Natural Fiber Reinforced Composites Market - Segmented by Fiber Type, Polymer, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The natural fiber reinforced composites market is expected to register a significant growth during the forecast period of 2018-2023. Mounting demand for bio-based composites from the automotive industry is expected to drive the market through the forecast period.
Demand for Bio-based Composites in Automotive Industry
Natural fiber reinforced polymer composites have gained a significant importance in different automotive applications by many automotive companies, such as German auto companies (BMW, Audi Group, Ford, Opel, Volkswagen, Daimler Chrysler, and Mercedes), Proton company (Malaysian national carmaker), and Cambridge industry (an auto industry in the United States). Many automotive components are manufactured using natural composites, mainly based on polyester or polypropylene, and fibers like hemp, flax, jute, or sisal. The global demand for natural fiber reinforced composites in the automotive industry is projected to increase substantially during the forecast period owing to features such as weight reduction, economical cost, and marketing rather than technical demands.In 2017, the automotive end-user industry dominated the global market.
Non-Wood Fiber Segment to Dominate the Market
Non-wood fiber segment accounted for the largest market in global natural fiber reinforced composites market. Non-wood fibers include grass fibers, leaf fibers, bast fibers, fruit fibers, and straw fibers. The market dominance of the non-wood fiber segment is due to the widespread applications of the bast fibers. For instance, jute thermoplastic board have been found to be an effective material in the construction industry in order to produce sheets or boards, doors, window frames, furniture, fence, corrugated sheets, and chequered boards, etc. Bast fiber-based composites may be considered as a focused area of development, as it holds the prospect of an entirely new application area leading to future developments and an increased market share for non-wood fiber segment.
North America to Dominate the Market
North America dominated the global natural fiber reinforced composites market in 2017. Along with the existing capacities, several natural fiber composites manufacturers are expanding their production capacities. The United States government has set new standards requiring light vehicles to achieve a Corporate Average Fuel Efficiency (CAFE) standard of 54.5 mpg by 2025. The demand for natural fiber reinforced composites in North America is projected to continuously increase in the coming years, owing to the superior performance of natural fiber composites in automotive and construction applications, coupled with the regulatory standards laid down by the government recommending the use of lightweight and recyclable materials.
Major Players -FlexForm Technologies, Fiberon LLC, UPM Biocomposites, Tecnaro GmbH, and Polyvlies Franz Beyer-GmbH & Co. Kg, among others.
Reasons to Purchase the Report
- Identify the current and future trends in the global natural fiber reinforced composites market in the developed and emerging regions.
- Analyze various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Information of the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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