panels. Ford was the first automotive company to adopt natural fiber composites for the vehicle production using hemp natural fiber. Recently, EV manufactures are also adopting natural fiber composites to reduce weight of the vehicles, pushing the growth in the automotive industry at a very rapid pace.
"During the forecast period, the natural fiber composites market in Europe region is projected to be the largest region."
Europe is the largest market for natural fiber composites because of its strong demand from automotive, and building & construction sector, which is a driving factor for high-performance materials such as natural fiber composites. The region is dominated by large automotive manufacturers, Audi, BMW, Volvo Group, which have comprehensive use of natural fiber composites in exterior and interior parts of vehicles. BMW i Ventures has invested in Swiss based natural fiber composites manufacturer, Bcomp for high performance natural fiber composite parts for its various car models, this investment promotes increased demand for natural fiber composites in automotive industry. Second, Europe has a major natural fiber composite manufacturing companies such as Polyvlies Franz Beyer Gmbh (Germany), Meshlin Composites Zrt. (Hungary), BUSS AG (Switzerland), NPSP BV (Netherlands), Bcomp (Switzerland), Holland Composites (Netherlands), Hempflax Group B.V. (Netherlands), and UPM (Finland) that drives the demand and potentially expands its market shares.
Prominent companies Polyvlies Franz Beyer GmbH (Germany), TECNARO GMBH (Germany), FlexForm Technologies (US), Meshlin Composites Zrt. (Hungary), GreenGran BN (China), BUSS AG (Switzerland), Green Dot Bioplastics, Inc. (US), NPSP BV (Netherlands), Bcomp (Switzerland), BPREG Composites (Turkey), Weifang Yunding Holding Group Co., Ltd. (China), Holland Composites (Netherlands), MYNUSCo (India), HempFlax Group B.V. (Netherlands), and UPM (Finland).
Research Coverage
This research report categorizes the natural fiber composites market By Type (Flax, Kenaf, Hemp, and Other Types), By Resin Type (PP, PE, PA and Other Resin Types), By Manufacturing Process (Compression Molding, Injection Molding, and Other Manufacturing Processes), End-Use Industry (Automotive, Building & Construction, and Other End-Use Industries), Region (North America, Europe, Asia Pacific, and Rest of the World). The scope of the report includes detailed information about the major factors influencing the growth of the natural fiber composites market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted in order to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. Product launches, mergers and acquisitions, and recent developments in the natural fiber composites market are all covered. This report includes a competitive analysis of upcoming startups in the natural fiber composites market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall natural fiber composites market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.