Global Natural Fiber Composites (Flax, Kenaf, Hemp) Market Report 2023-2028: A Flourishing Natural Fiber Composites Market Driven by CO2 Emission Initiatives

News provided by

Sep 06, 2023, 05:45 ET

DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "Global Natural Fiber Composites Market by Type (Flax, Kenaf, Hemp), Resin Type (PP, PE, PA), Manufacturing Process (Injection Molding, Compression Molding), End-use Industry (Automotive, Building & Construction), Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global natural fiber composites market is projected to grow from USD 328 million in 2023 to USD 424 million by 2028, at a CAGR of 5.3%

The natural fiber composites market is mainly driven by growing demand for environment friendly products, various government initiatives related to CO2 emission in the developed regions and rising environmental awareness across the world.

Natural fiber composites comprise natural fibers, such as flax, hemp, jute, and kenaf, along with a polymer matrix, such as polypropylene, epoxy, polyethylene, or polyester. Natural fiber composites are on par with synthetic fiber composites with regard to strength and performance.

Natural fiber composites are used in automotive, construction, and electrical and electronics applications, along with some other end-use industries, such as sporting goods, paperweights, etc. In automotive applications, natural fiber composites are mainly used in door panels, seat backs, and load floors. In construction, such composites are used for door panels, window frames, decking, railings, fencing, and indoor furniture.

In-depth assessment of market shares, growth strategies and service offerings of leading players like include Procotex SA Corporation NV (Belgium), Polyvlies Franz Beyer GMBH & Co. KG (Germany), Tecnaro GmbH (Germany), FlexForm Technologies (US), Meshlin Composites Zrt (Hungary), GreenCore Composites Inc. (Canada), GreenGran B.V. (Netherlands), and Jelu-werk Josef Ehrler GmbH Co & Co. KG (Germany) and others in the natural fiber composites market.

Kenaf type segment accounted for the second-largest share, in terms of value & volume, of the overall natural fiber composites market

The kenaf fiber composites can be manufactured sustainably, offer better resistance against moisture and microbial activities than wood fibers, and have the ability to provide cost-effective solutions.

Kenaf fibers are becoming a widely preferred non-wood fiber type in the production of natural fiber composites for the automotive industry. Kenaf composites possess good resistance and high thermal insulation properties.

PE Resin type to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period

PE is a high-performance engineering thermoplastic with excellent toughness, great thermal stability, and remarkable dimensional stability. PE offers superior wet-out of reinforcements and is processed through resin infusion, injection molding, and compression molding.

This thermoplastic material has poor resistance to nitric acids, hydrofluoric, sulfuric, and other mineral acids. Nevertheless, it has high chemical resistance and a rapid crystallization rate, making it suitable for applications in the automotive, marine, medical, electronics, and aerospace industries.

Injection molding process to grow with second-highest CAGR in natural fiber composites market in terms of value during forecasted period

Injection molding is preferred for processing high-end three-dimensional parts of various consumer and sporting goods. It is used to produce complex structures and precise dimensions through a single operation. It requires minimal post-processing, which reduces labor costs, and ultimately, the cost of the end product.

However, the injection molding process includes high tooling costs and is incompatible with long fibers.

Building & construction industry is expected to grow at a second-highest CAGR, in terms of both value and volume

The building & construction segment contributed significant market share of the total natural fiber composites market in 2022. The benefits of natural fiber composites, such as high stiffness-to-weight ratio and light weight, make them suitable for different applications in the building & construction industry.

The main application of natural fiber composites is non-load-bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make permanent decks, long-span roofing elements, windows, exterior constructions, composite panels, door frames, furniture, structural beams, and others.

North America is the second-largest natural fiber composites market in terms of both value and volume

North America accounted for the second largest share in the natural fiber composites market. The major players in North America are involved in activities, such as distribution agreements, product development, and capacity expansion, to increase their market shares and cater to the rising demand for natural fiber composites.

Natural fiber composites in North America are extensively used in the building & construction industry. Along with this, automotive manufacturers prefer these composites over glass fiber ones due to their light weight and stringent government regulations emphasizing the use of environment-friendly materials.

Premium Insights

Natural Fiber Composites Market to Grow Significantly due to Developing Automotive, Building & Construction, and Electrical & Electronics Sectors
Flax Composites and Europe Held Largest Market Shares in 2022
Pp Resin Type Segment Dominated Market in 2022
Compression Molding Process Led Market in 2022
Automotive Industry Accounted for Largest Market Share in 2022
China to be Fastest-Growing Natural Fiber Composites Market from 2023 to 2028

Market Dynamics

Drivers

Government Regulations Regarding Use of Environmentally Friendly Products
Desirable Properties Such as Light Weight and Increased Fuel Efficiency in Automobiles
Greater Safety Compared with Glass Fibers
Recyclability and Easy Disposal
Growing Consumer Awareness Regarding Environmental Protection in Developed Countries

Restraints

Relatively Low Strength Compared with Synthetic Fiber Composites
Fluctuating Costs, Availability, and Quality of Raw Materials
Lack of Awareness Regarding Natural Fiber Composite Applications in Emerging Economies of Asia-Pacific

Opportunities

Possibility of Price Reduction with Economies of Scale
Increased Applications in Automotive Sector Driven by Government Regulations
Opportunities in Packaging Industry for Lowering Polymer Content

Challenges

High Production Cost
Maintaining Consistency in Manufacturing Process and Mechanical Performance
Dominance of Glass and Carbon Fiber-Based Composites

Company Profiles

Key Players

Procotex Sa Corporation Nv
Polyvlies Franz Beyer GmbH & Co. Kg
Tecnaro GmbH
Flexform Technologies
Meshlin Composites Zrt.
Greencore Composites Inc.
Greengran B.V.
Jelu-Werk Josef Ehrler GmbH & Co. Kg
Stemergy
Tts Biocomposites (Tekle Technical Services Inc.)

Other Players

Biowert Industrie GmbH
J. Rettenmaier & Sohne GmbH + Co Kg
Environmental Composites, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/qujy3i

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets