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 Drivers:

Growing demand from automotive industry

Increasing demand for bio-based composite materials due to growing environmental concerns is a prime factor driving growth of the natural fiber reinforced composites market. These fiber composites are derived from the bast, or outer stem, of various plants. The use of these composites can reduce the carbon footprint by 50% compared to oil-based products. Additionally, these natural fibers are recyclable (up to 100%). All these factors are expected to drive market growth.

Increasing demand for eco-friendly and sustainable fiber composite

The growing use of bio-based fiber composites in the automobile industry is again fostering market growth. Due to their lightweight properties, they are increasingly used in the production of electric vehicle components. Moreover, these composites can be used in floor panels, door panels, seat backs, underfloor pans, headliners, and trunk liners in cars and trucks due to its competitive stiffness and strength compared to various synthetic fibers and good acoustic insulation characteristics.

Market Restraints:

Low impact resistant compared to glass reinforced composite

Research has demonstrated that the physical properties, such as dimensional instability and glass transition temperature, and mechanical properties, such as flexural, tensile, fracture, and impact, reduce, when the natural fibers absorb moisture. This is primarily due to the reduction in interfacial bonding between the fiber and the matrix. These moisture level can lead to the formation of voids in the composite matrix. This factor is expected to hinder market growth.

Moreover, low impact resistivity compared to glass fiber reinforced composites is again expected to lower the adoption of bio-based fiber composites. Various results have shown that the impact resistance (notched and un-notched) of natural fiber composites is drastically lower than that of glass fiber reinforced composites, and such behavior should be primarily due to the lower fiber strength. This is expected to restrict the market growth.

Market Opportunities:

The increasing use of flame retardants during natural fiber reinforced composites manufacturing

The increasing use of flame retardants during natural fiber reinforced composites manufacturing is expected to bring profitable growth opportunities for the key players active in the market. For instance, some of the key flame retardants used during the manufacturing of natural fiber reinforced composites include ammonium polyphosphate (APP), Magnesium hydroxide (Mg(OH) 2), zinc borate (Zb), and graphite. Some of the other flame retardant additives include halloysite nanotubes, phosphorous compounds, sodium metasilicate, nanoclays, and others.

The growing use of natural fiber reinforced composite in the construction sector especially in civil engineering construction applications is expected to offer potential growth opportunities over the forecast period. For instance, wood-fiber-reinforced composites can be used for fencing, decking, molding, trim, etc. They have low maintenance costs and resistance to stains, weathering, and warping.

Figure 1. Global Natural Fiber Reinforced Composites Market by Fiber Type in 2022

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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.

Market segment

On the basis of fiber type, in 2022, wood fiber composites held the largest revenue share of 60% in the global fiber reinforcement composites market followed by Non- wood fiber compositesAsia Pacific held a dominant position in the global natural fiber reinforced composites market in 2020, accounting for 64.10% share in terms of volume, followed by North America, Europe and Latin America, respectively.

Figure 2. Global Natural Fiber Reinforced Composites Market by Region in 2022

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Recent Developments:

• In November 2021, The AZEK Company announced the launch of new outdoor living products from Timber Tech, including two on-trend composite deck board colors, French White Oak and Dark Cocoa, which are available in January 2022. The industry-leading designer and manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, including TimberTech® decking and Versatex® and AZEK Trim.
• In October 2021, Green Dot Bioplastics Inc. and Mayco International partnered to reclaim trim and scrap fibers for Natural Fiber Reinforced Plastic (NFRP) to produce a sustainable solution for waste produced during the manufacture of automotive components. Mayco International and Green Dot Bioplastics, Inc. have teamed together to recover trim and scrap fibres for Natural Fibre Reinforced Plastic (NFRP). A sustainable solution for waste generated during the production of automobile components was desired by Mayco International, an honourable tier 1 automotive supplier.
• In March 2021, Fiberon launched Wildwood composite cladding. They provide the unrivaled beauty and warmth of the wood combined with the durability of high-performance, low-maintenance materials.
• In October 2021, The AZEK Company announced that its TimberTech Composite Decking has partnered with Yardzen, a premier online landscape design platform, to simplify the process for homeowners looking to design a custom outdoor oasis.

Global Natural Fiber Reinforced Composites Market - Impact of Coronavirus (Covid-19) Pandemic

However, the pandemic had a significant impact on the aerospace, construction, and automotive industries. These are the three most important end users of fiber reinforced composites. Countries such as India, Germany, the US and China had to halt manufacturing plants and impose restrictions on domestic and international travel in order to contain the virus's spread. Toyota, for example, has temporarily paused or intends to temporarily suspend the manufacturing of autos and components at selected sites in Japan and elsewhere. Consumer buying patterns shifted as people postponed acquiring new vehicles in order to save money. This fall in automotive sales resulted in revenue losses for all automobile manufacturers. Their quarterly sales showed a drop in consumer demand.

Competitive Landscape:

Amorim Cork Composites SA, Fiberon, Flexform Technologies, Green Dot Bioplastics 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, and UPM

*Definition: Natural fibers, as compared to synthetic fibers, exhibit better thermal stability following chemical treatments. These treatments improve the mechanical, thermal, and wettability properties of the natural fibers. The chemical treatment also changes the fiber's morphology, surface chemistry, and pore structure. This process increases the strength and stiffness of natural fibers and improves their adhesion to the matrix. They are an excellent option for a wide variety of applications, including bridge and road construction, aerospace, and the automotive industry.