The global natural fiber composites market is expected to reach USD 10.89 billion by 2024, according to a new report by Grand View Research, Inc. Natural fiber composites are eco-friendly materials used to provide durability and strength to the physical structures used in automotive and construction industries. Rising awareness regarding bio-based green building materials and supportive government regulations are likely to propel growth over the forecast period. Furthermore, increasing population has led to growing demand for residential construction as well as public infrastructure, which is expected to augment growth.
Technological advancements in manufacturing processes such as compression molding, injection molding, and extrusion are likely to have a positive impact on growth over the next eight years. Natural fibers are substituting glass and carbon fibers in the recent years due to low costs and improved sustainability. Natural fibers are available in abundance in Europe and Asia Pacific which in turn is expected to propel demand over the next eight years.
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of this report @ http://www.grandviewresearch.com/industry-analysis/natural-fiber-composites-market
Further key findings from the report suggest:
·
Wood fiber composites dominated the global
market in 2015, and this trend is likely to continue over the next eight years.
Raw materials including flax, hemp, and kenaf are increasingly used in the
production of lightweight and fuel-efficient cars, which in turn is expected to
propel demand. In addition, recycled cotton is also being increasingly used for
automotive industry thus driving growth.
·
Compression molding led the market in terms of
technology and is being utilized for the development of luxury car components.
This technology helps in the production of lightweight components with improved
properties such as deformation resistance and lamination ability.
·
Construction industry dominated the global
market, in terms of application followed by automotive industry. Natural fiber
composites are finding increased applications in industries such as sporting
goods and electrical & electronics. Sporting goods accounted for over 2.0%
of the market share in 2015 and is projected to witness significant growth on
account of increasing awareness regarding exercise benefits and changing
consumer lifestyles.
·
North America dominated the market and was
valued at about USD 2.00 billion in 2015. The presence of a vast number of
market players in the region is expected to have a positive impact on growth.
In Europe, supportive government regulations and presence of a vast number of
automotive manufacturers are projected to accelerate the growth.
·
In February 2016, Amerhart Limited, entered into
a partnership with Trex Company to enhance its global footprint. Market players
have been adopting numerous strategies including partnerships, acquisitions,
and R&D investment to cater to rapidly increasing demand.
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Grand View Research has segmented
the global natural fiber composites market on the basis of raw material,
matrix, technology, application and region:
Global Natural Fiber Composites Raw
Material Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
- Wood
- Cotton
- Flax
- Kenaf
- Hemp
- Others
Global Natural Fiber Composites
Matrix Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
- Inorganic Compound
- Natural Polymer
- Synthetic Polymer
Global Natural Fiber Composites
Technology Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
- Injection Molding
- Compression Molding
- Pultrusion
- Others
Global Natural Fiber
Composites Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 -
2024)
- Automotive
- Electronics
- Sporting Goods
- Construction
- Others
Global Natural Fiber Composites
Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Latin America
- Middle East & Africa
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