Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Natural Fiber Composites Market by Type (Flax, Kenaf, Hemp), Resin Type (PP, PE, PA), Manufacturing Process (Injection Molding, Compression Molding), End-use Industry (Automotive, Building & Construction), Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global natural fiber composites market is poised for substantial growth, with a projected increase from USD 328 million in 2023 to USD 424 million by 2028, reflecting a notable CAGR of 5.3%.
This growth trajectory is primarily propelled by the escalating demand for environmentally friendly products and a surge in environmental consciousness worldwide. Natural fiber composites, featuring materials like flax, hemp, jute, and kenaf combined with polymer matrices such as polypropylene, epoxy, polyethylene, or polyester, exhibit comparable strength and performance to synthetic fiber composites.
These versatile composites find applications across diverse sectors including automotive, construction, electrical and electronics, sporting goods, and more. In the automotive industry, natural fiber composites are prominently employed in manufacturing door panels, seat backs, and load floors, while the construction sector utilizes them for door panels, window frames, decking, railings, fencing, and indoor furniture.
The market landscape is enriched by leaders such as Procotex SA Corporation NV (Belgium), Polyvlies Franz Beyer GMBH & Co. KG (Germany), and others, whose strategic approaches and service offerings are crucial factors driving the progression of the natural fiber composites industry.
Kenaf type segment accounted for the second-largest share, in terms of value & volume, of the overall natural fiber composites market
The kenaf fiber composites can be manufactured sustainably, offer better resistance against moisture and microbial activities than wood fibers, and have the ability to provide cost-effective solutions.
Kenaf fibers are becoming a widely preferred non-wood fiber type in the production of natural fiber composites for the automotive industry. Kenaf composites possess good resistance and high thermal insulation properties.
PE Resin type to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period
PE is a high-performance engineering thermoplastic with excellent toughness, great thermal stability, and remarkable dimensional stability. PE offers superior wet-out of reinforcements and is processed through resin infusion, injection molding, and compression molding.
This thermoplastic material has poor resistance to nitric acids, hydrofluoric, sulfuric, and other mineral acids. Nevertheless, it has high chemical resistance and a rapid crystallization rate, making it suitable for applications in the automotive, marine, medical, electronics, and aerospace industries.
Injection molding process to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period
Injection molding is preferred for processing high-end three-dimensional parts of various consumer and sporting goods. It is used to produce complex structures and precise dimensions through a single operation. It requires minimal post-processing, which reduces labor costs, and ultimately, the cost of the end product.
However, the injection molding process includes high tooling costs and is incompatible with long fibers.
Building & construction industry is expected to grow at a second-highest CAGR, in terms of both value and volume
The building & construction segment contributed significant market share of the total natural fiber composites market in 2022. The benefits of natural fiber composites, such as high stiffness-to-weight ratio and light weight, make them suitable for different applications in the building & construction industry.
The main application of natural fiber composites is non-load-bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make permanent decks, long-span roofing elements, windows, exterior constructions, composite panels, door frames, furniture, structural beams, and others.
North America is the second-largest natural fiber composites market in terms of both value and volume
North America accounted for the second largest share in the natural fiber composites market. The major players in North America are involved in activities, such as distribution agreements, product development, and capacity expansion, to increase their market shares and cater to the rising demand for natural fiber composites.
Natural fiber composites in North America are extensively used in the building & construction industry. Along with this, automotive manufacturers prefer these composites over glass fiber ones due to their light weight and stringent government regulations emphasizing the use of environment-friendly materials.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 187 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $328 Million |
| Forecasted Market Value (USD) by 2028 | $424 Million |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Premium Insights
- Natural Fiber Composites Market to Grow Significantly due to Developing Automotive, Building & Construction, and Electrical & Electronics Sectors
- Flax Composites and Europe Held Largest Market Shares in 2022
- Pp Resin Type Segment Dominated Market in 2022
- Compression Molding Process Led Market in 2022
- Automotive Industry Accounted for Largest Market Share in 2022
- China to be Fastest-Growing Natural Fiber Composites Market from 2023 to 2028
Market Dynamics
Drivers
- Government Regulations Regarding Use of Environmentally Friendly Products
- Desirable Properties Such as Light Weight and Increased Fuel Efficiency in Automobiles
- Greater Safety Compared with Glass Fibers
- Recyclability and Easy Disposal
- Growing Consumer Awareness Regarding Environmental Protection in Developed Countries
Restraints
- Relatively Low Strength Compared with Synthetic Fiber Composites
- Fluctuating Costs, Availability, and Quality of Raw Materials
- Lack of Awareness Regarding Natural Fiber Composite Applications in Emerging Economies of Asia-Pacific
Opportunities
- Possibility of Price Reduction with Economies of Scale
- Increased Applications in Automotive Sector Driven by Government Regulations
- Opportunities in Packaging Industry for Lowering Polymer Content
Challenges
- High Production Cost
- Maintaining Consistency in Manufacturing Process and Mechanical Performance
- Dominance of Glass and Carbon Fiber-Based Composites
Company Profiles
Key Players
- Procotex Sa Corporation Nv
- Polyvlies Franz Beyer GmbH & Co. Kg
- Tecnaro GmbH
- Flexform Technologies
- Meshlin Composites Zrt.
- Greencore Composites Inc.
- Greengran B.V.
- Jelu-Werk Josef Ehrler GmbH & Co. Kg
- Stemergy
- Tts Biocomposites (Tekle Technical Services Inc.)
Other Players
- Biowert Industrie GmbH
- J. Rettenmaier & Sohne GmbH + Co Kg
- Environmental Composites, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bhaig1
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