NATURAL FIBER REINFORCED COMPOSITES MARKET ANALYSIS
The global natural fiber reinforced composites market was valued at US$ 2,995.3 Mn in 2022 and is forecast to reach a value of US$ 4,476.2 Mn by 2030 at a CAGR of 5.1% between 2023 and 2030.
Market Trends
Go-green and changing consumer lifestyle
A new product launch by key players to expand market presence is expected to contribute to market growth. This trend is estimated to boost market growth in the near future. For instance, in October 2021, Lanxess added a new product to its Tepex line of continuous-fiber-reinforced thermoplastic composites. Lanxess AG is a German specialty Chemicals Company based in Cologne, Germany that was founded in 2004, via the spin-off of the chemicals division and parts of the polymers business from Bayer AG
The growing trend of going green and the changing lifestyle of consumers are expected to supplement market growth. The use of inorganic compounds with natural fiber composites to improve the cracking deformation of composites, toughness, and tensile strength properties will further favor market growth.
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