As the use of carbon and glass-reinforced composites increases, Natural Fiber Reinforced Composites have gained attention among researchers. These fibers are biodegradable, inexpensive, and renewable, making them attractive alternatives to conventional materials. Increasing research has uncovered the mechanical behavior of natural fibers, which are classified according to their elastic modulus and Poisson's ratio.
Global Natural Fiber Reinforced Composites Market: Drivers
Increasing application of natural fiber reinforced composites in the electronic industry
The increasing application of natural fiber reinforced composites in the electronic industry is propelling growth of the natural fiber reinforced composites market. Owing to their superior specific mechanical properties, low density, low cost, and improved energy recovery, as compared to traditional glass and carbon fibers, are finding application in the electronics industry. Thus, the expanding electronic industry is contributing to market growth.
Global Natural Fiber Reinforced Composites Market: Opportunities
Growing awareness regarding green products, increasing disposable income of consumers, and a growing inclination towards eco-friendly and recyclable products are expected to play instrumental roles in uplifting market growth.
Global Natural Fiber Reinforced Composites Market: Restraints
Fluctuating costs, availability, and quality of raw materials are expected to restrict market growth. Also, a lack of awareness regarding the product among the end users in the developing regions of Asia Pacific is further anticipated to hamper market growth.
Global Natural Fiber Reinforced Composites Market - Impact of Coronavirus (Covid-19) Pandemic
Manufacturing or assembly organizations are confronting hardships in working their offices in this pandemic circumstance. Besides, a portion of the organizations have briefly closed down, while others are battling to continue with their activities. This condition has put restrictions on the export and import of raw materials required for natural fiber reinforced composites which has severely affected market growth. However, economic activity is up and running now, which may help the agriculture industry get back on its feet as soon as possible.
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Key Takeaways:
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:
The growing trend toward eco-friendly packaging is creating high demand for natural fiber reinforced composites material in the packaging industry. Also, shifting consumer preferences and awareness towards environmental protection across developing regions is again expected to stimulate market growth.
The increasing number of partnerships and acquisitions among key players is contributing to market expansion. For instance, in October 2021, Easy Composites Ltd., a supplier of advanced composite materials, partnered with Eco-Technilin, a manufacturer of natural fiber solutions for applications in the composites market. This partnership will allow end users to purchase environmentally friendly and sustainable alternatives to traditional composite reinforcements, such as glass fiber.s
Global Natural Fiber Reinforced Composites Market: Competitive Landscape
- Amorim Cork Composites SA
- Fiberon
- Flexform Technologies
- Green Dot Bio plastics Inc.
- GreenGran BN
- International Paper
- JELU-WERK J. Ehrler GmbH & Co. KG
- Meshlin Composites Zrt
- NPSP BV
- Oldcastle APG
- Polyvlies Franz Beyer GmbH
- TECNARO GmbH
- The AZEK Company Inc.
- Trex Company Inc.
- TTS
- UPM
