Agrifiber products market to reach US$ 2.6 Bn by 2029

Wood panels have conventionally been utilized in buildings; however, deforestation has resulted in shortage of wood over the years, and most industries are on the lookout for renewable resources. Agricultural residue is a sustainable alternative to wood, and is increasingly being adopted to make panel boards.
Agrifiber-based panel boards are witnessing substantial demand from the building & construction industry. As a result, the global agrifiber products market is projected to reach US$ 2.6 Bn by 2029, expanding at a CAGR of 6.7% during the forecast period of 2019-2029.
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Key Takeaways of Agrifiber Products Market Study
• Rapid modernization and growing population are prominent drivers for the Asia Pacific construction industry. Although the agriculture sector remains one of the key contributors to regional GDP, national economic policies in Asia Pacific are projected to be focused on economic diversification. Expanding construction industry will bolster the demand for agrifiber products in the Asia Pacific region.
• Unexpected rise in the prices of steel, high cost of timber, declining wood resources, etc., allow agrifiber construction systems to compete with classic systems made from concrete, wood, and steel.
• The wheat & rice straw segment is expected to dominate the market by raw material type, and is estimated to hold more than 1/3 market share.
• By product type, wall panels & boards are witnessing increasing demand, owing to their light weight and the trending concept of green building.

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“The agrifiber products market is progressing at an impressive rate due to the growing trend of recycling agricultural waste and residue. Increasing use of agrifiber in the residential sector is projected to further boost market growth in the foreseeable future,” says a PMR analyst.
Agrifiber Products Market: Competition Overview
Manufacturers of agrifiber products are striving hard to introduce novel products in their product portfolio, as well as to penetrate unventured markets across the globe. Many small players in regions where agricultural production is significant are entering into the respective markets. For example, STRAWTEC Building Solutions Ltd., a company from the East African country Rwanda, has expanded significantly in the domestic market due to the vast presence of raw material at the local level. Also, Wanhua Ecoboard Co., Ltd is planning to increase its production capacity to serve the increasing demand for green building and construction products in the global market.
Long-term Market Outlook
A noteworthy increase in the sales of agrifiber products is expected in markets such as BRICS Nations (Brazil, Russia, India, China, and South Africa), over the forecast period. In Asia Pacific, China and India are anticipated to be prominent markets of agrifiber products. On the other hand, the European region has been witnessing a slow growth rate over the last few years, owing to the financial and economic crisis in the region.
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