Natural Fiber Reinforced Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Natural Fiber Reinforced Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The natural fiber reinforced composites market is estimated to reach 3,738.76 kilo metric tons in 2022 and is expected to register a CAGR of more than 9% during forecast the period (2022-2027). The natural fiber reinforced composites application is increasing rapidly owing to their numerous advantages such as low cost, biodegradability, eco-friendly nature, relatively good mechanical properties, and others.

Key Highlights

• The increasing demand for bio-based composites and the growing demand for new eco-friendly composites in the electronics industry is driving the natural fiber reinforced composites market.
• However, the moisture adsorption, restricted processing temperature, incompatibility with most of the polymer matrices​, and the lower impact resistivity compared to glass fiber reinforced composites​ are going to slow down the market.
• Flame retardancy of natural fiber reinforced polymer composites​ is expected to provide new opportunities for the market.

Key Market TrendsIncreasing Demand from the Construction Industry

• There is always a continuous requirement for eco-friendly materials in the building materials industry. Natural fiber reinforced polymer-based composites are increasingly being used in civil engineering construction applications due to their numerous advantages.
• Wood fiber-reinforced composites can be used for decking, fencing, molding, trim, etc. Owing to their low maintenance costs and resistance to weathering, stains, and warping, wood fiber-reinforced composites are the desirable alternates for wood in these applications. ​
• Non-wood natural fibers can be used as a substitute for many of the wood-fiber composites such as bathtubs and shower walls​, fiber-reinforced (polymer) panels (FRP)​, Privacy dividers, and translucent accents panels​.
• Composite materials are becoming increasingly essential in the construction industry as a means of achieving long-term sustainability.
• The Asia-Pacific construction sector has been witnessing a steady growth, in the recent past, owing to the presence of fast-growing economies, rapid urbanization, and rising infrastructure spending. ​
• Hence, all the above mentioned trends are projected to influence the growth of natural fiber reinforced composites in the construction sector over the forecast period.​

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is expected to dominate the global market. With growing construction activities in countries such as China, India, and Japan, the usage of natural fiber-reinforced composites is increasing in the region.
• The building and construction industry in ASEAN countries and India represents one of the fastest-growing markets, and it is anticipated to account for the major share in the global construction market. Countries, such as China, India, South Korea, and other Asian countries, in the Asia-Pacific region, had been witnessing robust growth in construction activities.
• The Chinese government is planning to have a minimum of 5,000 fuel cell electric vehicles by 2025 and 1 million by 2030. The government promoting the use of electric, hybrid, and fuel cell electric vehicles is expected to drive the market.
• Favorable government policies, such as the extension of the FAME-II scheme until 2024, the enhancement of incentives for two-wheelers, and the launch of the production-linked incentive (PLI) scheme for the auto and auto component sector worth INR 26,000 crore and the PLI for advanced chemistry cell worth INR 18,000 crore, is likely to provide significant support to the sector as it adopts advanced technologies.
• The availability of affordable housing in the country is expected to rise by around 70% by 2024. By 2022, India is expected to contribute about USD 640 billion in the construction industry due to government initiatives in infrastructure development and affordable housing such as housing to all, smart city plans, etc. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors, which is in turn driving the market for natural fiber reinforced composites.
• The new policies and investments made by different governments will boost the natural fiber-reinforced composites market demand in the rest of Asia-Pacific during the forecast period.

Competitive Landscape

The global natural fiber reinforced composites market is fragmented in nature, with no player capturing a significant share of the market. The major players in the market include (not in any particular order) Trex Company Inc., Fiberon Technologies Inc., FlexForm Technologies, UPM, and The AZEK Company, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Amorim Cork Composites SA
Fiberon Technologies Inc.
FlexForm Technologies
Green Dot Bioplastics Inc.
GreenGran BN
Jelu
Werk Josef Ehrler GmbH & Co. Kg
Meshlin Composites Zrt
NPSP NV
Oldcastle APG
Polyvlies Franz Beyer GmbH & Co. Kg
Tecnaro GmbH
The AZEK Company
Trex Company Inc.
TTS (Tekle Technical Services Inc.)
UPM