Agrifiber Products Market Has Transformed Rapidly In Past Few Couple Of Decades

On account of strong acceptance in the market, sales of agrifiber products is estimated to increase at a sustainable growth rate during 2017–2025

The market study on agrifiber products provides an analysis of the global market for agrifiber products for the period of 2016-2025, wherein, 2016 is the base year and 2017 to 2025 is the forecast period. The study covers all the prevalent trends and products playing a major role in the growth of the market over the forecast period. It also highlights various restraints, trends and opportunities expected to influence the growth of the market during the forecast period. The market is segmented on the basis of product type, application, raw material source and region.

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Product innovation is aiding the growth of the global agrifiber products. Most players in the construction boards & panels market focus on traditional colors and materials. However, the spectrum of materials, finishes and customization options available are continuously growing. The concept of green technology is supporting the use of agrifiber products. The construction industry is a major opportunity for the growth of the global agrifiber market. Additionally, acquisitions and joint ventures of key players with local players is expected to provide good growth opportunities for the agrifiber products market.

According to this research report by Persistence Market Research, the global agrifiber products market is expected to grow at a high rate to register a robust CAGR of 6.5% throughout the period of forecast. The global market in 2017 is estimated at about US$ 984 Mn and is anticipated to reach a value higher than US$ 2 Bn by the end of the year of assessment. As per PMR analysis, rising demand to prolong the life of panel boards is driving the demand for agrifiber products in the end use applications. Increasing demand for agrifiber products in the end use applications has compelled the market players for application as well as product innovations.

Residential sector expected to reflect higher demand for agrifiber products during the forecast period

The demand for agrifiber products in the residential sector is increasing making it highly lucrative for the growth of the global market. Increased emphasis on green building products with agricultural residues such as bagasse, wheat and rice straw etc., to achieve weight reduction and low carbon emission is fueling the demand for agrifiber based panels in the residential application. The residential segment in the application category is anticipated to grow at a higher rate than other segments and is projected to register a huge value CAGR of 7.2% throughout the period of assessment. In 2017, the residential segment stood at about US$ 850 Mn and is estimated to reflect a market valuation of more than US$ 1400 Mn by the end of the year of assessment. This segment is expected to lead the global market with a high market share during the said period.

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Institutional application segment to register a significant valuation by the end of the assessment period

After residential sector, institutional sector has shown high inclination towards the use of agrifiber products. This segment is the second largest and is expected to reach a high market value of above US$ 260 Mn by 2025 end. The institutional segment is projected to grow at a value CAGR of 5.2% during the forecast period. This segment also shows high growth potential for the global agrifiber market.

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This release was published on openPR.