Market Size of Natural Fiber Reinforced Composites Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 8.51 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Natural Fiber Reinforced Composites Market Analysis
The Natural Fiber Reinforced Composites Market size is estimated at 4.36 Million tons in 2024, and is expected to reach 6.56 Million tons by 2029, growing at a CAGR of 8.51% during the forecast period (2024-2029).
In the medium term, factors such as the increasing demand for bio-based composites and the growth of the global automotive industry are likely to drive the natural fiber-reinforced composites market between 2024 and 2029.
- However, moisture adsorption, restricted processing temperature, incompatibility with most polymer matrices, and degradation issues due to exposure to the external environment are likely to act as restraints for the market.
- Nevertheless, increasing popularity in the building and construction industry is expected to provide new opportunities for the market.
- Asia-Pacific is expected to dominate the market and is likely to witness the highest CAGR from 2024 to 2029.
Natural Fiber Reinforced Composites Industry Segmentation
Natural fiber-reinforced composites are composite materials in which at least one fiber is derived from renewable and carbon dioxide-neutral resources such as wood and plants. These composites offer greater physical strength, durability, biodegradability, and fuel efficiency. Such properties make it ideal for the aerospace, automotive, building, and construction industries.
The natural fiber-reinforced composites market is segmented by fiber, polymer, end-user industry, and geography. By fiber, the market is segmented into wood fiber composites and non-wood fiber composites. By polymer, the market is segmented into thermosets and thermoplastics. By end-user industry, the market is segmented into aerospace, automotive, marine, building and construction, electrical and electronics, sports, and other end-user industries. By geography, the market is segmented into Asia-Pacific, North America, Europe, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done based on volume (tons).
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| Aerospace | |
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| Marine | |
| Building and Construction | |
| Electrical and Electronics | |
| Sports | |
| Other End-user Industries (Power Industry (Wind Turbines), Medical, etc.) |
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Natural Fiber Reinforced Composites Market Size Summary
The natural fiber reinforced composites market is poised for significant growth, driven by the increasing demand for bio-based composites and the expansion of the global automotive industry. These composites are gaining traction in the building and construction sector due to their eco-friendly properties and versatility in applications such as industrial supports, lightweight structures, and bridge components. Despite challenges like moisture absorption and compatibility issues with polymer matrices, the market is expected to benefit from the rising popularity of sustainable materials in construction. The Asia-Pacific region is anticipated to lead the market, supported by robust construction activities in countries like China, India, and Japan, where natural fiber reinforced composites are increasingly being utilized.
The construction industry, a major consumer of natural fiber reinforced composites, is experiencing substantial investments, particularly in China, which is undergoing a construction mega-boom. This growth is further bolstered by government initiatives and policies promoting sustainability and technological advancements in sectors like electronics and automotive. In North America and Europe, the construction sector also shows promising growth, with significant contributions from the United States, Canada, and European countries. The fragmented nature of the market sees key players like Trex Company Inc. and The AZEK Company Inc. introducing innovative products to cater to the growing demand. These trends indicate a positive outlook for the natural fiber reinforced composites market, with opportunities for expansion across various industries and regions.
Natural Fiber Reinforced Composites Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Bio-based Composites
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1.1.2 Growth in the Automotive Industry Worldwide
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1.2 Restraints
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1.2.1 Moisture Adsorption, Restricted Processing Temperature, and Incompatibility with Most of the Polymer Matrices
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1.2.2 Degradation Issue Due to Exposure to the External Environment
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Fiber
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2.1.1 Wood Fiber Composites
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2.1.2 Non-wood Fiber Composites
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2.1.2.1 Cotton
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2.1.2.2 Flax
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2.1.2.3 Kenaf
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2.1.2.4 Hemp
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2.1.2.5 Other Non-wood Fiber Composites (Jute, Sisal, Abaca, Coir, Pineapple, and Banana)
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2.2 Polymer
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2.2.1 Thermosets
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2.2.2 Thermoplastics
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2.2.2.1 Polyethylene
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2.2.2.2 Polypropylene
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2.2.2.3 Poly Vinyl Chloride
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2.2.2.4 Other Thermoplastics (Polycarbonate, Polyamide, and Polybutylene Terephthalate (PBT))
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2.3 End-user Industry
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2.3.1 Aerospace
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2.3.2 Automotive
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2.3.3 Marine
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2.3.4 Building and Construction
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2.3.5 Electrical and Electronics
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2.3.6 Sports
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2.3.7 Other End-user Industries (Power Industry (Wind Turbines), Medical, etc.)
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Malaysia
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2.4.1.6 Thailand
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2.4.1.7 Indonesia
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2.4.1.8 Vietnam
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2.4.1.9 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 France
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2.4.3.4 Italy
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2.4.3.5 Spain
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2.4.3.6 Nordic Countries
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2.4.3.7 Turkey
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2.4.3.8 Russia
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2.4.3.9 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Colombia
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2.4.4.4 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 Qatar
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2.4.5.3 United Arab Emirates
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2.4.5.4 Nigeria
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2.4.5.5 Egypt
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2.4.5.6 South Africa
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2.4.5.7 Rest of Middle East and Africa
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Natural Fiber Reinforced Composites Market Size FAQs
How big is the Natural Fiber Reinforced Composites Market?
The Natural Fiber Reinforced Composites Market size is expected to reach 4.36 million tons in 2024 and grow at a CAGR of 8.51% to reach 6.56 million tons by 2029.
What is the current Natural Fiber Reinforced Composites Market size?
In 2024, the Natural Fiber Reinforced Composites Market size is expected to reach 4.36 million tons.
