As the use of carbon and glass-reinforced composites is increasing, 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.
The global natural fiber reinforced composites market is estimated to account for US$ 2,827.36 Mn in terms of value by the end of 2021.
Global Natural Fiber Reinforced Composites Market: Drivers
Increasing application of natural fiber reinforced composites in 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, 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, growing inclination towards eco-friendly products and recyclable products are expected to play instrumental role in uplifting the market growth.
Global Natural Fiber Reinforced Composites Market: Restraints
Fluctuating cost, availability, and quality of raw materials is expected to restrict the market growth. Also, lack of awareness regarding the product among the end users in the developing regions of Asia-Pacific is further anticipated to hamper the market growth.
Global Natural Fiber Reinforced Composites Market - Impact of Coronavirus (Covid-19) Pandemic
Manufacturing or assembling organizations are confronting hardships in working their office in this pandemic circumstance. Besides, a portion of the organizations have briefly closed down while others are battling to proceed with their activities. This condition has put restrictions on the export and import of raw material required for natural fiber reinforced composite which has severely affected the market growth. However, economic activity is up and running now which may support the agriculture industry to get back to its feet as soon as possible.
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The global natural fiber reinforced composites market was valued at US$ 2,740.30 Mn in 2020 and is forecast to reach a value of US$ 3,940.00 Mn by 2028 at a CAGR of 5.30% between 2022 and 2028.
Metallurgy Grade, segment held dominant position in the global Natural Fiber Reinforced Composites market in 2020, accounting for 85.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Growing trend of eco-friendly packaging is creating high demand for natural fiber reinforced composites material in packaging industry. Also, shifting consumer preferences and awareness towards environmental protection across developing regions is again expected to stimulate the market growth.
Increasing number of partnership and acquisition among key players is contributing to market expansion. For instance, in October 2021, Easy Composites Ltd, a supplier of advanced composites materials, has 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
Global Natural Fiber Reinforced Composites Market: Competitive Landscape
Global Natural Fiber Reinforced Composites Market: Recent Developments