Natural Fiber Biocomposites Market Segmentation by Fiber Type (Wood Fiber, and Non-Wood Fiber Composites); by Application (Automotive, Construction, Electrical & Electronics, and Others); by Technology (Compression Molding, Injection Molding, and Others) – Global Demand Analysis & Opportunity Outlook 2029
Buy Now Report ID: 3067 | Published Date: Feb 10, 2023
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:
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.
Our in-depth analysis of the natural fiber biocomposites market includes the following segments:
By Fiber Type
By Application
By Technology
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Intensifying demand for lightweight products from automotive industry and growing awareness regarding green products worldwide are major growth drivers for market.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Fluctuation in cost of raw materials for producing natural biocomposites is estimated to hamper the market growth.
Ans: Fluctuation in cost of raw materials for producing natural biocomposites is estimated to hamper the market growth.
Ans: The major players in the market are Oldcastle APG, Inc., Trex Company, Inc., Flexform SpA, UPM-Kymmene Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by fiber type, application, technology, and by region.
Ans: The construction segment is anticipated to hold largest market size and is estimated to grow at a high CAGR over the forecast period and display significant growth opportunities.
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