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  • Natural Fiber Composites Market Report Analysis | 2023-2028

    Natural Fiber Composites Market Report Analysis | 2023-2028

    Natural Fiber Composites Market Report Analysis | 2023-2028
    Report code - SR2697 Published On : Aug,2023 No. of Pages: 135
    Natural Fiber Composites Market Size, Share, Trend, Forecast, Competitive Analysis, and Gr See more...

    "The natural fiber composites market is expected to reach a nearly US$ 0.7 billion valuation in 2028, exhibiting a healthy CAGR of 5.0% during 2023-28".

    Market Dynamics

    Introduction

    Natural fiber composites are innovative materials that combine plant-based fibers, such as jute, hemp, or flax, with a polymer matrix/resin to create eco-friendly and versatile products. These composites are increasingly utilized in various industries, including automotive, construction, and some consumer goods. Their usage is dominant in the interior components of automobiles. The appeal lies in their lightweight, biodegradable nature, low cost, and superior mechanical properties. Furthermore, they contribute to a reduction in carbon footprint and dependency on non-renewable resources. As sustainability gains momentum, natural fiber composites are emerging as a promising alternative to traditional synthetic composites, offering an array of environmental and economic advantages.

    From 2018 to 2020, the automotive industry, which is a major demand generator for natural fiber composites, experienced a decline in production. The initial dip in 2018 was mainly due to the implementation of strict pollution regulations in the EU and China. Consequently, companies redirected significant efforts and resources toward the development of low-emission technology, impacting overall production levels. Then, in 2020, the pandemic struck, leading to lockdowns, disruptions in the supply chain, and reduced consumer demand. These factors resulted in the closure of factories, production delays, and decreased sales, causing an unprecedented crisis that profoundly affected the global automotive industry. Manufacturers were compelled to adapt swiftly and navigate through these challenging times. Natural fiber composites, a sizeable market, witnessed a colossal decline of more than 12% in 2020.

    Market Drivers 

    This growth was primarily driven by demand from key industries, including automotive, building & construction, electronics, and sporting goods. Furthermore, the rapidly growing demand for electric vehicles is likely to drive the natural fiber composites market due to their various advantages, like lightweight, low cost, and superior mechanical properties.

    Recent Product Developments

    Below are a few examples of recent product developments in natural fiber composites. As the demand for sustainable materials continues to grow, we can expect to see even more innovative products made from natural fiber composites in the years to come.

    • Volvo is using natural fiber composites in the door panels and seat backs of its new XC90 SUV. Natural fiber composites are made from a combination of flax fibers and polypropylene resin. The use of natural fiber composites in the XC90 helps reduce the car's weight by up to 20% compared to a traditional steel door panel or seat back.
    • InterfaceFlor is a company that manufactures flooring made from natural fiber composites. The company's flooring products are made from a combination of recycled materials and natural fibers, such as sisal and jute. Using natural fiber composites in flooring products helps reduce the environmental impact and provide a more sustainable flooring option.

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    End-Use Industry-Type Analysis

    Automotive, Building & Construction, and Others.

    Automotive is anticipated to remain the biggest demand generator for natural fiber composites in the years to come.

    Material-Type Analysis

    Flax, Kenaf, Hemp, Jute, and Others

    Flax is the most preferred material in the market.

    Resin-Type Analysis

    Polypropylene, Polyethylene, and Others

    Polypropylene is expected to dominate the market in the coming years.

    Process-Type Analysis

    Compression Molding, Injection Molding, and Others

    Compression molding is likely to dominate the market in the next five years.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    Europe is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    End-Use Industry Type

    "Automotive is expected to remain the largest end-use industry type in the market"

    The natural fiber composites market is segmented into automotive, building & construction, and others. Automotive is expected to remain the largest end-use industry type in the market in the coming years owing to its several advantages, like lightweight, biodegradable nature, low cost, and superior mechanical properties, which are making natural fiber composites increasingly popular in a wide range of automotive applications. Furthermore, factors like increasing demand for electric vehicles (EVs) in the upcoming years and efforts to reduce vehicle weight to improve range and overall performance are expected to drive market growth during the forecast period.

    Material Type

    "Flax is expected to remain dominant during the forecast period" 

    The market is segmented into flax, kenaf, hemp, jute, and others. Flax is expected to remain dominant, whereas hemp is expected to be the fastest-growing material type in the market during the forecast period. Flax fiber composites offer a natural, aesthetically pleasing appearance, exhibit good damping properties, and have excellent mechanical properties, making them a superior choice to other materials. Flax works as an excellent reinforcement material with polypropylene to form composite parts suited for a large number of applications like seatbacks, interior trims, etc.

    Resin Type

    "Polypropylene is expected to remain the dominant as well as the fastest-growing resin type in the market"

    The market is segmented into polypropylene, polyethylene, and others. Polypropylene is expected to remain the dominant as well as the fastest-growing resin type in the market during the forecast period. Polypropylene has good adhesion to natural fibers, allowing for strong interfacial bonding between resin and fibers. This enhances the mechanical properties and overall performance of composite parts. Also, polypropylene can be processed using various techniques, such as injection molding, extrusion, and compression molding, making it compatible with different manufacturing methods for a wide range of applications.

    Process Type

    "Compression molding is expected to remain the dominant process type in the market"

    The market is segmented into compression molding, injection molding, and others. Compression molding is expected to remain the dominant process type in the market during the forecast period. The automotive industry predominantly uses the compression molding process for making natural fiber composite parts, as compression molding is a high-volume production process, making it suitable for automotive applications where large quantities of components are required. It allows for efficient and cost-effective manufacturing of parts in a relatively short time. It also provides good mechanical properties, enhances aesthetics, and reduces material waste.

    Regional Analysis

    "Europe is expected to remain the largest market for natural fiber composites"

    Europe is expected to remain the largest market for natural fiber composites during the forecast period. This region has many major OEMs, such as Volkswagen, Daimler, BMW, Volvo, and Jaguar Land Rover, which make the region a growth engine for the automotive industry. There is a higher penetration of natural fiber composites in Europe compared to other regions owing to attaining fuel efficiency, lowering carbon emissions, and greater preference towards sustainable materials by replacing traditional materials. North America and Asia-Pacific are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in vehicle production coupled with a paradigm shift from ICE to electric vehicles, stringent regulations, and technological advancements. 

    Key Players

    The market is fairly populated with the presence of some regional and global players. Most of the major players compete on some of the governing factors, including price, technology, product offerings, regional presence, etc. The following are the key players in the Service Robotics Market (arranged alphabetically)

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Natural Fiber Composites Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s natural fiber composites market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

    The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQ)

    The natural fiber composites market is estimated to grow at a CAGR of 5.0% by 2028, as natural fiber composites are emerging as a promising alternative to traditional synthetic composites, offering an array of environmental and economic advantages.

    Lingrove Inc., NPSP BV, Procotex Corporation S.A., Tecnaro GmbH, and UPM Biocomposites are the leading players in the natural fiber composites market.

    Europe is estimated to remain dominant in the natural fiber composites market in the foreseeable future. The key economies driving the regions demand for natural fiber composites are Germany, France, and the UK.

    Asia-Pacific is estimated to remain the fastest-growing market for natural fiber composites in the foreseeable future.

    Flax is estimated to be the most dominant material type due to its natural, aesthetically pleasing appearance, good damping properties, and excellent mechanical properties.