Natural Fiber Biocomposites Market Highlights 2020 – 2029
The natural fiber biocomposites market is estimated to garner a large revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the growing demand for lightweight products from automotive industry, increasing awareness about usage of green products and rising uptake of recycled products across the world. According to the United States Environmental Protection Agency (EPA), more than 69 million tons of waste was recycled in 2018. Out of these, paper and paperboard section accounted for almost 67% of the total waste. Furthermore, ongoing innovations to develop better natural fiber biocomposites and surge in the number of manufacturing industries are also expected to drive market growth in the near future. In addition, as these composites are stronger than glass composites of the same weight, the use of the products is assessed to witness a notable hike during the forecasted time.
The market is segmented by application into automotive, construction, electrical & electronics, and others, out of which, the construction segment is anticipated to hold the largest share in the natural fiber biocomposites market over the forecast period on account of increasing demand for eco-friendly building materials as a result of global warming and growing investments in construction sector globally. However, the segment for automotive is evaluated to grow with the highest CAGR in the coming years owing to the rising requirement for safer, lighter and fuel-efficient vehicles in the region. Moreover, on the basis of fiber type, the wood fiber composites segment is predicted to witness significant growth during the forecast period, which can be credited to the intensifying usage of wood based raw material for infrastructural activities.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Natural Fiber Biocomposites Market Regional Synopsis
On the basis of geographical analysis, the natural fiber biocomposites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to gather the largest share over the forecast period on the back of growing demand for natural fiber biocomposites made from flax and strict government regulations regarding the use of non-biodegradable synthetic fibers. Additionally, the market in Europe is also estimated to occupy a notable market share during the forecast period ascribing to the rise in R&D activities by car manufacturers related to the development of natural polymer matrix for front and rear door lines, and parcel shelves. Along with this, the presence of some of the largest players of the automobile industry in the region is also assessed to drive market growth in the near future. In Europe, most of the people prefer to drive domestically produced cars. Every month approximately 1.5 million passenger cars are sold in the region. Moreover, Asia Pacific is expected to witness the highest market growth over the forecast period attributing to the growing demand for the product in sports goods, aviation and automotive industries and increasing disposable income in the region.
The natural fiber biocomposites market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the natural fiber biocomposites market includes the following segments:
By Fiber Type
- Wood Fiber Composites
- Non-Wood Fiber Composites
By Application
- Automotive
- Construction
- Electrical & Electronics
- Others
By Technology
- Compression Molding
- Injection Molding
- Others
Growth Drivers
- Intensifying Demand for Lightweight Products from Automotive Industry
- Growing Awareness Regarding Green Products Worldwide
Challenges
- Fluctuation in Cost of Raw Materials
Top Featured Companies Dominating the Market
- Oldcastle APG, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Trex Company, Inc.
- Flexform SpA
- UPM-Kymmene Corporation
- Fiberon Technologies, Incorporated
- PROCOTEX BELGIUM SA
- TECNARO GmbH
- nova-Institut GmbH
- Polyvlies Franz Beyer GmbH
- FiberGran GmbH& Corp. KG
