Global natural fiber composites market will grow by USD 1.49 billion during 2020-2024.
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Technavio has announced its latest market research report titled Global Natural Fiber Composites Market 2020-2024 (Graphic: Business Wire)
Amid the COVID-19 pandemic, the global natural fiber composites market registered a YOY growth of 3.88% in 2020 and the market is estimated to expand at a CAGR of over 5% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Natural Fiber Composites Market: Demand for environment-friendly composites to drive growth
The current market demand for fiber-reinforced (glass and carbon fibers) composites is quite high. Despite their extensive use in various industrial applications, their high price and negative impact on the environment have compelled many EU and Asian regulatory bodies to introduce regulations to restrict their use. These factors are increasing the demand for natural fiber composites, which is driving the growth of the market.
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As per Technavio, the superior properties of NFCs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Natural Fiber composites Market: Superior Properties of NFCs
Natural fibers are renewable, cost less to produce, consume less energy, and emit less toxic fumes compared to synthetic fiber composites. Also, their high specific strength and stiffness coupled with a less dense nature aids in weight reduction in a variety of end-user applications. For instance, in the construction industry, natural fiber composites are added to concrete to improve mechanical performance flexural strength, impact resistance, and fracture toughness. Many such benefits are fostering the growth of the global natural fiber composites market.
"Potential of NFC to replace synthetic fiber composites and the increasing demand for sustainable packaging solutions will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Natural Fiber composites Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
The AZEK Co. LLC
DuPont de Nemours Inc.
JELU-WERK J. Ehrler GmbH & Co. KG
Natural Fiber composites Market: Segmentation Analysis
This market research report segments the natural fiber composites market by type (wood fiber and non-wood fiber) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the natural fiber composites market in 2020, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing use of natural fiber composites in the production of particle boards, fiberboards, and composite panels in the region.
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Some of the key topics covered in the report include:
Market Share by Competitors
Market positioning of vendors
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