Natural Fiber Composites Market is Forecasted to Reach US$ 0.7 Billion in 2028, Says Stratview Research

The global natural fiber composites market is projected to witness a growth rate of 5.0% annually from 2023 to 2028, with an anticipated size of US$ 0.7 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global natural fiber composites market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:
Market Size in 2028: US$ 0.7 billion
Growth (CAGR): 5.0% during 2023-2028
Leading End-Use Industry Type: Automotive
Leading Material Type: Flax
Leading Resin Type: Polypropylene
Leading Process Type: Compression Molding
Leading Region: Europe
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Natural Fiber Composites Market:
The global natural fiber composites market is segmented based on end-use industry type, material type, resin type, process type, and region.

Based on end-use industry type - The natural fiber composites market is segmented into automotive, building & construction, and others. Automotive is expected to remain the largest end-use industry type in the market in the coming years owing to its several advantages, like lightweight, biodegradable nature, low cost, and superior mechanical properties, which are making natural fiber composites increasingly popular in a wide range of automotive applications. Furthermore, factors like increasing demand for electric vehicles (EVs) in the upcoming years and efforts to reduce vehicle weight to improve range and overall performance are expected to drive market growth during the forecast period.

Based on material type - The market is segmented into flax, kenaf, hemp, jute, and others. Flax is expected to remain dominant, whereas hemp is expected to be the fastest-growing material type in the market during the forecast period. Flax fiber composites offer a natural, aesthetically pleasing appearance, exhibit good damping properties, and have excellent mechanical properties, making them a superior choice to other materials. Flax works as an excellent reinforcement material with polypropylene to form composite parts suited for a large number of applications like seatbacks, interior trims, etc.

Based on resin type - The market is segmented into polypropylene, polyethylene, and others. Polypropylene is expected to remain the dominant as well as the fastest-growing resin type in the market during the forecast period. Polypropylene has good adhesion to natural fibers, allowing for strong interfacial bonding between resin and fibers. This enhances the mechanical properties and overall performance of composite parts. Also, polypropylene can be processed using various techniques, such as injection molding, extrusion, and compression molding, making it compatible with different manufacturing methods for a wide range of applications.

Based on process type - The market is segmented into compression molding, injection molding, and others. Compression molding is expected to remain the dominant process type in the market during the forecast period. The automotive industry predominantly uses the compression molding process for making natural fiber composite parts, as compression molding is a high-volume production process, making it suitable for automotive applications where large quantities of components are required. It allows for efficient and cost-effective manufacturing of parts in a relatively short time. It also provides good mechanical properties, enhances aesthetics, and reduces material waste.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Europe is expected to remain the largest market for natural fiber composites during the forecast period. This growth outlook is majorly attributed to the following-
· This region has many major OEMs, such as Volkswagen, Daimler, BMW, Volvo, and Jaguar Land Rover, which make the region a growth engine for the automotive industry.
· There is a higher penetration of natural fiber composites in Europe compared to other regions owing to attaining fuel efficiency, lowering carbon emissions, and greater preference towards sustainable materials by replacing traditional materials.
· North America and Asia-Pacific are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in vehicle production coupled with a paradigm shift from ICE to electric vehicles, stringent regulations, and technological advancements.

Natural Fiber Composites Market Drivers:
Some of the key drivers listed in the report are given below.
· Demand from key industries, including automotive, building & construction, electronics, and sporting goods.
· The rapidly growing demand for electric vehicles is likely to drive the natural fiber composites market due to their various advantages, like lightweight, low cost, and superior mechanical properties.

Top 6 Companies in the Natural Fiber Composites Market:
Stratview Research has identified the following companies as the top market players (arranged alphabetically).
• Bcomp Ltd.
• Lingrove Inc.
• NPSP BV
• Procotex Corporation, S.A.
• Tecnaro GmbH
• UPM Biocomposites

What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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