Natural Fiber Composites Market by Fiber Type (Wood, Cotton, Flax, Kenaf, Hemp, Others), by Technology (Injection Molding, Compression Molding, Others), by Application (Automotive, Electronics, Construction, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Natural Fiber Composites market size was estimated at USD 328.2 million in 2023 and is projected to reach USD 496.4 million in 2030 at a CAGR of 6.1% during the forecast period 2023-2030.
Fiber-reinforced composites are in reasonably high demand. They are not eco-friendly, though, and are pricey. These fibers cannot be recycled or renewed. Regulations for the automobile sector have been introduced in several Asian and European Union nations. In accordance with laws adopted by the European Union in 2006, 80% of cars must be recycled or reused; in the 2015 version, this percentage increased to 85%. A 2015 rule in Japan mandates that 95% of automobiles should be recycled or repurposed. The usage of glass fiber composites is also constrained by limitations including high fiber density, low recyclability, handling dangers, and other issues. Natural fiber composites benefit from the shortcomings of glass fiber composites.
The desire for lighter, safer, more fuel-efficient, and electric automobiles is propelling the market for natural fiber composites. This is explained by the greater strength, stiffness, fracture resistance, and thermal & acoustic insulation properties that these fibers display. NFC technology also lowers the cost of parts used in automotive applications. Composite manufacturing is quickly becoming a more cost-effective option than conventional methods for making vehicle components. This environmentally beneficial approach is aided by plant-based fibers, including bamboo, kenaf, hemp, jute, flax, coir, sisal, and banana.
There have been some positive impacts of the COVID-19 pandemic on the natural fiber composites market, such as the pandemic has led to a greater focus on sustainability and the circular economy, as more people are realizing the importance of preserving natural resources and reducing waste. Companies that make natural fiber composites are in a good position to profit from the growing demand for sustainable products since they provide traditional materials a more ecologically friendly alternative.
Natural fibers in composites have the potential to further reduce product weight, which might result in reduced transportation-related emissions and fuel use. The use of NFCs in the construction industry is predicted to rapidly expand as a result of the aforementioned factors, Load-bearing structures including beams, roofs, multifunctional panels, water tanks, and pedestrian bridges are made using natural fiber composites. NFCs are also used to create structural beams and frames for pedestrian bridges with light to medium design loads. Moreover, natural fiber composites are utilized to make beams because of their lower cost, lower density, and favorable environmental consequences, such as the need for less energy and carbon dioxide during manufacture compared to synthetic composites,which will fuel market expansion.
North America to Dominate the Market