The natural fiber biocomposites market is estimated to occupy a large revenue by growing at a noteworthy CAGR during the forecast period, i.e., 2021 – 2029, owing to the rising demand for lightweight products from automotive industry and growing awareness about usage of green products. Apart from these, innovations to develop better natural biocomposites and hike in number of manufacturing industries are also expected to drive market growth.
Research Nester published a report titled “Natural Fiber Biocomposites Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers a detailed overview of the global natural fiber biocomposites market in terms of market segmentation by fiber type, application, technology, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global natural fiber biocomposites market is segmented by fiber type, application and technology. Based on fiber type, the segment for wood fiber composites is anticipated to witness significant growth during the forecast period on the back of escalating use of wood based raw materials for infrastructural purposes. Furthermore, on the basis of application, the construction segment is projected to grab the largest market share, which can be credited to the growing demand for eco-friendly building materials as a result of global warming.
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Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America region is evaluated to grab the largest share in the market during the forecast period attributing to the increasing demand for natural biocomposites made from flax and stringent rules associated with the usage of synthetic fibers. Moreover, the market in Asia Pacific is assessed to grow by the highest rate in the future owing to the rise in demand for the products in aviation, sports goods and automobile industries.
Increasing Demand for Natural Fiber Composites from Automotive Industry to Drive Market Growth
There is a high demand for lightweight products in the automobile industry to reduce the weight of the vehicle. For this purpose, natural fiber biocomposites are being heavily used to manufacture products such as dash boards, seat backs, headliners and door panels. Apart from these, as natural fiber reinforced products have high mechanical properties, they are expected to be heavily used in the automotive sector in the coming years.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, issues such as glass delamination, while packaging of drugs is expected to operate as key restraint to the growth of the natural fiber biocomposites market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global natural fiber biocomposites market which includes company profiling of Oldcastle APG, Inc., Trex Company, Inc. (NYSE: TREX), Flexform SpA, UPM-Kymmene Corporation, Fiberon Technologies, Incorporated, PROCOTEX BELGIUM SA, TECNARO GmbH, nova-Institut GmbH, Polyvlies Franz Beyer GmbH, FiberGran GmbH& Corp. KG, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the natural fiber biocomposites market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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